The Nigerian National Petroleum Corporation (NNPC) yesterday predicted that oil price could climb as high as $200 per barrel, as banks and major International Oil Companies (IOCs) withdraw from funding critical projects in the industry, leading to supply shortage and a huge upsurge in the amount the commodity is sold. It said with the accelerated push to migrate to low carbon-intensive alternatives, time would tell whether the decisions being taken “very hastily” by some big oil companies would remain the right decisions. Group General Manager, National Petroleum Investment Management Services (NAPIMS), a subsidiary of NNPC, Mr. Bala Wunti, said at the Nigeria International Petroleum Summit (NIPS), in Abuja, that the impact of the current decision to stop investing in the sector would begin to manifest in about five years, shooting oil price to around $200. Other speakers at the session included the Deputy Managing Director, Deep Water, Total, Mr. […]