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Crude Oil Hits $50 Per Barrel. Nigeria not Benefitting - Politics (2) - Nairaland

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Re: Crude Oil Hits $50 Per Barrel. Nigeria not Benefitting by LRNZH(m): 7:25am On May 26, 2016
Yampotatocarrot:
Why I agree that the militants have a point for their aggressiveness, they went about it the wrong way. Did they allow for dialogue before they started blowing up the pipelines? They started blowing up, then brought up their demands.... To me it ain't right. Now that theyve started blowing up, can they stop blowing up the pipelines for some months while asking the Fed.government to help them clean the environment within these period, then they take their bombs to the houses of APC chieftains, and that Niger Delta minister guy, the Pastor, I think, Amaechi's house and any other person in the government that is in the position to take their plight to Buhari.

So is FG going to be negotiating with every aggrieved person in the Niger Delta because they have arms?

That is unsustainable in my opinion.



Lalasticlala u dey so?
Re: Crude Oil Hits $50 Per Barrel. Nigeria not Benefitting by Yampotatocarrot(m): 7:58am On May 26, 2016
LRNZH:


So is FG going to be negotiating with every aggrieved person im the Niger Delta because they have arms?

That is unsustainable in my opinion.



Lalasticlala u dey so?

That is why I said they were wrong to have picked up arms in the first place..... Especially regarding this new Administration, cos I don't think I ever read about them requesting this government to consider their plight (which I think is proper, though not all) before they started blowing things up.

1 Like

Re: Crude Oil Hits $50 Per Barrel. Nigeria not Benefitting by GWMI(m): 12:21pm On May 26, 2016
Nigeria is the nation shoring up the price of Crude oil in the international market.Since we are producing less more nations have to take our place.Thanks.

1 Like

Re: Crude Oil Hits $50 Per Barrel. Nigeria not Benefitting by Nobody: 12:21pm On May 26, 2016
LRNZH:
For the first time in 2016, Brent crude blend has hit the $50 mark in trading. Other global crude blends are not far off from this landmark price which eases a lot of pressure from the finances of oil exporting countries.

Unfortunately, Nigeria which is bedevilled by the ongoing renewed militancy in the Niger Delta spearheaded by the Ijaw dominated Niger-Delta Avengers cannot benefit from this as the country's oil production level has dropped to a 20 year low.

It is argued in certain quarters that the current surge in global oil prices is due to the reduced output from Nigeria. In which case, we have become a buffer for the rest of the oil producing nations at our own detriment.

This is not a good time to be a Nigerian. There is no sense in the afflictions we have brought on ourselves with this development.

Even if there was no bombing....we still won't benefit....because

1.We need oil to be much higher than that....at least $123 per barrel.....just to even balance the books.

2.We have to pay off a lot of debs incurred when oil was high.


I think it is time we faced the truth.....oil has failed us. Time we forgot about it. and used our brains to take us to the next level. Resource dependency will not save us.

2 Likes

Re: Crude Oil Hits $50 Per Barrel. Nigeria not Benefitting by Nobody: 12:22pm On May 26, 2016
LRNZH:
For the first time in 2016, Brent crude blend has hit the $50 mark in trading. Other global crude blends are not far off from this landmark price which eases a lot of pressure from the finances of oil exporting countries.

Unfortunately, Nigeria which is bedevilled by the ongoing renewed militancy in the Niger Delta spearheaded by the Ijaw dominated Niger-Delta Avengers cannot benefit from this as the country's oil production level has dropped to a 20 year low.

It is argued in certain quarters that the current surge in global oil prices is due to the reduced output from Nigeria. In which case, we have become a buffer for the rest of the oil producing nations at our own detriment.

This is not a good time to be a Nigerian. There is no sense in the afflictions we have brought on ourselves with this development.
But they say it may.......how come your phone is telling us this.......
Re: Crude Oil Hits $50 Per Barrel. Nigeria not Benefitting by Leeeekeeee: 12:22pm On May 26, 2016
E good oooo...
i support it to the fullest...

When GEJ was making more money to diversify the economy, buhari sponsored bokoharam, saboteured the plans nd the menance financially gulped a very great percent of the realized fund..

1 Like

Re: Crude Oil Hits $50 Per Barrel. Nigeria not Benefitting by hedonistic: 12:23pm On May 26, 2016
Let the old Daura Buffoon continue chasing Tompolo and threatening militants with military action. Instead of letting sleeping dogs lie and using sense and diplomacy to achieve the desired aim for the good of our economy, you are forming no-nonsense idiot all over the place. You think say na everything be gra gra. Animal.

4 Likes 1 Share

Re: Crude Oil Hits $50 Per Barrel. Nigeria not Benefitting by Goke7: 12:26pm On May 26, 2016
Oil is a curse to Nigeria, the earlier we get off oil, the better for us. who the oil don epp apart from greedy politicians, the oil at $100 never added value to the Nigerians, so what's the fuss if its $50
Re: Crude Oil Hits $50 Per Barrel. Nigeria not Benefitting by DIFY20(f): 12:26pm On May 26, 2016
u funny die
Uduak2019:


Another APC criminal...what excuse do you have now again? Blame me for not understanding the article?
Re: Crude Oil Hits $50 Per Barrel. Nigeria not Benefitting by Rickcutie(m): 12:26pm On May 26, 2016
Fuel shuld really be cheap in nigeria
Re: Crude Oil Hits $50 Per Barrel. Nigeria not Benefitting by chuksmad(m): 12:28pm On May 26, 2016
mynaija123:
Buhari should look for a means to cushion the effect of this economic hardship although not his fault.

Nigerains should look critically and see dat we are nothing without oil and look for other ways to be productive.
How is it not his fault, where he should have applied diplomacy in dealing with ND militants. It his fault abeg
Re: Crude Oil Hits $50 Per Barrel. Nigeria not Benefitting by Nobody: 12:29pm On May 26, 2016
U guys shdn't worry a time will come when we will start trekking from countries to countries
Re: Crude Oil Hits $50 Per Barrel. Nigeria not Benefitting by banio: 12:31pm On May 26, 2016
Who told Op that Niger Delta Avenders group is spearheaded by Ijaws. Has he not seen Ijaws dis associating herself

1 Like 1 Share

Re: Crude Oil Hits $50 Per Barrel. Nigeria not Benefitting by repogirl(f): 12:31pm On May 26, 2016
Buhari and Avengers should kiss and make up Na... the gragra on both ends is not helping the economy at all.
angry

If Yaradua, his younger brother could do it, why cant Boooooohari?
Re: Crude Oil Hits $50 Per Barrel. Nigeria not Benefitting by Nobody: 12:32pm On May 26, 2016
Since pmb said Nigeria has not been making money since he came into power.So we don't have anything to gain or lose.
Re: Crude Oil Hits $50 Per Barrel. Nigeria not Benefitting by hedonistic: 12:32pm On May 26, 2016
Forget Tompolo's denial that he has no links with the Avengers and the renewed spate of bombings. He certainly is behind it, for good reason too. Buhari was very stuuupid to go after this kind of person openly with the EFCC over flimsy issues that should be overlooked in the greater public interest. That sent all the wrong signals to the militant overlords, that they might be messed up by this Abokki unless they show him who is boss. Forget about the story that no one is above the law. Not in the real world. At times you MUST let sleeping dogs lie and use a common sense approach to tackle very difficult situations.

Una never see anything. Until crude oil production grinds to a halt before the abokki animal in Aso Rock would know how the cookie crumbles.

4 Likes

Re: Crude Oil Hits $50 Per Barrel. Nigeria not Benefitting by banme1(m): 12:33pm On May 26, 2016
Nigeria. Not benefiting. its not niger delta alone o.
Re: Crude Oil Hits $50 Per Barrel. Nigeria not Benefitting by wordychap: 12:34pm On May 26, 2016
LRNZH:
For the first time in 2016, Brent crude blend has hit the $50 mark in trading.
It is argued in certain quarters that the current surge in global oil prices is due to the reduced output from Nigeria. In which case, we have become a buffer for the rest of the oil producing nations at our own detriment.
Sure its partly due to a drop in crude supply from Nigeria that's made prices surge.
Its more like some oil producing countries r behind d militancy in Nigeria so price of oil would recover to their benefit.
Re: Crude Oil Hits $50 Per Barrel. Nigeria not Benefitting by Onegai(f): 12:34pm On May 26, 2016
cold:
Tough luck for Nigeria. This is what you get when the inequality in the system becomes overwheming. I sincerely hope these issues are addressed asap before things really get out of hand

People in the upper echelons of society, the top 5%, are relocating their families out of Nigeria because they thinks things are going to get worse. If people whom are arm-in-arm with government are moving out their families not to suffer, I wonder what we are all doing here
Re: Crude Oil Hits $50 Per Barrel. Nigeria not Benefitting by bettercreature(m): 12:36pm On May 26, 2016
TPAND:
Buhari's government is no different from past government. Crude oil dependency is the economy determinant
It's actually impossible not to depends on oil those stewpid politicians are just playing mind games about economic diversification,there is nothing like that! we are going to rely on oil forever and that is the fact we must all accept
Just take a look at oil producing countries around the world and come back to quote me

1 Like

Re: Crude Oil Hits $50 Per Barrel. Nigeria not Benefitting by Adeniyimi: 12:37pm On May 26, 2016
That's why I always pray to God to kill dis naija delta sponsor and those idiot carrying out d operation.
Why some tribe are so senseless to be distroying their future.
They need to get sense. Stupid fellow

Nigeria should be one of d richest in d world buy why God creat some idiotic tribe
Re: Crude Oil Hits $50 Per Barrel. Nigeria not Benefitting by hardbody: 12:39pm On May 26, 2016
mynaija123:
Buhari should look for a means to cushion the effect of this economic hardship although not his fault.

Nigerains should look critically and see dat we are nothing without oil and look for other ways to be productive.

But i heard in some quarters that people no longer cared a hoot about oil as several other states and regions have become oil producing. Besides emphasis is supposed to have shifted to other products.

Una never chi chom ching
Re: Crude Oil Hits $50 Per Barrel. Nigeria not Benefitting by GWMI(m): 12:39pm On May 26, 2016
Yampotatocarrot:


That is why I said they were wrong to have picked up arms in the first place..... Especially regarding this new Administration, cos I don't think I ever read about them requesting this government to consider their plight (which I think is proper, though not all) before they started blowing things up.
sir have you ever read their demands?No.Now one demand is the re opening of the maritime institute close down by Buhari and i remembered these youth holding protest in warri before the bombings so Buhari is to blame and not anyone else.The hatred of Buhari for the South, is forever going to be a problem for the economy.The Northerns might have the security, but we southerns owns the economy should any unrest take place in the Niger Delta, it affects the nation badly.Thanks.
Re: Crude Oil Hits $50 Per Barrel. Nigeria not Benefitting by hopilo: 12:40pm On May 26, 2016
Impact of pipeline bombing on oil prices
Re: Crude Oil Hits $50 Per Barrel. Nigeria not Benefitting by hardbody: 12:43pm On May 26, 2016
hedonistic:
Forget Tompolo's denial that he has no links with the Avengers and the renewed spate of bombings. He certainly is behind it, for good reason too. Buhari was very stuuupid to go after this kind of person openly with the EFCC over flimsy issues that should be overlooked in the greater public interest. That sent all the wrong signals to the militant overlords, that they might be messed up by this Abokki unless they show him who is boss. Forget about the story that no one is above the law. Not in the real world. At times you MUST let sleeping dogs lie and use a common sense approach to tackle very difficult situations.

Una never see anything. Until crude oil production grinds to a halt before the abokki animal in Aso Rock would know how the cookie crumbles.

You understand how we roll bro.

He will conFess to who is the boss
Re: Crude Oil Hits $50 Per Barrel. Nigeria not Benefitting by obailala(m): 12:43pm On May 26, 2016
Uduak2019:
Good news from $30-$50 under Buhari...now it's above the amount our budget was pegged at. I pray it hits $100 a barrel and let me hear another excuse from lying APC. Next excuse will be Niger Delta Avengers or Igbo man holding them by the balls.

At $50 a barrel, that's approximately $20 Billion a yr. WHAT THE EFF ARE WE DOING WITH ALL THESE MONIES FROM MURITALA GOVERNMENT TO BUHARI , AND YET NOTHING TO SHOW FOR IT?
Nigeria is producing half of the quantity it should be producing, infact Nigeria's reduced production is the reason the price has hit $50.
Re: Crude Oil Hits $50 Per Barrel. Nigeria not Benefitting by permanentgrace(m): 12:47pm On May 26, 2016
Unfortunately, the dictator iddiotic of a president thinks he knows all and can fight all. You can never win completely fighting militants/terrorists. Dialogue always the way to go. But unfortunately, this Daura President nepa certificate holder of a president wont understand it.

1 Like

Re: Crude Oil Hits $50 Per Barrel. Nigeria not Benefitting by permanentgrace(m): 12:50pm On May 26, 2016
hopilo:
Impact of pipeline bombing on oil prices

A case study in Nigeria.
Can you discuss on the topic? I might learn a thing.
Re: Crude Oil Hits $50 Per Barrel. Nigeria not Benefitting by wordychap: 12:51pm On May 26, 2016
Quakertellicus1:


Even if there was no bombing....we still won't benefit....because

1.We need oil to be much higher than that....at least $123 per barrel.....just to even balance the books.

2.We have to pay off a lot of debs incurred when oil was high.


I think it is time we faced the truth.....oil has failed us. Time we forgot about it. and used our brains to take us to the next level. Resource dependency will not save us.
Why do u guys talk like this, giving govt. excuses for failure
Nigeria gets about 0.58 of crude money n d oil companies take d rest.
Even at 1.4m barrels/day production, if d 50 dollars/barrel is sustained we make 1.2billion dollars a month.
At d present exchange rate that's more than enough to sustain d country.

1 Like 1 Share

Re: Crude Oil Hits $50 Per Barrel. Nigeria not Benefitting by heo88(m): 12:57pm On May 26, 2016
LRNZH:
For the first time in 2016, Brent crude blend has hit the $50 mark in trading. Other global crude blends are not far off from this landmark price which eases a lot of pressure from the finances of oil exporting countries.

Unfortunately, Nigeria which is bedevilled by the ongoing renewed militancy in the Niger Delta spearheaded by the Ijaw dominated Niger-Delta Avengers cannot benefit from this as the country's oil production level has dropped to a 20 year low.

It is argued in certain quarters that the current surge in global oil prices is due to the reduced output from Nigeria. In which case, we have become a buffer for the rest of the oil producing nations at our own detriment.

This is not a good time to be a Nigerian. There is no sense in the afflictions we have brought on ourselves with this development.

Errmm I'm not trying to be funny, but a little correction is needed here: Yes the West Texas Intermediate crude benchmark has hit $50.08 which can be seen as favourable, but this can be attributed to the actions of the militants in the Niger Delta and wildfires affecting oil fields in Canada. FYI the way the pricing works is much like supply and demand in economics. If the militants dropped off the face of the earth tomorrow and somehow the oil production increased significantly, the increase in output will apply downward pressure on the prices of oil globally. Frankly speaking, many outside of Nigeria would like to maintain the current oil production output or even slightly reduce it in order to further increase oil prices.

For the record, lower oil output is likely to increase global prices. If the right balance is struck then the increased revenues can offset Nigeria's current inability to maxmise its output capacity/potential.

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