Nigeria in their usual megalomania also shout “we are the forth largest exporter of crude oil in the world". This is a blantant lie, we are not the 4th but the 12 largest oil producing nation
. The largest producer is not even Saudi Arabia but Russia. what we really mean to say is that we are the 4th largest exporter since we export virtually all the oil we produce and in return buy finished products from abroad. Most other oil producers do not export all their oil in crude form but refine a substantial amount for local consumption and for export. The US does not export at all even though they produce more oil than we do, same for china and Canada. Russia produces almost 4 times more than we do but export almost the same quantity that we do.

So you can see the foolishness of out leaders over the years, we pride ourselves at being one of the largest exporter of crude and leave ourselves at the mercy of foreign countries for out energy needs.

More about the top oil producing countries can be read here; http://www.huffingtonpost.com/blackberry/slideshow.html?id=826564&sid=17591&snum=9#slideimg

Why is that shocking? It is not a secret.

The USA has about 21 billion barrels of oil reserves, and is the third largest oil producer in the world (9 million barrels per day).

The only reason the US imports is because its demand is 20 million barrels per day - imagine that, about 25% of total global oil use,

I have always known the us has bigger oil reserves, but I was shocked to learn Canada, china, Mexico, Brazil produces more crude, and they do not shout about it.

You are right in that sense.

Nigeria is neither oil rich nor a rich country, but we like to listen the flattery of the international press - which is our undoing.

paragonpro:

I have always known the us has bigger oil reserves, but I was shocked to learn Canada, china, Mexico, Brazil produces more crude, and they do not shout about it.

Original poster seems to contradict himself probably due to haste but lets slowly reason now- Rationally all OPEC should produce enough oil to meet local demand, thus the reason why they sell the excess. The only question that Nigerians should bother about is do we have enough oil to meet our own local demand? The answer has always been a generous yes. So until that changes there is no reason why A developing country like Nigeria should not be paying the same for a litre of petrol like our fellow OPEC brothers. There is no reason why logically anyone should be comparing us to the USAs and Chinas that don't have surplus capacity and cannot meet local demand, Unless one is a lazy brain dead corrupt nigerian official.

Sorry for the errors in the OP, it is because I am using a mobile phone to post and I have a very small window to see what I am typing, also you cannot modify or edit a post after posting.

Having said that, what I am quarreling with is the boasting by out government and citizens that we are the forth largest producer of crude in the world when we are actually the 12Th. I am also annoyed at our stupid policy if being proud of being one of the largest exporters when we have not been able to refine and meet our domestic consumption. I think nigeria is the only oil producing nation that export almost all of its oil production and depends on others for out fuel needs.

If the government says it cannot build and maintain refineries, then we should ask who built and maintain the refineries in other oil producing nations?

samstradam:

Original poster seems to contradict himself probably due to haste but lets slowly reason now-  Rationally all OPEC should produce enough oil to meet local demand, thus the reason why they sell the excess. The only question that Nigerians should bother about is do we have enough oil to meet our own local demand? The answer has always been a generous yes. So until that changes there is no reason why A developing country like Nigeria should not be paying the same for a litre of petrol like our fellow OPEC brothers. There is no reason why logically anyone should be comparing us to the USAs and Chinas that don't have surplus capacity and cannot meet local demand,  Unless one is a lazy brain dead corrupt nigerian official.

Wrong concept.

We are producing about 2 million barrels of oil per day. and our population is estimated about 150 million. our consumption is less than 300,000 barrels/day (including the imported refined petroleum product)

If our living standard and economy will rise to a level of a country like Malaysia,  then 2 million barrels would not be sufficient for our domestic consumption.

Malaysia, a population of 28million, consumes 550,000 barrels/day.

Our real consumption is way more than 300k barrels per day, but there is also substantial amount of padding from the subsidy system.

In previous years, we consumed about 450k barrels per day, and made up the rest with several weeks-long episodes of severe scarcity.

Thus, in a way the GEJ admin is a victim of its own successful policy of ensuring a free flow of petroleum products because they failed to eliminate the corruption in the system first.

Still, an abrupt removal of subsidies is not the solution as long as the corruptible system remains.

Tsiya:

Wrong concept.

We are producing about 2 million barrels of oil per day. and our population is estimated about 150 million. our consumption is less than 300,000 barrels/day (including the imported refined petroleum product)

If our living standard and economy will rise to a level of a country like Malaysia,  then 2 million barrels would not be sufficient for our domestic consumption.

Malaysia, a population of 28million, consumes 550,000 barrels/day.