Except you have been living under a rock, I am sure by now you know that oil prices have crashed massively from $100 per barrel to $55 per barrel?
If you are still hoping it will go back up, then you better forget it as that isn't going to happen anytime soon according to reports from CNN.
The International Energy Agency, IEA, says that oil prices will stay substantially at this rate for a long while as it will take about 5 years for it to recover and move to about $73.
The IEA, which monitors energy market trends for the world's richest nations, says the impact of these lower prices will vary across producing countries. As for the Organization of the Petroleum Exporting Countries, OPEC, they might not regain the influence they enjoyed before the crash in oil prices.
This is definitely not good news for Nigeria as we have always seen our oil production status as a huge money maker for the country and with this development, we definitely need to look at other sources of income for the nation FAST!!
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