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Nairaland Forum / Nairaland / General / Business / Why Oil Prices Are Crashing And What It Means (39991 Views)
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Re: Why Oil Prices Are Crashing And What It Means by CSTR2: 2:06pm On Mar 10, 2020 |
InvertedHammer:Pity your people in Nigeria. Don't be selfish. |
Re: Why Oil Prices Are Crashing And What It Means by Wadosky(m): 2:06pm On Mar 10, 2020 |
Now I know why the Nigerian government doesn't feel the need to fully privatise the oil sector, because they will be able to manipulate the local pump price to stimulate the economy in times like this . With full privatization ,how will they be able to generate money to fund the economy when we dont have savings. Big economies have large savings they set aside to cushion the effect of this corona virus. |
Re: Why Oil Prices Are Crashing And What It Means by onlyforchrist: 2:13pm On Mar 10, 2020 |
xmocrew: Cokebar is into IT and works remotely. Pele tie |
Re: Why Oil Prices Are Crashing And What It Means by CokeBar(f): 2:19pm On Mar 10, 2020 |
onlyforchrist: Oh, I though that was what he insinuated in yoruba? |
Re: Why Oil Prices Are Crashing And What It Means by onlyforchrist: 2:26pm On Mar 10, 2020 |
CokeBar:He thought you are into G |
Re: Why Oil Prices Are Crashing And What It Means by Nobody: 2:36pm On Mar 10, 2020 |
Tot u were going to analyze this and tell us how Nigeria will be hit. In layman's terms, Saudis are reducing their Oil prices and Russians are not ok with it. Now, Shouldn't other countries with a high cost of production be worried?? Nigeria is 7th Opec producing Nation. Nigeria produces around 1.9million bbl per day and export 2.2million bbl per day if I'm correct. Definitely,how do one meet up with cost of production with SPDC and the rest?? Knowing that 80% of Nigerian Revenue is from Oil and Gas. This makes up 75% of the Budget. If the global oil price continues to dive down hope buhari will not come and tell us no money to pay us again and start owing person oooo. |
Re: Why Oil Prices Are Crashing And What It Means by Keemsleek005(m): 2:38pm On Mar 10, 2020 |
Roon9: The oil they talking about is the crude oil and its after refinery separation you get get.its the crude oil we export thou i dont know if the government earn much with gas export. Check NLGN website for more info. |
Re: Why Oil Prices Are Crashing And What It Means by CokeBar(f): 2:45pm On Mar 10, 2020 |
onlyforchrist:Lol, really? Pardon me... I donot understand Yoruba. Thank you and enjoy the rest of your day. |
Re: Why Oil Prices Are Crashing And What It Means by paix(m): 2:47pm On Mar 10, 2020 |
Sultty:What then happens to your money that they stole? |
Re: Why Oil Prices Are Crashing And What It Means by Sultty(m): 2:52pm On Mar 10, 2020 |
paix:they have already deprived d masses of d ill gotten money. So we don't care btw how much have u collected from abacha's stolen fund?? |
Re: Why Oil Prices Are Crashing And What It Means by Tony142: 2:54pm On Mar 10, 2020 |
CokeBar: It seems u earn in dollar? |
Re: Why Oil Prices Are Crashing And What It Means by paix(m): 3:03pm On Mar 10, 2020 |
Sultty:Na so |
Re: Why Oil Prices Are Crashing And What It Means by Fish101: 3:18pm On Mar 10, 2020 |
it means go back to farming |
Re: Why Oil Prices Are Crashing And What It Means by Samakus(m): 4:39pm On Mar 10, 2020 |
Betcrusher: Dollar and Euro |
Re: Why Oil Prices Are Crashing And What It Means by Farki: 5:23pm On Mar 10, 2020 |
ITbomb: So refreshing seeing an actual intelligent comment on this forum. 2 Likes |
Re: Why Oil Prices Are Crashing And What It Means by Farki: 5:38pm On Mar 10, 2020 |
Esseite: For that to happen we need to change our mentality in this country. This requires mandatory comprehensive sex education and family planning while children, teenagers and young adults are still in school. Religious leaders both Muslim and Christian would kick against such and most people, especially women, don't like hearing the phrase 'no more children'. I have seen a woman have 4 kids while still unable to take care of herself yet she's pregnant. Ignorance is the fuel of suffering's engine. 1 Like |
Re: Why Oil Prices Are Crashing And What It Means by Lari03r(m): 6:11pm On Mar 10, 2020 |
American shale oil was profitable business at $100 range. OPEC maneuvered to bring it down to $70 and below. Now the price has fallen to $30, I am no energy expert, but America is also headed for serious economic problems if they continue producing shale oil. Nigeria would only need to cut down on expenses and trim it's workforce to survive. 1 Like |
Re: Why Oil Prices Are Crashing And What It Means by alphaNomega: 8:01pm On Mar 10, 2020 |
What it means is that it is time to dip our hands into that excess crude account and spend all of that sweet, sweet oil money! |
Re: Why Oil Prices Are Crashing And What It Means by emmanuelpopson(m): 8:03pm On Mar 10, 2020 |
A welcome development I must say...since we have been having oil boom..what impacts had that on the populace? wasn't the money going to private pocket's and assets here n there.. I think 2020/will be another year that the billionaire amongst the elites will be humbled. now I see crypto currency gaining momentum.. the major players of the world are into manufacturing, oil n gas,real estates.. the time to grow new innovation is now.. I can see many Whites coming to Africa to invest in agriculture and. real estate kos the global trading markets will fall yakata and there will be lots of hostilities in Europe. African nations who relied on oil as there only means of foreign exchange will cry and suffer great loss of income.. now is the time to think within.. since China had stop production and factories down we shd seek alternative to our indigenous industries... production and development of the critical structures.. but we aren't Prepared.. why?? steel and iron which is the bed rock of infrastructure and development is imported.. while our ajaokuta is lying in ruins, power isn't available. no access to capital in banks.. so lots of things to say...but.. alas... I'm an ordinary citizen |
Re: Why Oil Prices Are Crashing And What It Means by alphaNomega: 8:04pm On Mar 10, 2020 |
culturedboss: Ever heard of Excess crude account? |
Re: Why Oil Prices Are Crashing And What It Means by alphaNomega: 8:06pm On Mar 10, 2020 |
emmanuelpopson: You see that Ajaokuta you wrote there? Find way comot am, that is one of the highest formats our yahoo-boy politicians have pulled in the history of Nigeria. Do not ever mention it when citing potential economic developments in Nigeria. 1 Like |
Re: Why Oil Prices Are Crashing And What It Means by Rogersmith(m): 8:35pm On Mar 10, 2020 |
tundess:Good read. You know I read and re-read your post 5 times. We are not serious as a nation. Until we unbundle the economic sectors of this country and revert back to true federalism I don’t see how we can get our self from this impending recession. |
Re: Why Oil Prices Are Crashing And What It Means by Nobody: 9:16pm On Mar 10, 2020 |
alphaNomega:Ever heard of Backlog?? |
Re: Why Oil Prices Are Crashing And What It Means by macjireh: 7:25am On Mar 11, 2020 |
deolurexy1:may God help u |
Re: Why Oil Prices Are Crashing And What It Means by alphaNomega: 7:30pm On Mar 12, 2020 |
culturedboss: We're gonna get ffucked. Bring lube. |
Re: Why Oil Prices Are Crashing And What It Means by Nobody: 10:23pm On Mar 12, 2020 |
alphaNomega:It's Greasy bro.Look well and Ask urself how much is currently in our Excesss Crude Acct.There has been a backlog.Money they've been using to fight Boko Haram, Flooding and Ebola Etc.Is that one what u were holding onto??Nah |
Re: Why Oil Prices Are Crashing And What It Means by OBTMOS(m): 11:36pm On Mar 12, 2020 |
deolurexy1:if your assertion is true, then the virus won’t be affecting the elite. |
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