Oil price collapse - our economic ecosystem needs instant response

COMMENT | In light of the recent collapse in oil prices, PAS Central’s Economic, Real Estate and Entrepreneur Development Committee has been monitoring the nation’s economic climate closely.

At the time of writing, the West Texas Intermediate crude is trading at US$32.98 per barrel, despite having recouped Tuesday a portion of the 25 percent fall in oil prices over the last week (the Brent having fallen 26 percent). Such a drastic fall within such a short period is guaranteed to precipitate a substantial adjustment to the country’s economy, where almost 40 percent of it depends on oil revenue.