Government has revised downwards its benchmark price of crude oil for 2016 from the 53.5 dollars per barrel to 45.35 dollars per barrel.
This translates into 1.4 billion cedis oil revenue down from the 2 billion cedis it projected in the 2016 budget statement.
The figure also means the projected oil revenue for the year has declined by 600 million cedis representing 32 percent of the projected revenue for 2016.
According to Seth Terkper, the figures for the total oil lifted from the oil fields have also been revised to 34.7 million barrels compared to 38.73 million barrels projected.
Mr. Terkper attributed the review to global developments that have compelled government to revise its oil revenue targets for the year.
Some of these were concerns over slowing economic growth, especially, in emerging markets, crude oil supply glut, increases in global inventories.
In addition, the prospective impact of Iranian crude oil entering the market, are expected to keep crude oil prices relatively low.
By: Pius Amihere Eduku/citibusinessnews.com/Ghana