100Cents:


AGO meaning diesel ?

So Ibeto imports diesel too ?

2sExy1:
no b lie... I wanted Fashola but it's all political to get vote from the North if you look at it critically. I just hope that the General will work with member of his cabinet by being flexible to accept fresh ideas from the likes of Fashola who would be working with him. That's the only I see him making giant strides...

odimbannamdi:
From the information above, oil prices can be likened to FOREX: It hits support and resistance lines and bounces off or breaks through it. Its unfortunate that it has currently broken through its support level. Sorry if my illustration above sounds like swahili to you.

"Cheap gas here to stay? If those predictions are accurate, it could also mean gas in the U.S. might not go above $3 again. Thanks to the oil meltdown, the national average price of gas has plunged to $2.13, compared with $3.31 a year ago, according to AAA."


The price of oil in the outside market has dropped and, correspondingly, the price at which the citizens of the US buy gas has dropped from 3.13USD to 2.13USD. a whooping near-35% reduction! Unfortunately, this is not the case in Nigeria. We produce the oil, the price drops much more than our national budget anticipates in the foreign market, but still, we the citizens, buy exactly the same price we used to when the prices were high. Its pitiable.

Left to me, i would suggest that the price keeps falling and consequently our naira currency. CBN shouldnt deplete our foreign reserves by trying to boost the USD/NGN rate. It is just a futile attempt towards delaying the inevitable.

The United Arab Emirates forsaw this fall in oil prices, so they invested in their tourism sector, erecting magnificent 5-star hotels and creating conducive environments for tourists. Nigerian leaders are not proactive. in our time of bloom, we dined and wined and never prepared for the rainy day. Now it has happened!

Our problems arose as a result of our total dependence on oil revenue. Other sectors of the economy should be revived. The Agricultural sector, if efficiently harnessed and honed, can turn our economy around for the better.

The problem of Nigeria is a case of MAN THE CAUSE, MAN THE SOLUTION

ernieboy:

u are even the bigger mediocre, do u know what it takes to even setup a small factory in nig? U will have to first setup a power plant or u are not serious, this effectively doubles your startup capital

sauceny:
Bad for Nigeria's economy,if we don't act fast in 6yrs coming,we all will feel the bad impact of an economy depending solely on oil.

2sExy1:
You are daft for calling my words mediocre... cos no one survive in an inhabitable terrain, slowpoke. if only your bean sized brain can process that.

Could those companies succeed if the US government didn't support them by providing enabling environment?

2sExy1:
SHOW ME THE ONE YOU HAVE INVESTED IN? START WITH YOURSELF BEFORE POINTING FINGERS

kenex4ever:
but mediocre is actually nt an insult (it means some1 dat under estimates him/her self, some1 dat has enough reasons not to make an effort ) so y rain -ve words on me?
This thing we talking abt is an "African Problem", ok what abt other black con3s with relatively steady light eg Ghana? Even south africans are where they r 2day because of d whites (though dey still depend chiefly on natural resources).
.
Even if USA decides to xchange con3 with nigeria today we will all die of cold and hunger in one month but they will flourish in nigeria, and dat isn't because of dia govt but because of their individual abilities. So my point is, instead of us to keep pointing fingers at d leaders let's begin to take d blame on ourselves.

2sExy1:
mediocre also means inferior , or substandard... we are saying same thing with you even realizing it...

Andibot:
All this noise because a man has spoken? Who is he to speak when d lord has not spoken? Fellow Nigerians u have no need to fear. Such was said during d global economic meltdown. Yet we survived it. It does not actually mean we shouldn't b proactive buh for d fact dat it has happened, the lord will see us through.

dorox:
Only an idīot will believe that oil will never sell for more than a hundred dollars again.
I predict that by middle of next year oil will be over a hundred dollars per barrel.

fairheven:


Shale oil is not yet a treat to conventional oil and gas industry.
Belif it or not the Saudis are workin with the Americans to make western sanctions on Russian an Iran more impactful..even Iranian foreign minister recently confirmed it..wait an see,the moment the Russians stop meddling in the politics of Ukraine,the sanctions will be lifted an the saudis will cut their oil output "mark my words"
The more reason Saudis don't realy care about wt happens to international oil prize..it that they have got enof external reserve,an care-less about public unrest..
About American preferring lower international oil..that is not tenable because currently the American government is producing more oil than it can consume an has more reserve than any other,now they are even thinking of export as the moratorium law on oil exports is about been repealed.

AZeD1:

OPEC as an organisation supplies about 20% of the world's crude oil. You won't want to piss of your biggest member. Besides there's nothing OPEC can do, cutting oil quotas to raise the price plays into the hand of shale oil producers.

bushdoc9919:


Oil reliant economies, even the boom ones, are not stable economies.....as the article quoted below puts it...



This may not be a problem in the short-term so long as the country has enough foreign exchange to pay for the imports. The depression in the non-oil export sector and the boom in the other two sectors have medium to long term implications for the economy because the oil windfall will not be permanent given the volatility, unpredictability and exhaustibility of crude oil. For instance, if there is a decline in oil prices and oil revenue, the lagging and collapsing non-oil export sector will not be able to compensate for the drop in oil revenue while domestic demand for the non-traded goods and imports remain sticky. Consequently, the country will be forced to borrow from the international financial market to compensate for the decline in oil revenue. Over time, external debts will increase and so will the debt service obligations. Even when oil prices go up later and there is another round of oil windfall, it is difficult to correct the earlier damage or distortions created by the initial or previous oil windfall. In some cases, the oil exporting country may be forced to adopt some form of structural adjustment program (SAP) to correct such distortions or imbalances. Some of these SAPs are painful and may increase the prevalence, depth and severity of poverty.


Infact, oil economies that do well are

1.Have populations below 15 million (Saudi and UAE and Norway)

2.Have strongly diversified economies....especially industrial economies. (Norway again).

wordcat:


No, This is a Good News for Nigerians and Bad News to her corrupt leaders.

TheAlchemist:


ala classic "CATCH 22"

TheAlchemist:


Sorry, this is not bad news for our corrupt leaders,.... it will just make them more desperate in their stealing as they become increasingly aware that the pot of soup is dwindling at an alarming rate.

bushdoc9919:
It is the truth, the whole truth and nothing but the truth.

Modified at 10.54 am

Nigeria must get off oil dependency, and also must get rid of the idea that selling raw materials.....be it cocoa,oil palm,groundnut, cassava,oil, etc...and sharing the money via budget ....is the way to prosperity.

What will save us now...is the manufacture of radios, cars,computers, tablets, furniture, etc...and the continued promotion of innovative changes in such things,and technical education,and increased investment in power....so that we can have a GDP that would be the envy of most countries.

ttmacoy:
That's the mentality that has gotten the country where it is. Where there is clear separation between the church and common sense leadership. Where God will do it is the mantra ignoring the fact that God has given you all you need to succeed. Where a pastors prophesy is valued more than integrity, hardwork and honesty.

Where instead of investing in science to eradicate diseases, we would rather spend the money in church and say God will do it.

Nigeria has the highest number of churches per capita in the world, yet where are we with it all Over religious yet corrupt and evil.

Andibot:
All this noise because a man has spoken? Who is he to speak when d lord has not spoken? Fellow Nigerians u have no need to fear. Such was said during d global economic meltdown. Yet we survived it. It does not actually mean we shouldn't b proactive buh for d fact dat it has happened, the lord will see us through.

1stola:
WHAT IS REALLY BAFFLING ME NOW IS, ONLY IN NIGERIA WILL PRICE OF COMMODITY GO UP AND WILL NEVER COME DOWN.
PETROL HAS BECOME VERY CHEAP IN MOST COUNTRIES RECENTLY AS A RESULT OF FALL IN THE CRUDE OIL PRICE...
.
.
WHY IS EVERYTHING THAT WILL BE BENEFICIAL TO THE COMMON MAN ALWAYS DIFFICULT FOR OUR GOVT TO DO?
- WE PAY N750 AS SERVICE CHARGE TO NEPA MONTHLY EVEN IF WE DONT HAVE POWER FOR 10 MONTHS
- NIGERIA PETROL, DIESEL AND KEROSENE PRICE IS THE MOST EXPENSIVE IN THE WORLD COMPARED TO OTHER COUNTRIES THAT PRODUCE CRUDE OIL.
- NIGERIA IS THE ONLY COUNTRY IN THE WORLD THAT PRODUCES LARGE AMOUNT OF CRUDE OIL WITH NO FUNCTIONAL REFINERY.
.
SONEKAN INCREASED PETROL PRICE BY 600 PERCENT
OBJ BY 700 PERCENT
JONATHAN INCREASED TOO
REMOVED SUBSIDY
PUT IT BACK
REMOVED IT AGAIN
PUT IT PARTIALLY AGAIN
- 1 TRILLON NAIRA KEROSENE SUBSIDY LOOT STILL ONGOING...
- 20 BILLION DOLLARS DISAPPEARED INTO THE THIN AIR.
.

WHYYYYYYYYYYYYYYY!!!!!!!!!!!!!!!!
.
.
GOD!!!
WE NEED CHANGE.
WE NEED REVOLUTION.
WE NEED YOU TO HELP US KILL ALL THESE CORRUPT POLITICIANS AND CIVIL SERVANTS THAT ARE EMBEZZLING OUR COMMON WEALTH.

odimbannamdi:
From the information above, oil prices can be likened to FOREX: It hits support and resistance lines and bounces off or breaks through it. Its unfortunate that it has currently broken through its support level. Sorry if my illustration above sounds like swahili to you.

"Cheap gas here to stay? If those predictions are accurate, it could also mean gas in the U.S. might not go above $3 again. Thanks to the oil meltdown, the national average price of gas has plunged to $2.13, compared with $3.31 a year ago, according to AAA."


The price of oil in the outside market has dropped and, correspondingly, the price at which the citizens of the US buy gas has dropped from 3.13USD to 2.13USD. a whooping near-35% reduction! Unfortunately, this is not the case in Nigeria. We produce the oil, the price drops much more than our national budget anticipates in the foreign market, but still, we the citizens, buy exactly the same price we used to when the prices were high. Its pitiable.

Left to me, i would suggest that the price keeps falling and consequently our naira currency. CBN shouldnt deplete our foreign reserves by trying to boost the USD/NGN rate. It is just a futile attempt towards delaying the inevitable.

The United Arab Emirates forsaw this fall in oil prices, so they invested in their tourism sector, erecting magnificent 5-star hotels and creating conducive environments for tourists. Nigerian leaders are not proactive. in our time of bloom, we dined and wined and never prepared for the rainy day. Now it has happened!

Our problems arose as a result of our total dependence on oil revenue. Other sectors of the economy should be revived. The Agricultural sector, if efficiently harnessed and honed, can turn our economy around for the better.

The problem of Nigeria is a case of MAN THE CAUSE, MAN THE SOLUTION

1stola:
WHAT IS REALLY BAFFLING ME NOW IS, ONLY IN NIGERIA WILL PRICE OF COMMODITY GO UP AND WILL NEVER COME DOWN.
PETROL HAS BECOME VERY CHEAP IN MOST COUNTRIES RECENTLY AS A RESULT OF FALL IN THE CRUDE OIL PRICE...
.
.
WHY IS EVERYTHING THAT WILL BE BENEFICIAL TO THE COMMON MAN ALWAYS DIFFICULT FOR OUR GOVT TO DO?
- WE PAY N750 AS SERVICE CHARGE TO NEPA MONTHLY EVEN IF WE DONT HAVE POWER FOR 10 MONTHS
- NIGERIA PETROL, DIESEL AND KEROSENE PRICE IS THE MOST EXPENSIVE IN THE WORLD COMPARED TO OTHER COUNTRIES THAT PRODUCE CRUDE OIL.
- NIGERIA IS THE ONLY COUNTRY IN THE WORLD THAT PRODUCES LARGE AMOUNT OF CRUDE OIL WITH NO FUNCTIONAL REFINERY.
.
SONEKAN INCREASED PETROL PRICE BY 600 PERCENT
OBJ BY 700 PERCENT
JONATHAN INCREASED TOO
REMOVED SUBSIDY
PUT IT BACK
REMOVED IT AGAIN
PUT IT PARTIALLY AGAIN
- 1 TRILLON NAIRA KEROSENE SUBSIDY LOOT STILL ONGOING...
- 20 BILLION DOLLARS DISAPPEARED INTO THE THIN AIR.
.

WHYYYYYYYYYYYYYYY!!!!!!!!!!!!!!!!
.
.
GOD!!!
WE NEED CHANGE.
WE NEED REVOLUTION.
WE NEED YOU TO HELP US KILL ALL THESE CORRUPT POLITICIANS AND CIVIL SERVANTS THAT ARE EMBEZZLING OUR COMMON WEALTH.

ttmacoy:
Shale oil is a threat to conventional oil at the right prices, and the cost of extracting shale oil is expected to continue to fall with increasing development and improvement in the technology.

Saudi Arabia is not suppressing prices in conjunction with America as shale oil is a competitor. Saudi did not reduce output because whilst that may stabilise oil prices a bit, it also means volume of oil sold falls hence there is still a fall in revenue.

This is a win win situation for America as if oil prices goes up, shale picks up and America exports lot of oil, if oil prices falls, its cheaper for American consumer who are the second country that consumes oil after China. The money saved from lower il process is spent in other parts of the economy which is a boost. America unlike countries like Saudi and Nigeria only makes a very small percentage of government revenue from oil. Shale is all private companies so from a GDP and government revenue perspective, America is in a win win situation.

2sExy1:
I guess we have to brace ourselves for what is coming as a nation if what this Prince say should come to pass.



http://money.cnn.com/2015/01/12/investing/oil-prices-saudi-prince/index.html?iid=TL_Popular