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Oil Price Drops To $49 A Barrel As Nigeria’s Output Rises - Business - Nairaland

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Oil Price Drops To $49 A Barrel As Nigeria’s Output Rises by ijustdey: 8:43am On Jul 01, 2016
Oil prices dropped more than three per cent yesterday due to return of Nigerian and Canadian crude output from outages and as traders booked profits at the end of the best quarter in seven years.

According to Reuters, the market soared more than 25 per cent in the second quarter, as part of an 85 per cent rebound since hitting 12-year lows early this year, as unplanned production cuts from Canada to Nigeria eased the glut that prompted the worst price rout in a generation.

However, production in Nigeria has risen to about 1.9 million barrels per day (bpd) from 1.6 million, due to repairs and a lack of new major attacks on pipelines in the Delta region, the Nigerian National Petroleum Corporation said.

Resurgent Nigerian supply will put pressure on prices, Goldman Sachs said, adding that outages caused by Canadian wildfires would virtually end by September.

OPEC’s oil output rose in June to its highest in recent history, a Reuters’ survey showed, as Nigeria’s output partially recovers from militant attacks and Iran and Gulf members boost supplies.

Brent futures for August delivery, which expired yesterday, settled down 93 cents, or 1.8 percent, at $49.68 a barrel. The more active Brent contract for September delivery settled at $49.71, down 3.1 percent.


http://thenationonlineng.net/oil-price-drops-nigerias-output-rises/

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Re: Oil Price Drops To $49 A Barrel As Nigeria’s Output Rises by LivinaPatrick(f): 9:32am On Jul 01, 2016
So,whats my take.

2 Likes

Re: Oil Price Drops To $49 A Barrel As Nigeria’s Output Rises by 989900: 9:50am On Jul 01, 2016
Oil will always ebb and flow. We should be good, especially if the US dollar weakens a little. BTW, we're in summer (demand will stay high).

1 Like

Re: Oil Price Drops To $49 A Barrel As Nigeria’s Output Rises by mrmaze(m): 11:40am On Jul 01, 2016
Ok..We need diversification

3 Likes 1 Share

Re: Oil Price Drops To $49 A Barrel As Nigeria’s Output Rises by yordha(m): 11:42am On Jul 01, 2016
This is so buharic.
Nigerians are already suffering from buharism but instead of things to get better, they are getin buharier. Kai

10 Likes

Re: Oil Price Drops To $49 A Barrel As Nigeria’s Output Rises by yinksondudu(m): 11:42am On Jul 01, 2016
Is dis a good news or bad news?
Re: Oil Price Drops To $49 A Barrel As Nigeria’s Output Rises by conspeaker(m): 11:42am On Jul 01, 2016
Nigerian sponsored promo don end be dat?

3 Likes 1 Share

Re: Oil Price Drops To $49 A Barrel As Nigeria’s Output Rises by Bobbybabs(m): 11:43am On Jul 01, 2016
Good and bad.
Re: Oil Price Drops To $49 A Barrel As Nigeria’s Output Rises by NE555: 11:44am On Jul 01, 2016
God bless my country.
Re: Oil Price Drops To $49 A Barrel As Nigeria’s Output Rises by liveLongNprospa(m): 11:44am On Jul 01, 2016
small goodnews smiley
i feel like causing trouble sha... grin
sai ba.... na play i dey ooo cheesy cheesy cheesy

2 Likes

Re: Oil Price Drops To $49 A Barrel As Nigeria’s Output Rises by Babysho(m): 11:44am On Jul 01, 2016
What?! You Mean The Country "Nigeria" Still Functions?

I thought God discontinued Nigeria because it is a failed project.

Here In Monaco, We Haven't Heard About Nigeria Since Osama Bin Laden was killed.

wink
Re: Oil Price Drops To $49 A Barrel As Nigeria’s Output Rises by conspeaker(m): 11:44am On Jul 01, 2016
yinksondudu:
Is dis a good news or bad news?
good for nigeria bad for other countries

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Re: Oil Price Drops To $49 A Barrel As Nigeria’s Output Rises by Umarlulu: 11:44am On Jul 01, 2016
Diversification on the way

1 Like

Re: Oil Price Drops To $49 A Barrel As Nigeria’s Output Rises by SageTravels: 11:44am On Jul 01, 2016
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3 Likes

Re: Oil Price Drops To $49 A Barrel As Nigeria’s Output Rises by Danny287(m): 11:45am On Jul 01, 2016
So how does this affect the price of garri in the market

4 Likes 1 Share

Re: Oil Price Drops To $49 A Barrel As Nigeria’s Output Rises by Leoswaggs(m): 11:46am On Jul 01, 2016
Oil is not the only problem we have in Nigeria abeg..

3 Likes

Re: Oil Price Drops To $49 A Barrel As Nigeria’s Output Rises by chimah3(m): 11:46am On Jul 01, 2016
Shame

NNPC now sells fuel @ N143/litre against the initial 140

And they lied to us that the price will drop...but it's climbing!!

Baba n APC please we are sorry if we offended you in d past!!

Do something to relieve the common men off this suffering you have subjected them to!!!

Biko!!

Enough is enough

5 Likes 1 Share

Re: Oil Price Drops To $49 A Barrel As Nigeria’s Output Rises by sammyj: 11:46am On Jul 01, 2016
This must be the second bad news in this week for the wailing wailers.!!! grin grin grin

1 Like

Re: Oil Price Drops To $49 A Barrel As Nigeria’s Output Rises by loomer: 11:46am On Jul 01, 2016
Thunderstorms
Re: Oil Price Drops To $49 A Barrel As Nigeria’s Output Rises by Felixandra: 11:46am On Jul 01, 2016
Government should take a bold step to diversify our economy from oil.

1 Like

Re: Oil Price Drops To $49 A Barrel As Nigeria’s Output Rises by PigMeat: 11:47am On Jul 01, 2016
No, between jonathan and buhari, who is and really depicts the epitomes of BADLUCKS?

4 Likes

Re: Oil Price Drops To $49 A Barrel As Nigeria’s Output Rises by anonimi: 11:47am On Jul 01, 2016
Is this about GROUNDNUT oil from the North since nepotism is the order of the day in Buhari's federal administration







www.nairaland.com/attachments/2595897_pmbappointmentsofar_jpegae2b0416b4af3fbde5680d20f4407172

8 Likes 3 Shares

Re: Oil Price Drops To $49 A Barrel As Nigeria’s Output Rises by Nobody: 11:47am On Jul 01, 2016
We can just make this conspiracy by sabotaging other producing counties oil production cheesy grin grin grin
Few suppliers, higher profit grin

1 Like

Re: Oil Price Drops To $49 A Barrel As Nigeria’s Output Rises by dunkem21(m): 11:47am On Jul 01, 2016
..

1 Like 1 Share

Re: Oil Price Drops To $49 A Barrel As Nigeria’s Output Rises by PigMeat: 11:50am On Jul 01, 2016
hopsydboi:
We can just make this conspiracy by sabotaging other producing counties oil production cheesy grin grin grin
Few suppliers, higher profit grin
No, buhari will stabilise the oil price soon.

3 Likes

Re: Oil Price Drops To $49 A Barrel As Nigeria’s Output Rises by anonimi: 11:51am On Jul 01, 2016
989900:
Oil will always ebb and flow. We should be good, especially if the US dollar weakens a little. BTW, we're in summer (demand will stay high).

I thought that winter is when demand would be high to heat their homes in the northern hemisphere, not so
Anyway when shall we be in control of our own destiny by being producers of real, value-added goods instead of exporting primary resources that we do not have the technology to even know of their existence?
When shall we stop being just consumers?
Re: Oil Price Drops To $49 A Barrel As Nigeria’s Output Rises by badonkadonk: 11:54am On Jul 01, 2016
ijustdey:






http://thenationonlineng.net/oil-price-drops-nigerias-output-rises/

All through the season of rise and fall of oil prices, i have not for once heard anything that the government is doing to revamp other sectors of income via exportation...

Minister of mineral resources has never addressed the populace on anything...

By now we should hearing of attempts to tap into other minerals we possess... What attempts are been made to awaken the steel industry... What attempts are been made to increase cocoa exportation aalongside other cash crops...!?

Everyday na oil and more oil...

This country just no make sense...

Since buhari came bak from London.. Na so so breaking fast with imams, break fast with obas and emirs, bla bla bla, im dey do...

For goodness sake... People are starving, people are crying and all the mumu in chief can do is to break fast with people that already have over plenty in their bank accounts...

Isn't that madness at its peak...


Just yesterday, i was listening to the minister of finance in britain whilst he was addressing the press on cnn...

My goodness... The man was giving a step by step strategy on how Britain would overcome the drop in the value of the pound... Intertwining it with inspirational quotes...

My head wan scatter ontop the man talk... He made me want to follow him wherever he went... Cos he believed in his theory and the doer spirit was in his character..

I almost tear my naija passport that yesterday...

Nobody takes this country serious anymore... Even the Almighty United States...

8 Likes 2 Shares

Re: Oil Price Drops To $49 A Barrel As Nigeria’s Output Rises by graphiti: 11:55am On Jul 01, 2016
Re: Oil Price Drops To $49 A Barrel As Nigeria’s Output Rises by NavierStokes(m): 11:56am On Jul 01, 2016
anonimi:


I thought that winter is when demand would be high to heat their homes in the northern hemisphere, not so
Anyway when shall we be in control of our own destiny by being producers of real, value-added goods instead of exporting primary resources that we do not have the technology to even know of their existence?
When shall we stop being just consumers?

Nope summer is the driving season. In winter,refineries undergo maintenance and the heating is usually through gas.
Re: Oil Price Drops To $49 A Barrel As Nigeria’s Output Rises by 989900: 12:04pm On Jul 01, 2016
anonimi:


I thought that winter is when demand would be high to heat their homes in the northern hemisphere, not so
Anyway when shall we be in control of our own destiny by being producers of real, value-added goods instead of exporting primary resources that we do not have the technology to even know of their existence?
When shall we stop being just consumers?

Longer working hours in the summer for industries. Air conditioning. More traveling (air, sea, and land) during summer.

No doubt we have to seriously work on production of end-products.

We need stable power supply (less vandalism and less militancy can help), we need the Ajaokuta steel complex, we need a good rail, flight, and maritime network.

1 Like

Re: Oil Price Drops To $49 A Barrel As Nigeria’s Output Rises by henryutd(m): 12:04pm On Jul 01, 2016
NDA do your work and restore global oil price to $80 per barrel please.

Nigeria and the rest of the world are begging you
Re: Oil Price Drops To $49 A Barrel As Nigeria’s Output Rises by anonimi: 12:22pm On Jul 01, 2016
NavierStokes:
Nope summer is the driving season. In winter,refineries undergo maintenance and the heating is usually through gas.

Thanks.

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