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T&T among oil producing countries affected by drop in oil prices

Trinidad and Tobago is among oil-producing countries in Latin America and the Caribbean severely affected by the sharp drop in petroleum prices, the Inter-American Development Bank (IDB) has announced. It says exports from Latin America and the Caribbean will drop by an estimated 14 per cent in 2015 due to a steep decline in prices and weak demand for the region’s main exports from key trading partners. It said only two countries posted positive, albeit moderate growth, while in most of the economies the drop in overseas shipments exceeded that of the rest of the world.