Finance Minister Larry Howai said yesterday that Cabinet would soon decide on measures to deal with a declining revenue stream brought about by the rapid decline in the price for oil on the global market."There is a note being prepared to go to Cabinet... to actually adjust that price, I don't want to signal the price now until it goes to Cabinet and gets approved by Cabinet," Howai said in a radio interview
The 2014/15 national budget is based on an oil price US$80 per barrel and a gas price of US$2.75 cents per mnbtu. On international markets yesterday, West Texas Intermediate crude, which trades within the range of T&T's range of crude oils, was just above US$55 a barrel while benchmark Brent hovered around US$60