The Trinidad Express is reporting that Trinidad and Tobago's oil production saw a decline of 11 per cent in the first quarter of 2024 compared to the same period in 2023.
The report is based on the latest statistics from the Ministry of Energy and Energy Industries.
For the first three months of 2024 the country's average production was 49,879 barrels of oil per day compared to 56,292 for the same three-month period in 2023, a decline of 6,413.
Finance Minister Colm Imbert recently told the country in an affidavit that oil and gas production for the first six months of fiscal year 2024 has been 15 and 5 per cent respectively, below the volumes originally expected.
In addition, the prices of the commodities have also been lower than the Finance Minister had hoped, leading to a budgetary shortfall of more than $9 billion.
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