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Tuesday 15 June 2021
HomeNewsTunisia could take advantage of crashing oil prices, says expert

Tunisia could take advantage of crashing oil prices, says expert

Tunisia could take advantage of the crashing oil prices as world demand dropped due to the spread of the Coronavirus (COVID-19), Economic expert Ezzeddine Saidane stressed Tuesday.

Speaking to TAP, he said the Tunisian relevant authorities can make term purchases and conclude contracts, adding this measure will benefit the country.

The State budget was set on the basis of an assumption of an oil barrel price at 65 dollars, he added.

Fuel subsidies account for 45% (1.880 billion dinars) of the subsidy budget 2020 at 4.18 billion dinars, i.e. 14.8% of management expenditure, 8.9% of the overall state budget and 3.3% of the country’s GDP.

Prices of a Brent oil barrels dropped to $ 33.81 on Tuesday against an average of $ 63.6 in January 2020. According to Refinitiv (Financial and Risk Unit of Thomson Reuters), oil contracts are moving towards the ‘largest daily decline since 1991 (Gulf War), after plummeting more than 40% in value.

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