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Oil Price Recovers - Jumps From $59 To $63 - Politics - Nairaland

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Oil Price Recovers - Jumps From $59 To $63 by Huffington: 2:45pm On Dec 18, 2014
(Reuters) - Brent crude jumped 3 percent to above $63 a barrel on Thursday, extending a rebound from five-year lows this week as oil's six-month price rout forced more energy firms to cut investments in new production.

Oil this week slumped as low as $58.50 and has almost halved since June as fast-growing U.S. shale output overwhelms demand, with losses accelerating after producer group OPEC decided not to cut output at its meeting last month.

But signs that lower prices are threatening future production have given some traders pause. Oil prices were volatile on Wednesday, briefly spiking as much as 6 percent as players rushed to close short positions, before falling back. At 1109 GMT on Thursday, Brent for February delivery LCOc1 was $2.09 higher at $63.27, after settling up $1.17 in the prior session. U.S. crude CLc1 for January delivery, which expires after Friday's settlement, was up $1.83 at $58.30 a barrel. "It looks like investors favour support around $60 a barrel," said Daniel Ang, an investment analyst at Phillip Futures in Singapore, adding that lower investment in production could be felt in the market as early as the second quarter of 2015.

Chevron Corp (CVX.N) has put a plan to drill for oil in the Beaufort Sea in Canada's Arctic on indefinite hold, while Marathon Oil (MRO.N) cut its capital expenditure for next year by about 20 percent.Canadian oil producers also deepened cuts in 2015 spending, as Husky Energy (HSE.TO), MEG Energy (MEG.TO) and Penn West Petroleum (PWT.TO) joined those hacking back capital budgets.

The oil minister of top OPEC producer Saudi Arabia said on Thursday he believes the drop in prices will be short-lived as demand for crude picks up. "I am optimistic about the future, what we are facing now and what the world is facing is a temporary situation and will pass," Ali al-Naimi was quoted by state news agency SPA as saying. OPEC members that backed an output cut last month are coming around to the Saudi view that they need to focus on market share. "We are just watching and selling oil at whatever the price is," said a delegate from an OPEC country that had wanted an output cut in November.

Saudi Arabia, which opposed cutting output, raised exports in October to 6.9 million barrels per day from 6.7 million bpd in September, data showed.

http://ndibenonso..com/2014/12/breaking-oil-price-recovers-jumps-from.html
Re: Oil Price Recovers - Jumps From $59 To $63 by InfernoBlaze: 2:53pm On Dec 18, 2014
Nigeria on d verge of smiling agn. But we shd shw wisdom by strengthening agriculture nw. The next oil price drop may be worse.
Re: Oil Price Recovers - Jumps From $59 To $63 by holatin(m): 2:59pm On Dec 18, 2014
wao
Re: Oil Price Recovers - Jumps From $59 To $63 by CyberWolf: 3:16pm On Dec 18, 2014
Lets keep observing...But I wish it can reduce to maybe $10pb.. angry
Re: Oil Price Recovers - Jumps From $59 To $63 by erunz(m): 3:24pm On Dec 18, 2014
good for us, all thanks to God
Re: Oil Price Recovers - Jumps From $59 To $63 by chris20000: 3:35pm On Dec 18, 2014
And one dollar is how much now
Re: Oil Price Recovers - Jumps From $59 To $63 by jpphilips(m): 3:41pm On Dec 18, 2014
OPEC is just being s!lly, the price jump we are witnessing today was a 1mbbls cut from the libya's declared force ma jeure on its biggest oil fields from the crude market on the 14/12/2014.

2.5mbbls cut was proposed at the last OPEC annual meeting but the Saudi egg heads refused, now war in Libya is giving the desired result.
Even at $63/bbl Nigeria is still running a budget deficit, I hope Iweala pegged next year's benchmark at less than $60/bbl, with a significant cut in recurrent expenditures and govt spending.

2 Likes

Re: Oil Price Recovers - Jumps From $59 To $63 by gen2briz(m): 3:49pm On Dec 18, 2014
Na blog dey carry important news like this abi.
Re: Oil Price Recovers - Jumps From $59 To $63 by tit(f): 3:49pm On Dec 18, 2014
forget about oil.
Re: Oil Price Recovers - Jumps From $59 To $63 by TrishaP(f): 3:52pm On Dec 18, 2014
Hope for the best for this nation
Re: Oil Price Recovers - Jumps From $59 To $63 by atlwireles: 4:07pm On Dec 18, 2014
jpphilips:
OPEC is just being s!lly, the price jump we are witnessing today was a 1mbbls cut from the libya's declared force ma jeure on its biggest oil fields from the crude market on the 14/12/2014.

2.5mbbls cut was proposed at the last OPEC annual meeting but the Saudi egg heads refused, now war in Libya is giving the desired result.
Even at $63/bbl Nigeria is still running a budget deficit, I hope Iweala pegged next year's benchmark at less than $60/bbl, with a significant cut in recurrent expenditures and govt spending.

You want OPEC to cut 2.5Mbbls for what?
Re: Oil Price Recovers - Jumps From $59 To $63 by Brimmie(m): 4:17pm On Dec 18, 2014
tit:
forget about oil.
Between you and temitemi1, I don't know who is more Foolish.

Awon omo irankiran! undecided
Re: Oil Price Recovers - Jumps From $59 To $63 by Nobody: 4:27pm On Dec 18, 2014
Brimmie:

Between you and temitemi1, I don't know who is more Foolish.

Awon omo irankiran! undecided


Maybe you


Dependence on oil wealth must reduce

2 Likes

Re: Oil Price Recovers - Jumps From $59 To $63 by jpphilips(m): 6:00pm On Dec 18, 2014
atlwireles:


You want OPEC to cut 2.5Mbbls for what?

This discussion is way beyond your pay grade, you will fare better at the Amaechi section or the romance section

1 Like

Re: Oil Price Recovers - Jumps From $59 To $63 by nduchucks: 6:06pm On Dec 18, 2014
jpphilips:


This discussion is way beyond your pay grade, you will fare better at the Amaechi section or the romance section

www.nairaland.com/attachments/229503_ROFLMAODog_gif3fa44b12f55ba64fc785c3a5794ba92e

The question asked by that character shows sever ignorance.
Re: Oil Price Recovers - Jumps From $59 To $63 by juman(m): 6:08pm On Dec 18, 2014
"See Nigeria As A Non-oil Country"

grin grin grin grin grin grin grin grin grin grin grin grin
Re: Oil Price Recovers - Jumps From $59 To $63 by atlwireles: 6:23pm On Dec 18, 2014
jpphilips:


This discussion is way beyond your pay grade, you will fare better at the Amaechi section or the romance section

hahahahaha, when you have no reason, to be an ediot, your sense of inferiority complex, compels you to spew a bucket full of gibberish. Tell us why your silly brain wanted OPEC to cut 2.5Mbbs from the market. If you don't know, say so. grin

4 Likes

Re: Oil Price Recovers - Jumps From $59 To $63 by Huffington: 7:39pm On Dec 18, 2014
Re: Oil Price Recovers - Jumps From $59 To $63 by Huffington: 7:39pm On Dec 18, 2014
atlwireles:


hahahahaha, when you have no reason, to be an ediot, your sense of inferiority complex, compels you to spew a bucket full of gibberish. Tell us why your silly brain wanted OPEC to cut 2.5Mbbs from the market. If you don't know, say so. grin
Bros this discussion pass you. Just admit it.
Re: Oil Price Recovers - Jumps From $59 To $63 by alakaloko(m): 7:39pm On Dec 18, 2014
I wish the price keep coming down until election is over next year so that there will be less money to buy votes from Nigerians...
Re: Oil Price Recovers - Jumps From $59 To $63 by Huffington: 7:40pm On Dec 18, 2014
gen2briz:
Na blog dey carry important news like this abi.
Didn't you see that i quoted Reuters, the source of my blog news? Go to Reuters website and find out yourself.
Re: Oil Price Recovers - Jumps From $59 To $63 by atlwireles: 8:04pm On Dec 18, 2014
Huffington:
Bros this discussion pass you. Just admit it.

When you have about 1000 comments in the political section, hit my mention. Or use one of your other monikers, do yourself some justice.
Re: Oil Price Recovers - Jumps From $59 To $63 by iCool(m): 9:18pm On Dec 18, 2014
Good news for today...

Still watching to see How it would go over the coming weekend.
Re: Oil Price Recovers - Jumps From $59 To $63 by Amanwulu1(m): 9:28pm On Dec 18, 2014
There is hope and messiah buhari has not taken over(in his dream) to stabilize d price. When he finally does, olalaaaaa!!!
Re: Oil Price Recovers - Jumps From $59 To $63 by jpphilips(m): 11:22am On Dec 20, 2014
atlwireles:


hahahahaha, when you have no reason, to be an ediot, your sense of inferiority complex, compels you to spew a bucket full of gibberish. Tell us why your silly brain wanted OPEC to cut 2.5Mbbs from the market. If you don't know, say so. grin

This is the website of the London Buisness school, they will tutor you better, this failed indomie generation have no credit to whatever academics puts on the table, very shameful!!
Re: Oil Price Recovers - Jumps From $59 To $63 by jpphilips(m): 11:28am On Dec 20, 2014
nduchucks:


www.nairaland.com/attachments/229503_ROFLMAODog_gif3fa44b12f55ba64fc785c3a5794ba92e

The question asked by that character shows sever ignorance.

Amidst his buffoonery, he was even feeling fly like his opinion count for something, funny he got two likes for the dumbest question of a lifetime.

I get so worried the kinda generation of dumb tards we have in this country.
I am so mortified.

1 Like

Re: Oil Price Recovers - Jumps From $59 To $63 by phantom(m): 12:34pm On Dec 20, 2014
jpphilips:


This discussion is way beyond your pay grade, you will fare better at the Amaechi section or the romance section

epic!!! grin grin
Re: Oil Price Recovers - Jumps From $59 To $63 by phantom(m): 12:37pm On Dec 20, 2014
atlwireles:


You want OPEC to cut 2.5Mbbls for what?

Bros, just move on or better still,do some reading.
go and find out what effect cutting supply would have had on price action.

before you come on a discourse,try to at least be a bit knowledgeable in that field.
Re: Oil Price Recovers - Jumps From $59 To $63 by atlwireles: 1:20pm On Dec 20, 2014
phantom:


Bros, just move on or better still,do some reading.
go and find out what effect cutting supply would have had on price action.

before you come on a discourse,try to at least be a bit knowledgeable in that field.


That's your problem, you think OPEC is fighting a price war? Sometimes you people should pass and keep quiet
Re: Oil Price Recovers - Jumps From $59 To $63 by amakufrancis(m): 1:23pm On Dec 20, 2014
Gej till Buhari says Jesus Christ is Lord.
Re: Oil Price Recovers - Jumps From $59 To $63 by atlwireles: 1:26pm On Dec 20, 2014
jpphilips:


This is the website of the London Buisness school, they will tutor you better, this failed indomie generation have no credit to whatever academics puts on the table, very shameful!!

A typical empty vessel, you are smart enough, to side step the meat of this issue. Before you walk around talking rubbish, OPEC is not fighting a price war. Stop your pretentious silliness and tell us, why a dumbass like you want OPEC to remove 2.5Mbbs
Re: Oil Price Recovers - Jumps From $59 To $63 by jpphilips(m): 4:11pm On Dec 20, 2014
atlwireles:


A typical empty vessel, you are smart enough, to side step the meat of this issue. Before you walk around talking rubbish, OPEC is not fighting a price war. Stop your pretentious silliness and tell us, why a dumbass like you want OPEC to remove 2.5Mbbs

Have you located the school? by the way, it is written 2.5mbbls not 2.5Mbbs,
I will continue doing my best to assist the emptiness you ooze.

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