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Nigeria’s Crude Oil Production Up By 252,800bpd - Politics (3) - Nairaland

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Re: Nigeria’s Crude Oil Production Up By 252,800bpd by 989900: 6:03am On Feb 13, 2016
erico2k2:

That's what we use to think,there are too many producers now for that to happen, the market is saturated, the fall in production is not only due to influx of new market but majority is due to new technologies and cheaper way to produce crude .
Here is Rystad Energy’s list of production costs for the 20 largest oil-producing countries:
Getting oil out of the ground is not cheap, and as crude oil prices remain around $40 a barrel for U.S. West Texas Intermediate (WTI) and $44 a barrel for Brent (North Sea) Crude, producers have to be able to produce a barrel for less than that in order to make a profit. The U.S. only barely makes the cut, with a per barrel cost of $36.20, while the U.K. ($52.50) and Brazil ($48.80) are well below the profit line and Canada ($41.00) is likely losing money as well, since most of its crude sells at a discount to WTI.

The cheapest oil to produce comes from Kuwait, where the per barrel cost is $8.50. Saudi Arabian crude costs $9.90 a barrel to produce and Iraqi crude costs $10.70 a barrel to get out of the ground. The data were compiled by energy research firm Rystad Energy and reported on Monday at CNNMoney.




Kuwait – $8.50 a barrel
Saudi Arabia – $9.90
Iraq – $10.70
United Arab Emirates – $12.30
Iran – $12.60
Russia – $17.20
Algeria – $20.40
Venezuela – $23.50
Libya – $23.80
Kazakhstan – $27.80
Mexico – $29.10
China – $29.90
Nigeria – $31.60
Colombia – $35.30
Angola – $35.40
Norway – $36.10
United States – $36.20
Canada – $41.00
Brazil – $48.80
United Kingdom – $52.50



The above DOES NOT make Saudi or OPEC, 'irrelevant' to price. See Iran's recent 'entry effect' for example.
Re: Nigeria’s Crude Oil Production Up By 252,800bpd by erico2k2(m): 7:41am On Feb 13, 2016
989900:


The above DOES NOT make Saudi or OPEC, 'irrelevant' to price. See Iran's recent 'entry effect' for example.
Check the list again.if they try to reduce production other countries arround them will increase production ie China?Iran would increase thier too as they have not had the o port unity to supply the world. They are also good in thier technology so might soon reduce cost of production
Re: Nigeria’s Crude Oil Production Up By 252,800bpd by erico2k2(m): 7:50am On Feb 13, 2016
worlexy:
LOL, I don't argue with kids. it's glaring that you don't know anything about economics. At a point when a barrel was about $33 they were saying the cost of production was above the selling price, now that it has fallen below $33, if you have functioning brain I won't need to tell you the implications of that
Both of you should try and improve your arguments plz with healthy arguments we learn new things myself inclusive @ Boss you are totally wrong worlexy is right. Check my list up there and see the difference in oil production and see where we Nigeria stand. Even if we sell at a loss those thieves we support will still want to sell just to keep thier banks in the xtra greens.In the UK some oil wells are being scrapped all together. If you have anyone in the Oil and gas sector in Scotland ask them don't just take my word for it.
Re: Nigeria’s Crude Oil Production Up By 252,800bpd by Nobody: 7:54pm On Feb 13, 2016
Your comment showed how dumb you are...lol. Na only Nigeria you see wey up their production? Why u no say presidents of the other countries had F9 in Eco? Let me just help your retarded brain out by summarizing it for you: Not all the crude tapped are sold per. Some will go into reserve. U deserved to be laugh at, Mr. Worlexynomics...

worlexy:
At a point when crude oil price is falling, they keep increasing the number of barrels they are producing per day, leading to further drop in the international price of crude oil. That's what happens if the president had F9 in Economics because common sense taught in basic economics is "the higher the supply, the lower the price". How can you be disobeying economic law and expect economic turn around? How can you say you want to stabilize global oil price when you keep bombarding the market with higher barrels of oil. Ha, I tire for this country o.
Re: Nigeria’s Crude Oil Production Up By 252,800bpd by erico2k2(m): 8:56pm On Feb 13, 2016
Snipes009:
Your comment showed how dumb you are...lol. Na only Nigeria you see wey up their production? Why u no say presidents of the other countries had F9 in Eco? Let me just help your retarded brain out by summarizing it for you: Not all the crude tapped are sold per. Some will go into reserve. U deserved to be laugh at, Mr. Worlexynomics...

Guy I think you are missing the point, of what use is it to increase the volume of production when your overhead is above sale
Answer:When you do not own that corporation and the sales are being siphoned and stollen at all cost and the perpetrators do not give a damn waht happens
Re: Nigeria’s Crude Oil Production Up By 252,800bpd by Nobody: 7:32am On Feb 14, 2016
Smhfu

erico2k2:

Guy I think you are missing the point, of what use is it to increase the volume of production when your overhead is above sale
Answer:When you do not own that corporation and the sales are being siphoned and stollen at all cost and the perpetrators do not give a damn waht happens
Re: Nigeria’s Crude Oil Production Up By 252,800bpd by erico2k2(m): 11:41am On Feb 14, 2016
Snipes009:
Smhfu

Seriously? cant you read??
Re: Nigeria’s Crude Oil Production Up By 252,800bpd by Nobody: 11:48am On Feb 14, 2016
I wondered the same about you, hence me smhfu....

erico2k2:

Seriously? cant you read??
Re: Nigeria’s Crude Oil Production Up By 252,800bpd by erico2k2(m): 1:50pm On Feb 14, 2016
Snipes009:
I wondered the same about you, hence me smhfu....

well if you could read you would have realised our cost of production is higher than cost of sale per barrel, now what did you write that I could not read
Re: Nigeria’s Crude Oil Production Up By 252,800bpd by Nobody: 9:54pm On Feb 14, 2016
Water. Stop proving your dumbness to me brother. U suppose don realize say I no get ur time. Na why I just dey smhfu. So, poof!

erico2k2:

well if you could read you would have realised our cost of production is higher than cost of sale per barrel, now what did you write that I could not read
Re: Nigeria’s Crude Oil Production Up By 252,800bpd by erico2k2(m): 9:12am On Feb 15, 2016
Snipes009:
Water. Stop proving your dumbness to me brother. U suppose don realize say I no get ur time. Na why I just dey smhfu. So, poof!

Guy your MUMU get CV
So you nor know anything and yoy dey quote me
Re: Nigeria’s Crude Oil Production Up By 252,800bpd by Nobody: 9:23am On Feb 15, 2016
You sha dey embarrass yourself.....#NowPlaying: G Unit - You So Tough

erico2k2:

Guy your MUMU get CV
So you nor know anything and yoy dey quote me
Re: Nigeria’s Crude Oil Production Up By 252,800bpd by erico2k2(m): 12:25pm On Feb 15, 2016
Snipes009:
You sha dey embarrass yourself.....#NowPlaying: G Unit - You So Tough

U dey embarassing Nigerians. To comment nor be by force No wonder your reasoning low. G unit wey no gree pay Tax.and go bankrup
Re: Nigeria’s Crude Oil Production Up By 252,800bpd by Nobody: 2:07pm On Feb 15, 2016
Your English is bad. Even your Pidgin. Smh. #NowPlaying: G Unit - I Smell P***y (Is that you Eric?)....lol (Keep quoting me, I have the time to embarrass you more). Mothafucka

erico2k2:

U dey embarassing Nigerians. To comment nor be by force No wonder your reasoning low. G unit wey no gree pay Tax.and go bankrup
Re: Nigeria’s Crude Oil Production Up By 252,800bpd by erico2k2(m): 2:23pm On Feb 15, 2016
Snipes009:
Your English is bad. Even your Pidgin. Smh. #NowPlaying: G Unit - I Smell P***y (Is that you Eric?)....lol (Keep quoting me, I have the time to embarrass you more). Mothafucka

Nor be your fault nah expired condums circa roughly ur time of conception nah I blame.
Re: Nigeria’s Crude Oil Production Up By 252,800bpd by Nobody: 3:25pm On Feb 15, 2016
#NowPlaying: G Unit - I Don't F*** With You...................lol

erico2k2:

Nor be your fault nah expired condums circa roughly ur time of conception nah I blame.
Re: Nigeria’s Crude Oil Production Up By 252,800bpd by Tequilah: 4:17pm On Feb 19, 2016
Boss13:
Unfortunately, it is you who is poorly knowledgable in Economics. Have you ever heard of OPEC before? Do you know that production quota is rationed amongst member countries of OPEC. Do you also know that reducing supply may reduce your market share? That is why Saudi Arabia is refusing to cut down on production quota. Are you also aware that there are other suppliers in the market apart from OPEC. The Oil industry is now a consumer market and no longer a suppliers' market, where suppliers such as OPEC can control the price of oil.

Finally to address your poorly informed brain cells, we have a minister of petroleum who is responsible for pursuing the country's interest. Kachikwu is a sound engineer and has the president's support even if as you said the President has F9 in Economics. The President is not expected to know everything.

Please stop being ignorant

Kachikwu is a lawyer, NOT an engineer. You do not have to lie to get your points across. And excessive oil production leads to a glut and fuels low pricing. The premise on which you have anchored your reasoning, is seriously flawed.

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