Will the oil price fall to USD 14 per barrel?

Iulian Iancu, Chairman of the Industry and Services Committee with the Chamber of Deputies has pointed on Tuesday to world specialists, saying they estimate the oil price would fall to USD 14 per barrel, a situation that would lead to the closing down of large oil exploitations and layoffs in this sector, capital.ro informs.
“It’s amazing what is going on with the oil price, I never imagined such a fall could occur. The specialists estimate the fall will continue down to USD 14 per barrel, which is unimaginable. Huge layoffs will take place and large exploitations will be closed down. The losers will be the great operators,” Iancu said.
He also mentioned that last year some 215,000 people were laid off from oil exploitations facilities. He added the fall in price will also affect Romania’s budget, as the share of taxes in the price is above 50% for fuel and for gas, as well as for electric power.

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