vodkat:



I believe ur where not a science student. Hydrogen is one of the most available element in the world.

Even in crude oil you find hydrogen such as ethane, methane ,propane.

There basic nature is. CH4. Four hydrogen toto.one carbon. I neva mention water .

I can guarantee. You that some. Ppl r working day and night. 2 be the first to commerliaze it

tete7000:


Forget oil these yeye talk of oil losing relevance. Other forms of energy will come on stream but oil will maintain its percentage in the energy mix. Infact the demand for oil is projected to increase in future. The only issue for oil in future is that current events has made it clear to opec and other that any attempt to allow oil price unduly skyrocket will allow other hitherto dormant oil sources become economical to produce and thus render opec powerless. What you will see opec do from now is manage oil price within a range that ensure other oil sources and other energy sources remain uneconomical to deploy within the prevailing crude price.

tete7000:


You need energy to produce energy. Have you thought of that? I know hydrogen abounds in nature, water et all but you have forgotten you need to expend energy to even extract the hydrogen? Electrolysis for instance needs electricity. It is not straight-forward as we are often made to believe my brother. CH4 may you forget is an hydrocarbon of which crude oil is still a source. So head or tail you go back to oil.

Jesusloveyou:
no, is a bad news to u saTANist wailers

wordychap:
today its 40 dollars for a barrel
Hope subsidy on fuel will return as d price is rising

farem:


Your answer depends on which side of the divide you are.
Kind of the bottle is HALF-empty or Half-full. Friend or Foe. A Nigerian or.... WYSIWYG!

omenka:
Not sure I wanna celebrate this news. Much as I want sufficient inflow of forex for the country, I desire to see it come in through any other means than crude oil sales.

Our dependence on that substance is what's put us in the mess we find ourselves today. As long as the price keeps going up, our government might not see the need to drastically push towards diversification.

edoziebobbyyahoocom:

Bro! Do you know that science shows that the amount of sunlight in africa is enough to power the whole world? Sahara desert the hottest place on earth which cuts across; chad, eygpt, mauritania, tunisia, niger, libya, mali, algeria, morroco and sudan. If you've heard of desertec, its a company comprising of several european countries. The have a project aimed at harvesting the power of the sun in the sahara starting from morroco exporting it back to europe.
So bros don't give me that speech of ''forever oil''.

RichYoungNigga:



I'm sick and tired of you niggas calling IPOB all the goddam time.
I guess you ain't concerned with the economy of your country, after you go dey call the government say them no provide work for you.
We were told that we are the leaders of tomorrow.
I now know the reason why a 79 year old man is the president of Nigeria, the so called leaders of tomorrow are busy calling wasting their time on Instagram, Facebook and Nairaland while the old men are ruling their country and stealing billions of dollars.

vodkat:

People are already doing this there are equipment that can separate hydrogen from water or crude.

Even Toyota has started making it..hydrogen fuel cell

Just know that cars where only made 100years ago by that ppl said it's impossible for car to replace horse but from bicycle we have cars.

I am saying this that Nigeria will be doomed to rely on oil in the next 10 yrs because there is abundance of crude in the world. OPEC will become a toothless dog just as it is now- if OPEC had there way crude will be at least 500 per barrel

There is over abundance of hydrocarbon d problem was technology to bring it out

paulodangelo:

I thank God that if there's one thing I've tried to achieve in life is education has made me enlightened and able to scrutinize issues and profer CONSTRUCTIVE criticisms to the [b]best of my knowledge[b/] . I hope the like minded ones will allow me learn more from them.

paulodangelo:

The fact of the matter is this, Ibe Kachikwu; Minister of State for Petroleum had said earlier during an emergency meeting of OPEC that they would liase with OPEC members and non OPEC oil producing countries to put control on output in order to prop up price of crude oil in the international market. (Please correct me if I'm wrong).

paulodangelo:

Need I remind anyone calling Nigerians who are bitter about the state of the economy "wailers", Iran's sanctions had been lifted and they were looking to take back market share and regain its place in the market. We all know the simple theory of demand and supply. OPEC had left its role as a price modulator and the market was controlled by we the consumers. You can thank the Shale Oil boom for that.

paulodangelo:

So let me state that PMB had nothing to do with the surge in prices other than being a RIDE ALONG. Meetings had being held prior to the concensus they reached to close their taps and limit supply but the main oil blocs of OPEC; Saudi Arabia, Qatar and the UAE refused eariler and what did he do?

paulodangelo:

Its a good one for the country but does that take away the fact that as I write this piece, the electric distribution companies have gone on strike, the fuel scarcity is back accompanied with its queues and valuable man hours is being wasted leading to loss of billions of naira and people are calling critiques of the government wailers? Our youths are losing touch with reality and engaing and grooming themselves in political
brigandry.

amaechi1:
Those who are calling for the head of Mr President and his team for visiting the gulf nations should cover the faces in shame. You don't sit at home and play international politics. Life is in phase and nothing last for ever.

Nigerians, can we cement our differences and work for the progress of this project "the well being of every Nigerian".

God bless Nigeria.

modath:



Mixed feeling...

Wriggle room for reprieve & diversification of this blasted monolithic economy

Apprehension that the past inertia will creep in & everyone will go back to status quo...

#fingerscrossed

coolscott:

PassingShot omenka NavierStokes1 flyingdragon
[size=13pt]What do you think is the relationship between the president's visit to the middle east and the rise in oil prices?
Let me tell you that many have known that oil prices would rise again and it is all down to the Saudis' stubborn refusal to approve a cut in production by OPEC countries.

That same stubborn decision was what helped the prices go down but was predicted by them to still get the prices up later and international powers (and the biting low prices) could not convince them otherwise, much less Buhari.


The entry of American Shale oil into the market caused a glut in the market. Shale oil is more expensive to produce and as producers of other types of cheaper-to-produce crude find it harder and harder to make a profit at low prices, what do you think would be happening to shale oil producers? They would be forced to stop/reduce production as they would have forced prices too low for them to make any profits.

It should be noted that they also suffer from the effects of the low prices but chose to endure this suffering along with everyone else for the materialisation of their plan.

This has been the Saudis' (and OPEC's) position since the beginning of the drop last year.


Since the total amount of oil produced monthly has not reduced,
we can confidently say that whatever you think Buhari did in the middle east to affect oil prices is more imagined than real.[/size]

coolscott:

PassingShot omenka NavierStokes1 flyingdragon
[size=13pt]What do you think is the relationship between the president's visit to the middle east and the rise in oil prices?
Let me tell you that many have known that oil prices would rise again and it is all down to the Saudis' stubborn refusal to approve a cut in production by OPEC countries.

That same stubborn decision was what helped the prices go down but was predicted by them to still get the prices up later and international powers (and the biting low prices) could not convince them otherwise, much less Buhari.


The entry of American Shale oil into the market caused a glut in the market. Shale oil is more expensive to produce and as producers of other types of cheaper-to-produce crude find it harder and harder to make a profit at low prices, what do you think would be happening to shale oil producers? They would be forced to stop/reduce production as they would have forced prices too low for them to make any profits.

It should be noted that they also suffer from the effects of the low prices but chose to endure this suffering along with everyone else for the materialisation of their plan.

This has been the Saudis' (and OPEC's) position since the beginning of the drop last year.


Since the total amount of oil produced monthly has not reduced,
we can confidently say that whatever you think Buhari did in the middle east to affect oil prices is more imagined than real.[/size]

jaybee3:
^^^^
Traders and hedge fund fleeing bearish bets suggests they are pricing a probable supply cut into their forecast

A supply cut albeit expected has some sort of direct relationship with Buhari's lobbying, No?

Traders place bets in anticipation for an action and the simple explanation for oil price movement Demand vs Supply.

flyingdragon:
either oil price is low or high is dependent on the major producers. And its price directly affects every producing countries especially countries like Saudi and Nigeria which depend on oil monies as their foreign reserve. Saudi and others know how to go about it if oil price is to rise again, and one most effective way is to cut their daily production which will subsequently reduce availability in the market then increment in price. But a country like Saudi will take all the pains involved to maintain its market share of oil sales even if It's goin to plunge its revenue.

That said, cutting of daily production is not the only way to countrol oil price. We are talking about the country that countrols the world through oil. Saudi is OPEC and vice versa as US is NATO and vice versa. As much as I wouldn't want to sound like a conspiracy theorist, I can't stop believing the plunge in oil price is a plan by Saudi kingdom to frustrate Iran's economy when they come back to the market.

Buhari's move and the beginning of rise in oil price is more than coincidence.

NavierStoke:


Looking at the market, there is something called a "fear index", the current rally in prices has been due to several contributory factors,
1) is the production freeze for January by the 4 countries, Qatar, Saudi, Russia and Venezuela.
2) some reduced supply especially in Nigeria where 300000bpd has been shut in until april at the shell Forcados terminal.
3) the news of a possible producers meeting on March 20th in Russia.

Now looking at the rally in prices as I stated on passingshot's thread, there are no fundamentals at the moment to back this rise in prices, as the oversupply in the market still approaches 2 million bbls per day, and the storage at WTI's pricing pointin Cushing Oklahoma is already at 91% capacity plus eastern storage at over 80% capacity, together averaging over 88%. At the moment most traders are fleeing bearish bets and taking bullish positions because of "fear" which we Re seeing as a rise in prices, clearly not the doing of Mr. President.
(The amount of oil in storage at Cushing is what drives oil prices especially when over 80%).
So I had stated that we shall see a rise in price but it's obviously notthe anticipated recovery. Because after the meeting when everyone understands that the production freeze is Saudi Arabia and Kuwaits means of playing the good guy and passing blame to Iran (they have stayed that they will freeze production of Iran does same) then the traders will change their stance.

By the way do you realize that Saudi and Russia do not even have the capacity to increase production much more than they are already doing? The USA and Iraq have actually been the ones that added significant barrels since 2014.

In summary as regards the global Oil Market, Nigeria is a "price taker" rather than "price maker" and so Buhari's travels has nothing to do with the current rally we are seeing. If ws could alter prices we could have some that a long time ago rather than now.

PS I willtake a moment after now to check for a relationship between when forcados was closed and when Kachikwu made his declaration.

Edited: Kachikwu made this declaration after it's been established that Forcados will be shut in for an extended period of time. Almost like Nigeria is doing a Production Cut