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Colombia cuts oil price view, more austerity likely

Thursday, January 28, 2016

Colombian Finance Minister Mauricio Cardenas cut the government’s oil price forecast, saying this could spell more austerity measures in order to meet the country’s fiscal deficit goal.

He cut the estimate for this year’s average oil price to $34.7 per barrel from an initial $50, adding that the tumble in oil prices will affect the Andean country’s tax intake and economic growth.

Source: Colombia Reports