Nigeria cuts economic growth forecast for 2015
Oil accounts for about 15% of Nigeria’s GDP and weakening global oil prices, which have lost almost 50% of their value since June, caused the government to lower its growth forecast next year. The government also lowered its oil benchmark estimate to $65 a barrel and its oil production forecast to 2.27 million barrels per day, down slightly from initial assumption of 2.38 million. Nigeria is Africa’s biggest economy.
ICE February Brent crude was down $1.91 to settle at $59.27/barrel while NYMEX January crude broke below the $55/barrel threshold to settle at $54.11/barrel on December 18.
More free plastics newsPlastic resin (PP, LDPE, LLDPE ,HDPE, PVC, GPS; HIPS, PET, ABS) prices, polymer market trends, and more...
- Asian PS, ABS markets remain weak on rising trade tensions
- Spot styrene sharply down in Europe and Asia
- Expectations soften for PP raffia, fibre yet to follow in Turkey
- Will PE supplies from China flock to SEA?
- LDPE, LLDPE highest since Q3 2018; HDPE at 6-month high in Europe
- Intensifying trade war adds to bearishness in China’s local PP, PE markets
- PET prices hit multi-month lows in Asia and Europe
- Rising momentum fizzles out in European PS, ABS markets
- European PVC offers to Turkey shrug off higher costs
- Asian PVC players hold firm expectations for June