Former Minister of Energy and Energy Industries, Kevin Ramnarine says this drop in oil prices is truly unprecedented.
He said that Saudi Arabia took this same action some years ago.
Speaking as a guest on the Power Breakfast Show this morning on Power 102.1fm, he explained that this major event would directly affect the economy in Trinidad and Tobago.
He said that this situation would not affect Saudi Arabia because they are cushioned by a vast reserve, however other countries would suffer.
He said that Saudi Arabia obviously wanted to take advantage of the falling prices due to the Coronavirus.
The Former Energy Minister also disclosed that at some point the Government has to address the public on the effect of the falling oil prices.