The energy sector of T&T, notwithstanding its performance in the recent past, represents the industry best placed to achieve significant economic growth, not only within the sector but for the nation as a whole. However, as a small producer, Trinidad and Tobago’s energy sector is inextricably tied to the oscillating fortunes of the global oil and gas industry.
In its 2019 projections, the World Bank Group Global projected the slowdown in global economic growth to slow to 2.9 percent. This is set to have a negative impact on the global economy, including the oil and gas industry and by extension T&T’s energy sector. There appears to be no respite in the volatility of energy prices. With a projected oversupply in oil production, prices are likely to be subdued unless there is a significant cutback in production by the major producers. In the meantime, however, Henry Hub natural gas prices have remained at the 2018 levels