xammax:
Even prophet TB Joshua prophesied it in 2011 and 2013. He said and I quote " all the oil your nation has, that is causing corruption and people to live flamboyantly, the price will fall drastically, that oil you will drink it because no body will buy them".
I guess this is it.

And you call that one a prophesy. I am not surprised. Sad, very sad

NwaNimo1:
The Nigerian National Petroleum Corporation (NNPC) has said the country might have to halt the production of oil if the prices of oil continued to fall consistently.

Brent, the benchmark against which Nigeria’s oil grades are priced, plunged by $6.34 to $19.23 per barrel on Tuesday amidst falling demand and an unprecedented glut in the global market that is causing storage to fill up quickly.

Kennie Obateru, the Group General Manager, Group Public Affairs Department, NNPC said Wednesday that even though Nigeria had not stopped oil production, there was a possibility it could.

“If the situation persists, it is something that is bound to happen definitely.

“We can’t keep producing if there is no market to sell to. And it is not something that is peculiar to Nigeria. It is a global thing.

“However, it has not happened. For as much as I know and up till this morning, nothing of such has happened.”

The NNPC top executive noted that stakeholders had to decide before on the way forward before a halt in production could happen.

“We should be positive and hope that things improve. But again, if the situation persists, definitely I think it will come to that.

“However, if it is being considered, then they will have to work out the modalities and details. But I can tell you that it (production halt) has not happened,” Mr Obateru said.

He stated that halting oil production could not be carried out without adequate preparation, adding that crude oil wells produce the gas Nigeria uses for power generation.

Obateru recommended that the country consider how to get the best out of Nigeria’s difficulty in finding buyers for its crude.

Earlier this month, Mele Kyari, the NNPC chief stated that Nigerian oil grades were not rejected even though they were stranded in the market.

Kyari said the 50 cargoes of Nigerian crude that were stranded in March had reduced in number.

“I am happy to announce that that number has gone down substantially. I don’t have the exact number for today, but it is now less than 20.”

Reuters reported on Wednesday that at least three dozen cargoes of April and May-loading Nigerian crude, which are unlikely to be absorbed by the refining systems of oil majors, were striving to attract buyers on Tuesday ahead of the imminent June programmes.

Government had in March reviewed its benchmark for this year’s budget downward from $57 per barrel to $30.

https://www.ripplesnigeria.com/nigeria-may-stop-oil-production-if-price-crash-persists-nnpc/

Eventually, when won't they sell or privatize NNPC... Or dash sef

They will not stop because very soon Same OPEC will not allow the developing nation like us to go hunger, hence will look for a way out. Nevertheless, who e help? Even when the price was at the highest it did not benefit the citizens.

The rich were the ones saving the incomes. The oil rig that belongs to All Nigerians which should have been handled and manage by each states for the benefit of the citizens had been sabotage. Some of our leaders sold out our oil rigs, some gave these oil rigs to their GIRL FRIENDS and family and friends. Nothing to benefit by the poor masses. Even those who got these oil rig hardly remember the poor And that is where the gap between the rich and poor exist. You see the poor running around in a time of covid 19. Shame! This country should be able to feed all of us without feeling it. The bible says if the foundation of the righteous be destroyed what can the righteous do? The leadership had destroyed our foundation up till today.Basic common problems we have been facing is LEADERSHIP, CORRUPTION!!!

Since, I have lost hope in the leadership of this country, I am hoping things will turn out well for the world i could carve a niche for myself and help the poor around me.May God help And deliver our Nation from bad leadership and corruption.

Finally the end of a small group of thieves living lavishly on Nigeria's meager oil resources while the vast majority languish in abject poverty. COVID-19 will restructure the world in ways unimaginable.

funshint:
I pity Dangote and his refinery.

The fact that crude oil doesn't have value, is a good thing for dangote, if I were him, I would start buying oil now n reserving it, speed up the completion of my refinary and start production n selling of refined products.
Dangote cannot make loss in this situation.
Dangote buys crude oil, not sell.

helinues:
The one they have been producing and earning from, of what use was it to ordinary masses?

na your kind dey make dem abuse Yoruba of two face. are you trying to be patriotic or bent on licking individual anus as usual


you people eyes will soon open to the recklessness Abba kyari and buhari had done to this country since 2015 in coming months

Oil was the major problem of 9ja...without oil,no cash to steal,there will be focus on non oil sector to generate income and there will be peace.

over dependence on this same oil is what is causing Nigeria's downfall currently

funshint:
I pity Dangote and his refinery.

You do economics for school?

funshint:
I pity Dangote and his refinery.

Pity?? Crude Oil is his raw material and there is surplus of that now...

If his refinery were working now, he'd make billions during this period.

We knew it was coming.

Boost your local refining capacity...they would not.
We could have been selling refined products all over West Africa. Crude oil alone can produce up to 64 different products. Even polypropylene, the material used in making face mask filters that are now in great demand all over the world, is a by product of the refining process.

I have never seen a country filled with fools and dullards from top to bottom.

Fail to plan, plan to fail.

You don't expect things to be the same when you were not smart enough to use what you got from the oil all these years to establish other viable means of revenue generation like even utilizing other natural resources. Only thing certain at a time like this is to suffer the consequences of the wastefulness.

Almost every single thing achievable under the sun, they make it look like it's rocket science.

Idiot leaders of Nigeria develop other key sector and diversity the economy.

And stop these oil bullshit talks

Izigha:


Pity? Dangote is not a producer of oil. If he can store he will be buying now at rock bottom prices. If the refinery come online to coincide with the economy rebound post corona virus he will make a killing.
Then conspiracy theories will say he was among the people that engineer the virus

Lmfao. Those conspiracy nutjobs. I must confess, I'm one of them.-

By the time Nigeria economy fall on Buhari and d useless governors ,it will b coupled by a serious revolution back by religious leaders both xtain and Islam.
Lockdown has removed d fear of death from our minds.Hunger is worse than death.

stagger:
We knew it was coming.

Boost your local refining capacity...they would not.
We could have been selling refined products all over West Africa. Crude oil alone can produce up to 64 different products. Even polypropylene, the material used in making face mask filters that are now in great demand all over the world, is a by product of the refining process.

I have never seen a country filled with fools and dullards from top to bottom.

No matter how unproductive their leaders might be, they will always have people who believe they are the messiah and they are doing well.

Lol Nigerians are currently in a very big problem.... May Almighty God help us shaaa amen

Evaromantik:
Oil Fall o!... Fall like the wall of Jericho.

Perhaps it will reset their brain to factory mode, so they can consider economical diversification.

All the time: Oyel oyel.... Crooks

The useless crooks go use taxation finish our life just so they continue their looting ohh

Abeg make una allow them dey pack the oil money and leave us citizens to our fate

Yes. They should stop oil production. Oil is the cause of the majority of Nigeria’a problems. It is a curse

oyeb15:
By the time Nigeria economy fall on Buhari and d useless governors ,it will b coupled by a serious revolution back by religious leaders both xtain and Islam.
Lockdown has removed d fear of death from our minds.Hunger is worse than death.

The revolution is a must before Nigeria can be good ohh

Those countries have food and they started from agriculture, no country will develop without food security.

redcliff:


who agriculture hep? instead make una dey think science and Tech, manufacturing! you dey talk agric. nobody go take you serious in this 22nd century!

Listen to this at ur own peril.

Nigeria cannot easily stop depending on oil

stagger:
We knew it was coming.

Boost your local refining capacity...they would not.
We could have been selling refined products all over West Africa. Crude oil alone can produce up to 64 different products. Even polypropylene, the material used in making face mask filters that are now in great demand all over the world, is a by product of the refining process.

I have never seen a country filled with fools and dullards from top to bottom.

Bros, i am always amazed as how a country that produces and depends on crude oil can't have a functional refinery all these years and a single individual whose networth is not up to our yearly budget can achieve the same effortlessly.

It's like the country has been sold to the devil

beautyhd:
Agriculture comes to mind.

We should invest hugely in farming what we can export. Go back to production. We've depended so much on oil and ignored other sectors that can yield money.

Maybe Nigeria will divide if south south and some parts of south east stops producing oil.

which country do you want to export agric produce to Europe and America are self sufficient in food.

so tell me how you want to earn from it

helinues:
The one they have been producing and earning from, of what use was it to ordinary masses?

You'd know the use when 83% of government revenue is gone

The oil price crash has more to do with Russia and Saudi Arabia ramping up production to try to bankrupt US shale producers. The covid situation also has an impact due to lower demand but the increased production has lead to too much oil in circulation resulting in a price crash.

GodlovesTony:
Wow, because of Coronavirus??

As a matter of urgency, those in authority and responsible need to create modalities for able Nigerians to buy and refine crude oil. If properly articulated and executed we will have many employed and those modular refineries will buy much of our crude oil going forward. Just like the communication sector today.

oh didn't know we produce only sell

All the economic diversification wey una dey do for paper na now we go see ourselves. Pikin wey think say e wise thief hot meat hide am inside blokos ,we go see how long e testicles go fit take the heat.

funshint:
I pity Dangote and his refinery.

the breakdown is not forever. Like I am buying the stock that I can't afford before and sell later

Izigha:
I hope it does not get to that. But what is the contingency plan in any that the government will embark on if petrol dollars stop.

Contingency plan?
How many people in Buhari's government know what that means?