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Contact:
Michel Serieux
Monday, August 23, 2004 - Prime Minister Dr Kenny D.
Anthony has said that the recent soaring oil prices spell disaster for
developing countries particularly the non-oil based CARICOM economies, and would
seek assistance from the Government of Trinidad & Tobago with the aim of
cushioning the impact.
Oil prices have now soared to record levels on the world market, topping the
US$50 mark per barrel. The last time Dr. Anthony addressed the nation on oil
prices in July, prices had risen from US$19.41 per barrel in January 2002 to a
peak of US$42.33 per barrel on June 1, 2004. On Friday (August 21), the price
per barrel of crude oil went just over US$50. And although it went down to US$47
per barrel on Monday (August 23), analysts around the world predicted that this
was only a temporary decrease.
Citing the inability of the Organisation of Petroleum Exporting Countries (OPEC)
to increase production so as to decrease prices, the analysts said that the
runaway price per barrel could soon reach a high of US$60 per barrel.
Dr. Anthony said that the situation was so serious that it warranted discussions
with the Government of Trinidad & Tobago, to assist the member-states of the
OECS to cushion the impact of the increased oil prices. In this regard, he said
that he would activate a decision of the Heads of Government of the OECS to
enter into talks with the Government of Trinidad & Tobago on matters of mutual
interest between the OECS and the twin-island, oil rich republic.
One such subject of mutual interest said the Prime Minister, was petroleum. He
said that he would write his Trinidad & Tobago counterpart, Prime Minister
Patrick Manning, on his return to work after completing medical attention in
Cuba, proposing a meeting between Trinidad & Tobago and a sub-committee of OECS
Prime Ministers to discuss bilateral matters.
A report carried in the Sunday (August 22) issue of Trinidad & Tobago’s Newsday
newspaper indicated that the oil-based Republic stood to earn a windfall from
the current steep prices for oil on the world market.
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