The Organisation of the Petroleum Exporting
Countries, in its latest Monthly Oil Market Report, raised its forecast for
global crude oil demand to 95.60 million barrels daily, up by 1.16 million bpd
from the estimated 2016 average of 94.44 million barrels daily.
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Experts have described the 2015 budget benchmarks released last week through the Medium Term Expenditure Framework (MTEF) and Fiscal Strategy Paper (FSP), as unrealistic because of the prevailing challenges in the international oil market. In the framework, government pegged the 2015 N4.817.76 trillion proposed budget on an oil benchmark of $78 per barrel. It also proposed to spend N1.22 trillion on fuel subsidy. The figure includes N971.4 billion as subsidy on petrol and N250 billion on kerosene. The oil benchmark for 2014 budget is $75.5 per barrel as against $ 77.5 per barrel earlier proposed by the executive to the National Assembly.
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