Oil Price Falls Below Nigeria's new benchmark - Business (4) - Nairaland
Nairaland Forum / Nairaland / General / Business / Oil Price Falls Below Nigeria's new benchmark (23220 Views)
N5m Falls From Bullion Van In Lagos (Photo) / Crude Oil Price Rise After Russia Agrees To OPEC Talk / The Bricklayer’s Explanation To Oil Price Fall, Naira Devaluation & Everything (2) (3) (4)
(1) (2) (3) (4) (5) (Reply) (Go Down)
| Re: Oil Price Falls Below Nigeria's new benchmark by englishmart(m): 4:17pm On Nov 28, 2014 |
Ebubeslym:we don't elect, we choose... |
| Re: Oil Price Falls Below Nigeria's new benchmark by Fourwinds: 4:18pm On Nov 28, 2014 |
cocoduck:professionals without slashing deir salaries. |
| Re: Oil Price Falls Below Nigeria's new benchmark by ogbonoeba: 4:29pm On Nov 28, 2014 |
Hehehe...let the naira to dollar exchange rate devalue some more...my dollars will go far in naija.  #200 = $1 is my prediction. I think the Saudis can survive on $50/barrel. And we are crying at $70, the party is just beginning. 2 Likes |
| Re: Oil Price Falls Below Nigeria's new benchmark by Nobody: 4:35pm On Nov 28, 2014 |
msg deleted |
| Re: Oil Price Falls Below Nigeria's new benchmark by knightsTempler: 4:36pm On Nov 28, 2014 |
what do you expect. did we really need someone to "tell" us this? duh  and they are going to stop it? come on, get real. |
| Re: Oil Price Falls Below Nigeria's new benchmark by olajide8(m): 4:41pm On Nov 28, 2014 |
And it is getting worst it time for this government to pack and go- Deziani 10 billion for jet is still their oh! and GEJ is travelling round the south west trying to bribe the Oba"s he would still come back and slap them like fayose - well lets see if he would mandate them to force the people to vote for him* publicity stunt, enough of this nonsense.. we are tired of incompetent people- shekena!!!! |
| Re: Oil Price Falls Below Nigeria's new benchmark by gebest: 4:52pm On Nov 28, 2014 |
what about our missing 20 billion dollars, if pump into d economy, maybe it could help. 1 Like |
| Re: Oil Price Falls Below Nigeria's new benchmark by Nobody: 5:16pm On Nov 28, 2014 |
Nigeria's day of reckoning is approaching. Now that USA has stopped importing nigeria's oil, we'll c who nigeria will be selling its oil to. USA is in its shale oil boom with deposits containing about 4.8 trillion barrels. Little wonder why oil prices are falling drastically cos of low demand. |
| Re: Oil Price Falls Below Nigeria's new benchmark by saintopus(m): 5:50pm On Nov 28, 2014 |
Removal of oil subsidy is the first step to proper managing of the economy. |
| Re: Oil Price Falls Below Nigeria's new benchmark by naija2dabone(m): 5:51pm On Nov 28, 2014 |
Ohhh-oooohhh! Where is Tombrown, sorry Tambuwal when you needed him most? I remember how him and his thugs in the HoR tried to jack up the oil bench mark to £120/barrel before approving the budget. They were so full of themselves reeling out 'quack-man' economy theory then and threatening fire and brimstone. |
| Re: Oil Price Falls Below Nigeria's new benchmark by Nobody: 6:03pm On Nov 28, 2014 |
joe17:and can't our problem be solved within 4yrs? |
| Re: Oil Price Falls Below Nigeria's new benchmark by Nobody: 6:13pm On Nov 28, 2014 |
saintneo:was the previous benchmark beyond $80? The price of oil hitherto now has remained above $100 what happened to the rest? Mismanagement brought us to this mess. |
| Re: Oil Price Falls Below Nigeria's new benchmark by joe17: 6:57pm On Nov 28, 2014 |
franciskaine:It can buh no be 1 man job naa. Abi? I av no prob wt ur post just dat u singled out GEJ to blame in case like dis. I knw u r nt a child, u knw hw democratic govt is being run. #peace NB: am nt a fan of dis govt. Neither do I belong to any political party. |
| Re: Oil Price Falls Below Nigeria's new benchmark by claycares: 7:23pm On Nov 28, 2014 |
Unfortunately Nigerian youths haven't realized what's going. Shale oil/gas and modern techniques in horizontal drilling is forcing the price of crude downwards and the i US is targeting $40 per barrel, yet our leaders are indifferent about these development. unfortunately, Nigerians (esp the youths who forms over 60% of the population are not reacting in any way. |
| Re: Oil Price Falls Below Nigeria's new benchmark by maasoap(m): 7:29pm On Nov 28, 2014 |
cocoduck:They are mofos, there is nothing professional about them based on what we have seen so far. We are not talking paper qualifications here my friends. They are all thieves, all their austerity measures are targeting everyone out there but not themselves. You hear young brother? |
| Re: Oil Price Falls Below Nigeria's new benchmark by Nobody: 7:35pm On Nov 28, 2014 |
joe17:gud! Does democracy prevent our govt from fighting the so-called cabal in the oil sector through legal means? Does democracy prevent our govt from fixing and building new refineries? The $10b missing fund was that also a fault of democracy? My bro, I reasoned exactly the way you are doing now hitherto 2011 general elections. I regret campaigning for GEJ in the 2011 elections. Av u bothered asking yourself what is preventing GEJ from building refineries if truly he meant well for you and me? I need ur honest answers here. 1 Like |
| Re: Oil Price Falls Below Nigeria's new benchmark by saintneo(m): 8:20pm On Nov 28, 2014 |
franciskaine: Lowering the benchmark during the windfall implies that the government will based its budget on the accruals based on the benchmark and the excess will be saved in the ECA (excess crude account). The governors were spending excessively, taking loans to do projects rather than focus on working within the budget. Most states, Enugu, Imo, Rivers to name a few did most of their projects using loans and with the downward plunge of the naira against the dollar, we are in for a hard time if this oil price keeps falling. Nevertheless, there is always a lesson to be learnt; possibly technocrats will be giving the chance to manage our economy. A shift from jollyfication culture to a planning culture. Let's pray the boys in uniform allow this struggle to occur. |
| Re: Oil Price Falls Below Nigeria's new benchmark by InvertedHammer: 8:40pm On Nov 28, 2014 |
aguiyi1: / "Possible" throw over to flush out weak hands. Considering that today is Friday and last trading day of the month, anything is possible. Partial trading day because of Thanksgiving holz in USA. The last flush looked like massive stops got triggered. Volume will confirm this assertion. Next week will be the guide. Watching from the sideline with keen interest. \ |
| Re: Oil Price Falls Below Nigeria's new benchmark by InvertedHammer: 8:46pm On Nov 28, 2014 |
prettyboi1989: / If you work for any oil company, your jobs are going to be on the line soon. No more living big for now. Start saving seriously because some jobs got to go. Forewarned is forearmed. \ 1 Like |
| Re: Oil Price Falls Below Nigeria's new benchmark by joe17: 8:56pm On Nov 28, 2014 |
franciskaine:I was admiring ur sense of reasoning(especially ur use of 'OUR GOVT' until I saw u narrowed d blames all down to GEJ. Am really not gud in politics, but I fink a president in Nigeria is not a monarch. Hope u knw how all this state govrs are always meeting and shouting that 'excess oil revenue should be shared', leaving nothing to be saved? So ma brother I fink wat we really need are gud and selfless persons heading the various political posts and not just a saint up there. Tnx bro, but I really dnt like arguing politics. #Cheers |
| Re: Oil Price Falls Below Nigeria's new benchmark by Pecca: 9:14pm On Nov 28, 2014 |
hope it falls to 20 dollars. maybe our leaders will change the way they think. national cake my a.ss! |
| Re: Oil Price Falls Below Nigeria's new benchmark by Nobody: 11:36pm On Nov 28, 2014 |
joe17:I specifically narrowed it down to GEJ because Nigerians gave him the maximum support no other leader in the history of this country has benefited from. aside, he is the incumbent and should take the current blame for continuing with the existing status quo rather than liberating it. Nigeria operates a top-bottom approach in which the head dictates how things happen right from the centre down to the grass roots. when the head purges itself of corruption then it can easily fight those under who fail to follow the same foot step. Leadership they say should be by example. I lost hope in GEJ a long time ago, a man who can't boldly declare his asset is not worth my trust and cannot be said to have the right will in fighting corruption. He's not the angel you think he's. Thanks for ur time. 2 Likes |
| Re: Oil Price Falls Below Nigeria's new benchmark by Tats(m): 1:04am On Nov 29, 2014 |
See the list of opec countries that opposed the production cuts. They are the ones that have used the money gained from oil wisely. The ones that have wasted and squandered their money including us are the ones asking for production cuts. 3 Likes |
| Re: Oil Price Falls Below Nigeria's new benchmark by Olaone1: 1:07am On Nov 29, 2014 |
lol See analysts oo. So, it's because of Shale oil, uhn? Shale oil that typically costs 50-100 dollars per barrel to produce? It is not possible for Shale oil to compete with conventional one. No way! This is about Russia and the main OPEC countries in ME have about 2.5 trillion dollars foreign reserve to see it out. Nigeria? Nah - not prepared! Devaluation of our currency is the only option for wasteful spenders  When there is a glut in the market what do you do? Keep and maintain production levels? No book or business school supports this. But, in their wisdom at OPEC, it must remain the same. Well, since Uncle Sam says so  America owns this world. They can do and undo. Fact! |
| Re: Oil Price Falls Below Nigeria's new benchmark by Alfred200825(m): 1:39am On Nov 29, 2014 |
* Dusting hoe and cutlass * I see a future where NNPC staff will be trekking to work and begging we farmers for lifts. Where those laughing at agric students will come and be our apprentice * starts walking to farm * |
| Re: Oil Price Falls Below Nigeria's new benchmark by Sajio(m): 11:43am On Nov 29, 2014 |
officenmore:.... you are perfectly right!! can't they revive our Steel companies ? Posterity will definitely judge all those that have looted our beloved country Nigeria.. Obj(worst president Nigerians ever HAd).. Delta Steel company only Existed during and after his tenure was laid to rest!! I still don't understand what Obj will be using all the money he looted for?? @this tym of his age! May God save Nigeria from this greedy leaders!! now Oil prise is dropping like Mad!!! |
| Re: Oil Price Falls Below Nigeria's new benchmark by Angelstartups(f): 4:27pm On Nov 29, 2014 |
No surprises if you followed this page; https://www.nairaland.com/1998269/what-economy-implication-oil-price#28075890. 1) OPEC expectedly refused to cut supply 2) Non-OPEC nations also produce crude oil and are also responsible for the huge supply in the market compared to demand 3) US commercial production of Shale oil (If crude oil price goes up, it makes Shale production economically viable, on the contrary, if price goes down, shale production could be stemmed Expect the price to continue to fall in the short to mid- term, however, the market is expected to begin to correct the glut in supply soon after non-OPEC countries begin to feel the heat, they would be left with no choice but to cut their supplies as well. |
| Re: Oil Price Falls Below Nigeria's new benchmark by olajide8(m): 3:56am On Nov 30, 2014 |
saintopus:^hahahahaha - lost soul, the removal is not the solution after removal, what next? Possibly an increment to make it profitable business for their family businesses, will follow- if you can't see the end from the beginning, before we even start- then you wasted your parents money by going to school, maybe you should be amongst those GEJ should give stoves, and the above submission of yours is a lazy mans solution- NOI apologist* - the solution is actually, you paying your dues to the F.G "TAXES" for posting rubbish like this above, on nairaland and total eradication of corruption in all forms* nepotism, favourtism, people should be jailed for mismanagement of our economy, people should jailed for stealing other peoples mandates - for depriving us from getting our voters card PVC "jega is supposed to be jailed for stealing for the GEJ administration- for allowing the continuous bursting of oil pipes they are all supposed to be sentenced to death Sajio: saintopus:^hahahahaha - lost soul, the removal is not the solution after removal, what next? Possibly an increment to make it profitable business for their family businesses, will follow- if you can't see the end from the beginning, before we even start- then you wasted your parents money by going to school, maybe you should be amongst those GEJ should give stoves, and the above submission of yours is a lazy mans solution- NOI apologist* - the solution is actually, you paying your dues to the F.G "TAXES" for posting rubbish like this above, on nairaland and total eradication of corruption in all forms* nepotism, favourtism, people should be jailed for mismanagement of our economy, people should jailed for stealing other peoples mandates - for depriving us from getting our voters card PVC "jega is supposed to be jailed for stealing for the GEJ administration- for allowing the continuous bursting of oil pipes they are all supposed to be sentenced to death Obj was also not delta state governor as the name implies its "delta state steel company" hold ibori responsible, those are part of the reasons he is behind bars - since we are incompetent enough to jail him hear* his daughter wants to be a representative of delta state now! Off the reminant of the stolen money* |
| Re: Oil Price Falls Below Nigeria's new benchmark by saintneo(m): 3:08pm On Dec 01, 2014 |
franciskaine: The Rivers Governor CRA declared war on the FG for saving for rainy days. I can remember vividly when CRA was undisputed chairman of the NGF - Nigerian Governors Forum, he protested against keeping the money in ECA - Excess Crude Account. GEJ and his team kept sharing the savings so as to pacify the governors. The governors were executing White-Elephant projects without proper financial planning. Let's be clear here both the FG and SGs were culpable in the mismanagement of the ECA. |
| Re: Oil Price Falls Below Nigeria's new benchmark by Nobody: 4:12pm On Dec 01, 2014 |
InvertedHammer: this weeks low maybe 67.57 |
| Re: Oil Price Falls Below Nigeria's new benchmark by InvertedHammer: 6:05pm On Dec 01, 2014 |
aguiyi1:/ As anticipated, overnight flush out to 63.80 And then STOPS demolition all the way back up to 68.50. All look too familiar. Wash....rinse...dry and cycle. \ |
CBN Considers Ending Dollar Cash Sales To BDCs / Why You Should Be Extra Careful When Shopping For Christmas / Simple Steps To Develop A Second Source Of Income In Nigeria
(Go Up)
| Sections: politics (1) business autos (1) jobs (1) career education (1) romance computers phones travel sports fashion health religion celebs tv-movies music-radio literature webmasters programming techmarket Links: (1) (2) (3) (4) (5) (6) (7) (8) (9) (10) Nairaland - Copyright © 2005 - 2024 Oluwaseun Osewa. All rights reserved. See How To Advertise. 72 |