Nigerian Tribune: Events that shaped oil, gas sector in 2014

For the first time in almost a decade, crude oil price fell below $60 per barrel from a record high of $138 per barrel in June 2014. The decline poses a great challenge to oil-dependent nations like Nigeria, Iran and Venezuela.

Why Nigeria’s case is peculiar is because the country depends major on imported refined products for its growing population of almost

170million people. The nation’s four refineries have been in comatose for decades lacking in the basic Turn Around Maintenance (TAM) which has led to the original manufacturers to jettisoned the idea of maintaining it.

Although, prior to the decline, expectations were high that the global oil market would record increased stability in order to enable producers generate adequate foreign exchange for the execution of their budgets. But this was not the case as the Federal Government was forced to review the crude price benchmark in the 2015 budget from $78 per barrel to $73 per barrel and finally to $65 per barrel.
MORE