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Latest Oil Price: $44 per Barrel - Crisis Looming - Politics (4) - Nairaland

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Re: Latest Oil Price: $44 per Barrel - Crisis Looming by Nobody: 5:00pm On Oct 27, 2014
GenBuhari:
Many do not realise that the USA controls oil prices and can get it to crash and rise when they want.

They have 2nd biggest capacity of oil production after Saudi Arabia, who they can blackmail and make do whatever they want with oil prices.

So What are the USA up to?





[/size][/b][/color]

GB....the problem with you, and most Nigerians is that you do not want to grow up...and no, I am not talking of childhood or adulthood...or immaturity. I am not even insulting you.

The problem with you Nigerians is that you do not want to use your brains and innovate and develop innovative products. All you people want to do is chop oil money.

It is because of our overdependence on oil....that our economy is vulnerable.

All of you here....instead ofpreaching disintegration, or wallowing in conspiracy theories....go home, use your university degrees.....and follow China, Japan and South Korea along the road of self sufficency and industrial development.

Stop relying on oil...because if oil prices shoot up again, you people will suddenly keep quiet.

Even at high oil prices...the money was never enough. The painful thing about Nigeria is that the looting that is going on is from a pot of money that is too small.

I wonder for you Nigerians. Stop blmaing the US. Start using your brains for once.

If you like....yell at me. I have spoken. Nigeria must industrialize.

Because a divided Nigeria is bad news for all of us....and for the African region. An industrial Nigeria is good news for everyone...even the US.

End your oil addiction, man!

5 Likes

Re: Latest Oil Price: $44 per Barrel - Crisis Looming by birdman(m): 5:35am On Oct 28, 2014
some people have already lost money. hedge funds that thought the bottom was at 85 are getting smacked. The true bottom is probably going to be about 75, because at that point fracking becomes unprofitable, leading to decreased supply.

Btw, the US does NOT control oil prices. People have tried to without success. No country knows exactly how this is going to end, much less control it. There are way too many players on the world scene, all trying to save themselves and canceling each other out.

1 Like

Re: Latest Oil Price: $44 per Barrel - Crisis Looming by PPAngel(f): 5:44am On Oct 28, 2014
Ediots like Rauf Aregberascal including virtually all the APC Rep members went on early this year that the FG was cheating states by placing a benchmark on the price of crude. The FG proposed $75 for this year's budget but it was later jacked up to $79 by the opposition in the house and FG complied in order to avoid a budget stalemate

3 Likes

Re: Latest Oil Price: $44 per Barrel - Crisis Looming by thoth: 6:16am On Oct 28, 2014
Reading some of these posts i cannot help accepting that Nigerians really deserve their hardships and misery.

1 Like

Re: Latest Oil Price: $44 per Barrel - Crisis Looming by mikolo80: 8:15pm On Oct 29, 2014
tit:
Words on marble!

tit...really...gish gish
Re: Latest Oil Price: $44 per Barrel - Crisis Looming by mikolo80: 8:15pm On Oct 29, 2014
tit:
Words on marble!

tit...really...gish gish...me likey
Re: Latest Oil Price: $44 per Barrel - Crisis Looming by Nobody: 5:50am On Nov 02, 2014
What happens if oil comes down to $30/barrel? The scenarios could be scary:

1) the FG may sack close to 50% of the civil service, which could possibly plunge millions of folks into poverty

2) A reduction in the size of govt at all levels would be necessary. This could entail a constitutional amendment abolishing the bicameral NASS, and establishing a single chamber fed legislature comprising around 200 members.
Re: Latest Oil Price: $44 per Barrel - Crisis Looming by Nobody: 1:33am On Nov 04, 2014
[size=22pt]BREAKING NEWS:

Latest Oil Price: $78.31 per Barrel - 3rd Nov 2014

[/size]
Re: Latest Oil Price: $44 per Barrel - Crisis Looming by Nobody: 1:55pm On Nov 04, 2014
Oil Price fell some more today to : $76.69 per barrel
Re: Latest Oil Price: $44 per Barrel - Crisis Looming by olapluto(m): 2:06pm On Nov 04, 2014
In 1999, oil prices was about 10USD per barrel, our government was still functioning. With oil prices reaching 100USD, our government went into looting overdrive. The masses will not be affected by any oil price drop.
Re: Latest Oil Price: $44 per Barrel - Crisis Looming by Wallie(m): 3:07pm On Nov 04, 2014
@GenBuhari

I think your infatuation with the US is clouding your ability to see issues objectively. Just so you know the US stands to lose if the price of oil goes below $70 per barrel because the oil produced by fracking cost about $62 per barrel unlike the oil produced from Saudi Arabia that's about $32 per barrel.

I'll help you make the connections: look to the Saudi's for the declining price of oil. They are either dumping more oil in the market to force the US to slow production or trying to protect their market share. Either way, if the price of oil goes below $70 per barrel, production and investments in shale oil will dwindle because companies in the US will be making less profit and will invest elsewhere.

What's going on has absolutely nothing to do with Nigeria.

Oil prices were in free fall on Tuesday morning after it emerged that Saudi Arabia, the world's largest exporter, had slashed its contract price for its US customers in a further sign of an escalating war for control of global energy markets.

http://www.telegraph.co.uk/finance/newsbysector/energy/oilandgas/11207301/Brent-crude-tumbles-as-Saudi-escalates-Opec-oil-price-war.html

1 Like

Re: Latest Oil Price: $44 per Barrel - Crisis Looming by atlwireles: 3:15pm On Nov 04, 2014
Wallie:
@GenBuhari

I think your infatuation with the US is clouding your ability to see issues objectively. Just so you know the US stands to lose if the price of oil goes below $70 per barrel because the oil produced by fracking cost about $62 per barrel unlike the oil produced from Saudi Arabia that's about $32 per barrel.

I'll help you make the connections: look to the Saudi's for the declining price of oil. They are either dumping more oil in the market to force the US to slow production or trying to protect their market share. Either way, if the price of oil goes below $70 per barrel, production and investments in shale oil will dwindle because companies in the US will be making less profit and will invest elsewhere.

What's going on has absolutely nothing to do with Nigeria.



http://www.telegraph.co.uk/finance/newsbysector/energy/oilandgas/11207301/Brent-crude-tumbles-as-Saudi-escalates-Opec-oil-price-war.html

Very correct insight. The current price war is very good for OPEC. The North American producers are already closing down wells and future investments are been drastically reduced. OPEC read the signals right. This is not about price but about market share. OPEC is pretty determined to push the price to $60, the North Americans are the ones going to lose.
Re: Latest Oil Price: $44 per Barrel - Crisis Looming by InvertedHammer: 9:56pm On Nov 04, 2014
GenBuhari:
Oil Price fell some more today to : $76.69 per barrel
/
The noise about oil is getting too loud.

I will not be surprised to see a ferocious snap back that will get people trapped and STOPS decimated.

/
Re: Latest Oil Price: $44 per Barrel - Crisis Looming by InvertedHammer: 5:07pm On Nov 05, 2014
InvertedHammer:

/
The noise about oil is getting too loud.

I will not be surprised to see a ferocious snap back that will get people trapped and STOPS decimated.

/
\
As anticipated, snapped back from $76.50 to $79.50 in less than an hour

/
Re: Latest Oil Price: $44 per Barrel - Crisis Looming by birdman(m): 2:56am On Nov 07, 2014
Wallie:
@GenBuhari

I think your infatuation with the US is clouding your ability to see issues objectively. Just so you know the US stands to lose if the price of oil goes below $70 per barrel because the oil produced by fracking cost about $62 per barrel unlike the oil produced from Saudi Arabia that's about $32 per barrel.

I'll help you make the connections: look to the Saudi's for the declining price of oil. They are either dumping more oil in the market to force the US to slow production or trying to protect their market share. Either way, if the price of oil goes below $70 per barrel, production and investments in shale oil will dwindle because companies in the US will be making less profit and will invest elsewhere.

What's going on has absolutely nothing to do with Nigeria.



http://www.telegraph.co.uk/finance/newsbysector/energy/oilandgas/11207301/Brent-crude-tumbles-as-Saudi-escalates-Opec-oil-price-war.html

interesting take. i dont think that saudi strategy will work though. Cant remember where I read it, but US oil production via fracking is subsidized by the FG. The producers claim they can go as low as $30 and still be profitable shocked
Re: Latest Oil Price: $44 per Barrel - Crisis Looming by Nobody: 3:16am On Nov 07, 2014
It could be looked at from another perspective.
Oil has been held artificially high for a number of years by the US deliberately holding back its ability to produce and sell oil in the international market and Saudi Arabia restricting its own production.

It could be argued that oil prices are just now falling closer their true level. Even now the US are still under producing for a country with one of highest oil reserves. If US decides to start producing oil at levels that it has capacity to do then, then prices could easily fall below $60/bbl
birdman:


interesting take. i dont think that saudi strategy will work though. Cant remember where I read it, but US oil production via fracking is subsidized by the FG. The producers claim they can go as low as $30 and still be profitable shocked
Re: Latest Oil Price: $44 per Barrel - Crisis Looming by birdman(m): 3:21am On Nov 07, 2014
GenBuhari:
It could be looked at from another perspective.
Oil has been held artificially high for a number of years by the US deliberately holding back its ability to produce and sell oil in the international market and Saudi Arabia restricting its own production.

It could be argued that oil prices are just now falling closer their true level. Even now the US are still under producing for a country with one of highest oil reserves. If US decides to start producing oil at levels that it has capacity to do then, then prices could easily fall below $60/bbl

A good point. If this is indeed the case, wahala dey especially for Nigeria. I have no doubt money is already being siphoned by PDP for the next election. This is going to make them even more desperate.
Re: Latest Oil Price: $44 per Barrel - Crisis Looming by Nobody: 3:23am On Nov 07, 2014
What you are suggesting would be the action of any sovereign govt that is in charge of their own affairs.

Unfortunately we currently have a puppet government under the control of America. So the likely response is to top up with IMF and World Bank loans, devalue Naira and hike up the price of fuel.

It all depends on what America's plan for Nigeria is. There is speculation that America plans initiate a crisis that it hope would lead to break up of Nigeria into several weak nations, allowing it to steal our rich valuable resources in the process.

CFCfan:
What happens if oil comes down to $30/barrel? The scenarios could be scary:

1) the FG may sack close to 50% of the civil service, which could possibly plunge millions of folks into poverty

2) A reduction in the size of govt at all levels would be necessary. This could entail a constitutional amendment abolishing the bicameral NASS, and establishing a single chamber fed legislature comprising around 200 members.

1 Like 1 Share

Re: Latest Oil Price: $44 per Barrel - Crisis Looming by Nobody: 3:29am On Nov 07, 2014
man, you still have a growing up to do if you keep on blaming US for your failure and predicament, face reality and stop gassing out shit just to make a comment
GenBuhari:
Many do not realise that the USA controls oil prices and can get it to crash and rise when they want.

They have 2nd biggest capacity of oil production after Saudi Arabia, who they can blackmail and make do whatever they want with oil prices.

So What are the USA up to?


1. It has long been speculated that USA intends to break up Nigeria into several weak and more easily exploitable nations. They probably plan to do this by fermenting unrest and conflict in Nigeria that would justify them intervening and and initiate the breaking up of Nigeria.

USA already has troops on the ground in Nigeria under the false pretext of searching for some phantom 300 Chibok school girls who were allegedly kidnapped by Boko Haram, which has also be speculated as being under the secret command of America's CIA.

I believe the USA would also use their Ebola epidemic hoax, together with their Boko Haram to terrorise and control Nigerians, once they start putting their plans into action. Remember the saying "a fearful man is a compliant man" ?.

This is the time for all people especially those that are living away from their region of origin, to start making evacuation plans to secure life and property of your families should the US succeed in initiating a bloody sectarian violence in Nigeria.

Oil price that was $110 per Barrel is now at only $88 per Barrel and falling..

Update:


[size=22pt]BREAKING NEWS:

Latest Oil Price: $78.31 per Barrel - 3rd Nov 2014

[/size]

Re: Latest Oil Price: $44 per Barrel - Crisis Looming by Nobody: 3:37am On Nov 07, 2014
You have some waking up to do if you have not realised that US policy of CIA sponsored assassinations and regime change is one of the major reasons we are being ruled by a corrupt govt.
Emma3030:
man, you still have a growing up to do if you keep on blaming US for your failure and predicament, face reality and stop gassing out shit just to make a comment

2 Likes

Re: Latest Oil Price: $44 per Barrel - Crisis Looming by manck2: 3:40am On Nov 07, 2014
Army claim it killed sharau 3 month ago. Nigeria conflict was responsible for the sharp raise of oil price
Re: Latest Oil Price: $44 per Barrel - Crisis Looming by Nobody: 7:19pm On Nov 13, 2014
Breaking news:
Oil prices has tumbled further to $75.16 per Barrel today
Re: Latest Oil Price: $44 per Barrel - Crisis Looming by Nobody: 10:38pm On Nov 13, 2014
Oil prices in free fall, now : $74.42 /bbl
Re: Latest Oil Price: $44 per Barrel - Crisis Looming by Nobody: 8:39am On Nov 14, 2014
Update:

Oil Price : $73.57 per Barrel
Re: Latest Oil Price: $44 per Barrel - Crisis Looming by zheroes(m): 10:20am On Nov 28, 2014
price may never get to $100 again. the US at the moment is in the driving seat, there are alternatives to crude oil, shale production etc. what did we do with the monies when it was above $100? its simply about demand and supply, stop blaming the US if they need our oil they will come knocking.

In December 2013 Mexican President Enrique Pena Nieto enacted constitutional reforms to end state-owned Petroleós Mexicanos’ (PEMEX) 75-year monopoly over oil. He then signed legislation on August 11, 2014 opening Mexico’s oil, gas and electricity industries to private and foreign companies.

Mexico has an estimated 60 billion untapped onshore and deep-water barrels of crude oil. With huge shale production potential on the border of Texas as well, this policy shift could produce a bonanza of cheap oil in the Americas.
Re: Latest Oil Price: $44 per Barrel - Crisis Looming by Nobody: 12:26pm On Nov 28, 2014
update : $68.71 per Barrel
Re: Latest Oil Price: $44 per Barrel - Crisis Looming by Nobody: 12:29pm On Nov 28, 2014
sad
Re: Latest Oil Price: $44 per Barrel - Crisis Looming by anonimi: 12:52pm On Nov 28, 2014
stevecantrell:


And what do you think they would do next ?
Your take home pay will be half of what it is on paper because of raised taxes. And guess what ?
It will go straight into where its always been going, that black hole -corruption.
Australia, Denmark etc have ridiculously high taxes but the have a solid social infrastructure to show for it.
If every state governor and LG chairman embark on aggressive IGR generation from the citizens, no one will be better off for it.

In fact , crashing of the price of crude oil would eventually lead to a series of social unrest in this country.

What do you think the social unrest will then lead to
Re: Latest Oil Price: $44 per Barrel - Crisis Looming by stevecantrell: 2:27pm On Nov 28, 2014
anonimi:


What do you think the social unrest will then lead to


That is a pandora's box you don't wanna open..
Re: Latest Oil Price: $44 per Barrel - Crisis Looming by MDelgado(m): 3:32pm On Nov 28, 2014
bushdoc9919:


GB....the problem with you, and most Nigerians is that you do not want to grow up...and no, I am not talking of childhood or adulthood...or immaturity. I am not even insulting you.

The problem with you Nigerians is that you do not want to use your brains and innovate and develop innovative products. All you people want to do is chop oil money.

It is because of our overdependence on oil....that our economy is vulnerable.

All of you here....instead ofpreaching disintegration, or wallowing in conspiracy theories....go home, use your university degrees.....and follow China, Japan and South Korea along the road of self sufficency and industrial development.

Stop relying on oil...because if oil prices shoot up again, you people will suddenly keep quiet.

Even at high oil prices...the money was never enough. The painful thing about Nigeria is that the looting that is going on is from a pot of money that is too small.

I wonder for you Nigerians. Stop blmaing the US. Start using your brains for once.

If you like....yell at me. I have spoken. Nigeria must industrialize.

Because a divided Nigeria is bad news for all of us....and for the African region. An industrial Nigeria is good news for everyone...even the US.

End your oil addiction, man!


God bless you Sir
Re: Latest Oil Price: $44 per Barrel - Crisis Looming by birdman(m): 3:55pm On Nov 28, 2014
kudos to opec for refusing to panic. Rather than chicken out, they want to determine the fair price for oil. That way, EVERYBODY feels the pain, wether opec, us, venezuela or saudi. As an added bonus, some nasty oil speculators have lost their fortunes betting that opec would cut production

“We will produce 30 million barrels a day for the next 6 months, and we will watch to see how the market behaves,” OPEC Secretary-General Abdalla El-Badri told reporters in Vienna after the meeting. “We are not sending any signals to anybody, we just try to have a fair price.”

Of course while Saudi and co were saving for the rainy day, Oga Jona was busy milking the treasury dry, putting us in debt in anticipation of future income undecided
Re: Latest Oil Price: $44 per Barrel - Crisis Looming by nduchucks: 3:57pm On Nov 28, 2014
GenBuhari:
update : $68.71 per Barrel

The natural price is $40 per barrel and it will get there in 2015. Nothing can artificially prevent this.

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