Dominican government secures oil at US$65-barrel cap
Santo Domingo.- Financeminister Simon Lizardo on Thursday said theDominican government bought insurance to acquire oil in international markets ata US$65 cap per barrel to protect the country from the world´s volatile crudeprices.
He said the purchasewas negotiated with the investment firm JP Morgan, which he affirms leads to a stablesupply of oil bill and guaranteed the funds allocated as a subsidy to theelectricity sector.
Lizardo toldreporters that no one knows where the trend will take the current oil price,for which the Government opted to protect supply at the US$65 per barrel ceiling.“No one, including agencies knows what the behavior of oil prices will be, exceptthe circumstances."
The official however didn’tspecify how much JP Morgan charged for the operation.
Lizardo spoke after launchingthe Fiscal Transparency website to guide citizens on the Government´s budgetand financial transactions.