Oil prices this morning fell to a six months low because of over supply and buyers.
Brent Crude, the global bench mark fell to $47.01 today.
Already, producing countries have problems meeting basic needs and to balance budgets.
Saudi Arabia is "to run out of cash in 5 years" even as they have $ 1 trillion in reserves.
In Nigeria,there are no capital expeditions as the meager reserve peters out. It is not able to get buyers for its crude.
Ships charge higher because of the lOF, the so called" letter of comfort" ship owners are made to sign.
Nigeria,whose 2015 budget is based on a bench mark of $65, has been running at a loss since June. Employers,including governments, are not able to pay wages and allied bills.
Brent Crude, the global bench mark fell to $47.01 today.
Already, producing countries have problems meeting basic needs and to balance budgets.
Saudi Arabia is "to run out of cash in 5 years" even as they have $ 1 trillion in reserves.
In Nigeria,there are no capital expeditions as the meager reserve peters out. It is not able to get buyers for its crude.
Ships charge higher because of the lOF, the so called" letter of comfort" ship owners are made to sign.
Nigeria,whose 2015 budget is based on a bench mark of $65, has been running at a loss since June. Employers,including governments, are not able to pay wages and allied bills.
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