Former Minister of Energy and Energy Affairs Kevin Ramnarine says price is meaningless if your production is heading south.
This follows the Finance Minister’s budget announcement that government expects to earn 54 billion dollars and says there will be a deficit of 5.1 billion.
Imbert said spending will be pegged against an oil price assumption for 2024 of US 85 dollars per barrel compared with US 92.50 per barrel in 2023.
However, Ramnarine told the Power Breakfast Show this morning that oil production is a matter of concern.
Ramnarine noted that both oil and gas production had dropped significantly from the last eight years.
He said the Minister spoke about gas production stabilizing in 2024 and while he’s right it’s stabilizing at a lower base so the energy sector continues to be challenged.
He said he does not expect much growth until 2028, the issue he maintains is what happens until then.