It is not the sexiest of titles. “Implementation day” refers to the date when Iran can start providing oil once again to the world markets.
But it is certainly one of the most important dates of the year for the global economy, alongside its major diplomatic and political significance.
Iran has the fourth-largest oil reserves in the world.



At one stage it was believed the implementation date would land at some point over the next six months as Iran moved to satisfy the International Atomic Energy Agency that its nuclear ambitions were purely civil.
Senior sources in the oil industry now believe “implementation day” will be much sooner.
One executive told me that plans were in place for January 27 after the IAEA cleared Iran’s nuclear programme of having any offensive use.
John Kerry, the US Secretary of State, will front the announcement, the source said.
US oil exports
In terms of the energy market – and the price of petrol – Iran’s re-entry is one of two important events that will mark 2016.
The other is the agreement that the US will start exporting oil, 40 years after the 1970s oil crisis led to a ban.
Both will add to an already over-supplied market.
Iran wants to increase production by as much as 2 million barrels a day from its present 2.8 million barrels.
By way of comparison, Saudi Arabia produces between 10 million and 11 million barrels a day.


And with Saudi Arabia signalling that it will maintain production in the face of Iran’s return to the world stage – the kingdom does not want to lose market share to its arch-rival – there is scant evidence of upward pressure on the oil price.
Brent Crude is languishing at just under $32 a barrel. It has fallen nearly 13% this week alone and by more than a third in the past year.

Such a sharp fall has changed the economics of oil production. One has only to read of the further job losses at BP’s upstream business (that’s the bit of the energy sector that explores and drills for oil) on Tuesday to see the effects. Another 4,000 jobs are to go at BP.
As Iran prepares to flex its oil producing muscles, the energy sector is braced for further downward pressure on the price of this vital global commodity.

http://www.globalruns.com/entertainment-celebrities/iran-prepares-to-open-the-oil-pumps

lalasticlala

Ok

what has Nigerian done in the period of oil boom? are those that collectively raped us and sapped our treasury still alive? how can we hold our leaders accountable? ....
........... these and many more questions are what we are supposed to ask especially we the youths.



Unfortunately, Nigerian jobless youths are busy defending and protesting for gullible politicians that ironically put them in this hopeless, hapless, helpless and pathetic condition of perpetual squalor.



With this news and daily kowtowing of naira to dollar, our economy is in jeopardy since diversification from monolithic economy seems to be a mirage.

nice development the zoo must fail

gozmok1:
nice development the zoo must fail

please type something serious. this is a serious matter. you cannot afford to persistently expose your inherent ignorance in any slightest opportunity.

It's really a serious matter. Who do we blame? The myopic mind of our past leaders, managers of economy that failed to develop other sectors and inherent potential of our human capital. Rather, they kept squandering the golden eggs from the geese, building mansions home and abroad, starching money for their fourth/fifth generations to come. Establishing company abroad with stolen funds.

The truth is that it's not going to be easy. The oil and gas industry has been on red alert in Nigeria. No new investments and projects. Workers both permanent and contract staffs are being laid off almost on a continuous basis. Salaries are reviewed downwards and the "Big Boys" pockets has become lean, no more reckless spending. The language of the Big Boys now is; 'you no hear say oil price don fall'
Now it's $30+ but it's projected to go down further and remain so for the year unless ??.

It's going to be very challenging for this present administration and the citizens as well. We are reaping from maladministration of past governments.

What's the way out fellow citizens? We must look inward and develop our potentials. Support innovations and reduce central govt's unnecessary restrictions to local industrialization - give more powers to states.

Observing....

See wahala oo,

titoetal:
It's really a serious matter. Who do we blame? The myopic mind of our past leaders, managers of economy that failed to develop other sectors and inherent potential of our human capital. Rather, they kept squandering the golden eggs from the geese, building mansions home and abroad, starching money for their fourth/fifth generations to come. Establishing company abroad with stolen funds.

The truth is that it's not going to be easy. The oil and gas industry has been on red alert in Nigeria. No new investments and projects. Workers both permanent and contract staffs are being laid off almost on a continuous basis. Salaries are reviewed downwards and the "Big Boys" pockets has become lean, no more reckless spending. The language of the Big Boys now is; 'you no hear say oil price don fall'
Now it's $30+ but it's projected to go down further and remain so for the year unless ??.

It's going to be very challenging for this present administration and the citizens as well. We are reaping from maladministration of past governments.

What's the way out fellow citizens? We must look inward and develop our potentials. Support innovations and [/b]reduce central govt's unnecessary restrictions to local industrialization - give more powers to states[b].

E.O.D.

Once we do the bolded, every other thing shall be added unto this nation.

signz:


E.O.D.

Once we do the bolded, every other thing shall be added unto this nation.

Thks dear for your foresight as well, but will they agree to that? They wants to hold on to the center until 'Things Fall Apart' then the center can no longer hold. If they realize this fact today, it's still not late and we'll get there.

Buhari should ask Mbaka what to do.