During 2017, international petroleum prices continued to be influenced by US production rates and stock piles, Saudi Arabia’s ability to influence production, Iran’s embryonic ability to continue oil production, China’s increased consumption, Russia’s continued recession and OPEC’s decision to reduce production during 2017.
West Texas Intermediate Oil averaged US$51.00 per barrel when compared to US$43.00 per barrel in 2016.
Inspite of the above, Barbadians continued on the trend of conservation and efficient use of energy. These efforts were supplemented by the Division of Energy and Telecommunications (DET) through its spirited programme that targeted Government departments.
At the end of 2017, some 1691, photovoltaic systems were grid-tied. Given the volatilty associated with the Energy Sector locally, regionally and internationally, the Division will use this bulletin as a mode to share issues as well as our concerted efforts to address this unpredictable energy market.
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