Minister of state for petroleum, Dr Emmanuel Ibe Kachikwu, yesterday in Calabar, raised the alarm over falling oil prices in recent times which according to him, portends danger for the economy of Nigeria.
The minister raised the alarm made while reading an address to the technical session of the 3rd national council meeting on Hydrocarbons organised by the ministry of petroleum resources.
Kachikwu stated that in addition to this, oil producers, consumers as well as investors, will be imperiled by the tumbling/dwindling prices of oil and advocated for a new world oil order where prices will be stable and able to force investors to make the right decisions.
“The tumbling of oil prizes from $82 per barrel to about $61 over the past few weeks, is the toughest Black Friday that we have faced. The prize has tumbled by about $30 in a short period.