Global oil market stable: PM


PRIME Minister Peter O’Neill says there is indication of the stability of prices in the global oil market.
He made the statement yesterday when welcoming Government institutions and the business community to the New Year.
“We can see a degree of common sense entering the oil market and greater price stability that we hope will continue,” O’Neill said in a statement.
“The oil price is more than double where it was this time a year ago, and investment in our resources sector continues to grow.”
He said the agriculture sector was moving beyond the drought while prices of agricultural products are rebounding.
“Our Government will continue to invest in strengthening the supply chains for our rural producers so that we can get more goods to market,” he said.
O’Neill also urged individuals with vested interests, who seek to run down the economy for political gain, to get behind economic growth.
“There is no excuse for these individuals seeking to mislead investors and the business community. The facts are clear and the data is irrefutable,” he said.
“The national economy grew by close to three per cent last year, and our debt to GDP (gross domestic product) in 2016 was at 29.4 per cent, well below the (legal) limit of 35 per cent.
“We will reduce to 28.8 per cent this year.
“Our economic fundamentals remain strong and international investors continue to maintain confidence in our economy.”
According to BBC News yesterday: “…the oil price is now double what it was a year ago, rising from a low of $27.88 (K86.37) in January 2016 to more than $55 (K170.40) this month.”