NLNG: CRUDE OIL PRICES TO REMAIN LOW FOR NEXT TWO YEARS

The Managing Director of the Nigeria Liquefied Natural Gas (NLNG) Limited, Mr. Babs Omotowa, has stated that the price of crude oil would remain low for at least two years and could even drop further, depending on the outcome of events in Iraq, Iran, Libya and other oil-producing countries that are facing crisis.

Speaking yesterday in Lagos at a conference organised by his company for Contract and Procurement Managers in Nigeria, Omotowa said although crude oil prices appear to be stabilising around $65 per barrel, it had fallen to as low as $40 per barrel, which is more than 50 per cent fall from the over $110 per barrel in June 2014.

 

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