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T&T central bank reports dramatic drop in energy prices due to COVID-19

The Central Bank of Trinidad and Tobago (CBTT) says a significant fallout of the COVID-19 pandemic for the country has been the dramatic drop in energy prices as the demand for fuel declined on account of the slowdown of industrial production and sharp reduction in airline carriage.
 
The CBTT said this, coupled with discord among the Organization of the Petroleum Exporting Countries and non-OPEC countries has resulted in the West Texas Intermediate oil price hovering around the US$30 price point, compared to US$50-US$60 earlier in the year.
 
In its March Monetary Policy statement, the CBTT said the impact on the twin republic's fiscal and external balances will likely spill over to the growth outlook.


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