CRUDE OIL BENCHMARK I just heard on ChannelsTV Business Morning that Saudi Arabia has set a benchmark of $80 per barrel for its crude oil. I recall how people insulted and cursed Ngozi Okonjo-Iweala when she set the 2015 budget benchmark for our crude at $65 even in the face of prevailing market price of about $59. They raved and raved inspite of her assertion that her team received good intelligence that the price of crude will rise next year. Well, if Saudi Arabia sets at $80 for next year, I guess the CMEs position isnt as foolish and incompetent as our usual arm-chair critics would have us believe. But what do I know? Everything is politics these days!
Posted on: Fri, 26 Dec 2014 10:23:57 +0000
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