The Trinidad and Tobago government says an increase in oil prices on the global market will not necessarily translate to a cash windfall for the oil-rich twin-island Republic.
On Wednesday oil prices climbed higher after the US announced a ban on the importation of Russian oil in retaliation for its invasion of Ukraine with Brent crude futures were at US$124.78 a barrel, down 2.5 per cent on the day, having eased since Monday’s high of US$139.13.
T&T’s Prime Minister Dr Keith Rowley, said that the oil production in the country is not as high as it had been in previous years and therefore the country does not stand to benefit tremendously from high oil prices on the global market.
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