The oil crash

Govt should seize the opportunity to improve its finances

Brent crude prices cracked 30 per cent in the early hours of trade on Monday, extending the decline to over 45 per cent since the beginning of the year. Oil prices are likely to remain soft in the foreseeable future and analysts are predicting that the Brent crude prices could fall to $20 per barrel from the present level of about $35. The immediate trigger for the fall is the disagreement between the Organization of the Petroleum Exporting Countries (Opec) and Russia over cutting output. Saudi Arabia, as a result, slashed prices and is likely to increase production. It is