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Global oil prices fall to below $ 60

Global oil prices fall to below $ 60

Africa

Global oil prices is falling again, it’s the first since October. A barrel of oil has dropped below $60

The consequences are dire for oil producing countries like Angola, Nigeria and the Economic and Monetary Community of Central African states.

The 2019 budgets are being finalized and many countries that projected a barrel of oil worth $70 or more may need to quickly review their revenue forecasts.

According to Senegal-based Financial Afrik newspaper, countries such as Congo Republic had expected a barrel of oil to be pegged at $70 for the year 2019.

Currently, there is an abundance of oil on the market. It is a trend that is expected to continue in 2019, according to the International Energy Agency.

A ministerial meeting by the Organization of Petroleum Exporting Countries (OPEC), is scheduled for December 6.

The decline in global oil production and recovery prices is likely to be on the agenda.