International Commodities Oil prices to hit $20 record low- Goldman Sachs

This is a cause of worry for most oil exploration companies in Ghana who are already hinting massive job cuts.

  • Published:
24/7 Live - Subscribe to the Pulse Newsletter!

US investment giant, Goldman Sachs is predicting that oil prices will fall further in the coming months.

This is a cause of worry for most oil exploration companies in Ghana who are already hinting massive job cuts.

The minister of finance, Seth Terkper had to re-align the 2015 budget due to massive shortfalls in projected revenue from oil exports.

The situation may worsen as the investment firm Goldman Sachs  says the price of oil may reach as low as $20 a barrel between now and early 2016.

For many,  the prediction by Goldman Sachs carries a lot of weight seeing as the firm is one of the world's biggest financiers of oil transactions. It is also believed that the prediction will cause Goldman Sachs to withhold financing of oil transactions , further complicating the difficulties of oil companies already reeling under the falling international oil prices.

Meanwhile, it is believed that Ghana will be a net beneficiary of the falling prices as the country is still a net importer of oil.

Read more:Falling oil prices will lead to stabilisation of the Cedi- Alhassan Andani

On Wednesday, the National Petroleum Authority released details of the quantities of oil imported by Ghana in the past six months. The NPA revealed that the country spent $1billion on oil exportations for the first six months of 2016.

Read more:Ghana petroleum imports hit $1 billion in six months

Do you ever witness news or have a story that should be featured on Pulse Ghana?
Submit your stories, pictures and videos to us now via WhatsApp: +233507713497, Social Media @pulseghana: #PulseEyewitness & DM or Email:

Recommended Articles

Recommended Videos

Top Articles

1 Poverty Gap Ghana’s policies make the rich wealthier – UNbullet
2 Menzgold Ghana Don't deposit money with Menzgold – BoG cautions public...bullet
3 Job Creation Nation Builders Corps to be launched end of April - Bawumiabullet
4 Menzgold Ghana Investment company closes down its Gold Vault Marketbullet
5 Salaries In 2018 Here are the dates public workers will be paid...bullet
6 NPP government Ghana Beyond Aid is fight for economic...bullet
7 SSNIT Scandal 10 SSNIT staff with fake certificates...bullet
8 $100K Saga Presidency denies having knowledge of $100,000...bullet
9 In Upper East 2 men killed in daylight bank robberybullet
10 Retirement How to calculate your SSNIT pensionbullet

Top Videos

1 Forbes 2018 Africa's billionaires rich listbullet
2 Money Alert Meet Africa's richest womanbullet
3 New Discovery Ghana discovers new mineral, lithium in commercial...bullet
4 Dr Joseph Siaw Agyepong Nobody can collapse my company – JOSPONGbullet
5 New Phone Nokia’s MWC 2018 Event in Under 10 Minutesbullet
6 Support Finance minister buys Kantanka carbullet
7 Plane Crash Starbow suspends operations following plane crashbullet
8 New Phone Nokia’s MWC 2018 event in 7 minutesbullet