Hello Nigeria! This Man Thinks Oil Will Sell For USD 60 This Year

You can take this with a pinch of salt, after all, this man is just stating his opinion.

But Mark Mobius is not just a man stating his opinion. Mark Mobius is an emerging markets investment baron. Mark is the chairman of Templeton Emerging Markets Group.

He is respected globally because he dared to invest in emerging markets like Nigeria and India when the world’s biggest portfolio investors were seeing just gloom and doom.

In a recent statement he issued, Mark said oil might be going up as much as USD 60 per barrel. According to him “oil is already rebounding. We think it will continue. It’s quite possible for $60 a barrel. I know that most people would not venture that. People would say no, $40, or $50. People tend to look back but I think it could quite possibly surge up to $60 by the end of the year, for a number of factors.

Mark is not totally blind to the fact that the USD 100 per barrel is a long shot, he concurred that “oil is unlikely to rebound to $100 per barrel soon, however, as $60 per barrel is still above most break-even prices for Arabian Gulf producers”.

If his prediction comes through, it will be a life saver for oil dependent countries like Nigeria and Venezuela. Nigeria’s public income has fallen by over 70%. Most states in the country are finding it difficult to pay public workers for many months unending.

According to its disclosure, Templeton Emerging Markets Group has about GBP 17.8 billion in emerging markets assets for retail, institutional and professional investors across the globe.

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