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Nairaland Forum / Nairaland / General / Politics / Oil Drops 6.30% To $69.05: Nigeria Could Be Headed For An Economic Disaster (3216 Views)
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Oil Drops 6.30% To $69.05: Nigeria Could Be Headed For An Economic Disaster by Nicklee(m): 7:21pm On Nov 27, 2014 |
OPEC decided to keep the production target intact, a decision that has now dragged down crude oil price to a 4-year low of $69.05 for WTI and $72.58 for Brent. Nigeria's Bonny Light crude oil sells close to Brent price. Brent has slumped from a high of $115.00 in June 2014, shedding nearly 38% in the process. At $72.91, Brent is selling below the Nigeria's 2015 budget benchmark of $73.00 - creating the possibility of a further reduction in the benchmark and downward drag in the national budget. Continued downward slide of oil prices could put additional pressures on the Naira-Dollar exchange rate, dragging it to N200/USD before year end. These are not good times, and coupled with the reckless financial spending of politicians during election periods, we could be heading for a big economic calamity! Just my thoughts. 2 Likes |
Re: Oil Drops 6.30% To $69.05: Nigeria Could Be Headed For An Economic Disaster by atlwireles: 7:36pm On Nov 27, 2014 |
Where is the disaster? The fear of free oil money is making some people run crazy. Oil at $10 will be much better. Maybe the fraud call Nigeria will finally agree to renegotiation. 5 Likes |
Re: Oil Drops 6.30% To $69.05: Nigeria Could Be Headed For An Economic Disaster by pazienza(m): 7:36pm On Nov 27, 2014 |
Now,this is serious. Maybe, i can finally have my republic of Alaigbo. Crude Oil the glue that held the colonial anomaly called Nigeria, is about losing it's glue power. 5 Likes |
Re: Oil Drops 6.30% To $69.05: Nigeria Could Be Headed For An Economic Disaster by pazienza(m): 7:44pm On Nov 27, 2014 |
What set of mad people we have running this colonial anomaly, how can they put their benchmark for 2015 at 73 dollars, the wise thing to do would be to place it at 40dollars. But their greed wont allow them, ngwanu, fa yata afu na mmiri oku na-egbu mbe. 3 Likes |
Re: Oil Drops 6.30% To $69.05: Nigeria Could Be Headed For An Economic Disaster by kiDDa: 7:56pm On Nov 27, 2014 |
And it would continue to drop...until GEJ leaves 1 Like |
Re: Oil Drops 6.30% To $69.05: Nigeria Could Be Headed For An Economic Disaster by femicyrus(m): 8:17pm On Nov 27, 2014 |
Can't you all see that the goodluck of our out-going president had expired!!! Even super eagle can't make afcon 2015 as soon as she was rebranded by TAN. NASS moved a motion to wear black to remember the day NASS had a share of GEJ impunity Oil price on contant decline @ the tail end of GEJ's governance 8 Likes |
Re: Oil Drops 6.30% To $69.05: Nigeria Could Be Headed For An Economic Disaster by fyneguy: 8:22pm On Nov 27, 2014 |
Well, GEJ should just go. No more, no less! 3 Likes |
Re: Oil Drops 6.30% To $69.05: Nigeria Could Be Headed For An Economic Disaster by 4Play(m): 8:27pm On Nov 27, 2014 |
kiDDa: fyneguy: Are you guys implying that GEJ is responsible for the fall in oil prices, a globally traded commodity? The ignorance of Nigerians never ceases to amaze. 7 Likes |
Re: Oil Drops 6.30% To $69.05: Nigeria Could Be Headed For An Economic Disaster by 100Cents: 8:31pm On Nov 27, 2014 |
fyneguy: So GEJ controls World Oil Price ? Where did you guys school ? I wish I could go into large scale food production.. 4 Likes |
Re: Oil Drops 6.30% To $69.05: Nigeria Could Be Headed For An Economic Disaster by knowledgeable: 8:34pm On Nov 27, 2014 |
fyneguy: "because he's the one setting the global oil prices". 3 Likes |
Re: Oil Drops 6.30% To $69.05: Nigeria Could Be Headed For An Economic Disaster by atlwireles: 8:36pm On Nov 27, 2014 |
There is one cure for all oil price cries, tell your state governor to raise taxes in your state. Or cut spending to march their monthly welfare cheques from Abuja. I don't see why people are all up in arms. So without oil you people cannot survive 2 Likes |
Re: Oil Drops 6.30% To $69.05: Nigeria Could Be Headed For An Economic Disaster by slimfit1(m): 8:36pm On Nov 27, 2014 |
Good news in disguise |
Re: Oil Drops 6.30% To $69.05: Nigeria Could Be Headed For An Economic Disaster by slimfit1(m): 8:38pm On Nov 27, 2014 |
atlwireles: Tell them to prepare to sell those public jet they said was private. |
Re: Oil Drops 6.30% To $69.05: Nigeria Could Be Headed For An Economic Disaster by atlwireles: 8:43pm On Nov 27, 2014 |
slimfit1: Abi, governments must cut their coats according to their sizes. 3 Likes |
Re: Oil Drops 6.30% To $69.05: Nigeria Could Be Headed For An Economic Disaster by slimfit1(m): 8:46pm On Nov 27, 2014 |
atlwireles: Well I wear a size two pant when I should have being wearing size 4. |
Re: Oil Drops 6.30% To $69.05: Nigeria Could Be Headed For An Economic Disaster by atlwireles: 8:51pm On Nov 27, 2014 |
slimfit1: As long as it fits and that's what your wallet can afford. There is nothing wrong with it. |
Re: Oil Drops 6.30% To $69.05: Nigeria Could Be Headed For An Economic Disaster by Abagworo(m): 8:58pm On Nov 27, 2014 |
atlwireles: At least when oil gets to 10 Dollars we will start appreciating some of the false allegations against Abacha who was able to execute so much capital projects and keep the Naira stable with oil hovering between 9Dollars and 15 Dollars per barrel but yet accused of stealing billions of Dollars. |
Re: Oil Drops 6.30% To $69.05: Nigeria Could Be Headed For An Economic Disaster by Expressions(m): 8:59pm On Nov 27, 2014 |
Who do we put the blame on |
Re: Oil Drops 6.30% To $69.05: Nigeria Could Be Headed For An Economic Disaster by atlwireles: 9:05pm On Nov 27, 2014 |
Abagworo: False allegation? Oga park well. The size of government in 1999 is probably 10% of what it is today. Yes Abacha stole billions and his family has admitted such, with all their out of court settlements. 2 Likes |
Re: Oil Drops 6.30% To $69.05: Nigeria Could Be Headed For An Economic Disaster by atlwireles: 9:08pm On Nov 27, 2014 |
Expressions: Blame the market. |
Re: Oil Drops 6.30% To $69.05: Nigeria Could Be Headed For An Economic Disaster by stevecantrell: 9:11pm On Nov 27, 2014 |
"Goodluck Johnathan is a Bad News president" - The Economist. |
Re: Oil Drops 6.30% To $69.05: Nigeria Could Be Headed For An Economic Disaster by slimfit1(m): 9:14pm On Nov 27, 2014 |
Abagworo: So you mean all the professionals we have now are just paper certificate no substance in their heads ? 1 Like 1 Share |
Re: Oil Drops 6.30% To $69.05: Nigeria Could Be Headed For An Economic Disaster by Abagworo(m): 9:16pm On Nov 27, 2014 |
atlwireles: What about Obasanjo that started with 16Dollar per barrel? Maybe the size of government has increased in the past 15years. 1 Like |
Re: Oil Drops 6.30% To $69.05: Nigeria Could Be Headed For An Economic Disaster by uzokasi1964(m): 9:23pm On Nov 27, 2014 |
GEJ have destroyed nigeria socially,politically and economically.i am sorry for saying this but i think the prophesy of u.s.a will come to pass next yr. He should go and bring our 20billion dollars he stole for his campaign,thief!!! 1 Like |
Re: Oil Drops 6.30% To $69.05: Nigeria Could Be Headed For An Economic Disaster by atlwireles: 9:26pm On Nov 27, 2014 |
Abagworo: Correct, Obj started with $15, he added more layers of governments, that was needed, plus democracy created several other layers and more cost. Just compare the size of the civil service alone to what it was in 1999. |
Re: Oil Drops 6.30% To $69.05: Nigeria Could Be Headed For An Economic Disaster by Expressions(m): 9:28pm On Nov 27, 2014 |
atlwireles:ok, tell that to the political e-warriors |
Re: Oil Drops 6.30% To $69.05: Nigeria Could Be Headed For An Economic Disaster by atlwireles: 9:30pm On Nov 27, 2014 |
Expressions: You don't have to worry about the e-warriors. They are inconsequential. |
Re: Oil Drops 6.30% To $69.05: Nigeria Could Be Headed For An Economic Disaster by ratiken(m): 9:46pm On Nov 27, 2014 |
All these happenings are pointing to one thing. Nigeria cannot survive these ordeals in one piece |
Re: Oil Drops 6.30% To $69.05: Nigeria Could Be Headed For An Economic Disaster by huptin(m): 10:22pm On Nov 27, 2014 |
pazienza: Now its republic of alaigbo, no more Biafra? I have always suspected that this tight glue to the aprons of south south is all about the oil, you just confirmed it. |
Re: Oil Drops 6.30% To $69.05: Nigeria Could Be Headed For An Economic Disaster by juman(m): 10:43pm On Nov 27, 2014 |
Good news. If the oil price fall to ten dollars per barrel I would be more happy. The high oil price does not have any positive impact on common man. |
Re: Oil Drops 6.30% To $69.05: Nigeria Could Be Headed For An Economic Disaster by Adminisher: 10:44pm On Nov 27, 2014 |
4Play: GEJ cannot manage Nigeria in a sub $60 a barrel scenario. The brains and discipline are not there. I am very sorry for the Niger Delta. By summer of 2015 the price will be $50 a barrel, all the Shakara is finished, militants and oil thieves will find themselves in a very bad business environment as the barges and tankers stop coming There will pressure on the senate to reduce their salary and allowances, this will finally destroy the PDP. The North which is agriculturally rich will begin to flex their muscles. Anybody who says God is asleep is a liar. He is a God of cycles. |
Re: Oil Drops 6.30% To $69.05: Nigeria Could Be Headed For An Economic Disaster by plendil: 10:50pm On Nov 27, 2014 |
what of our subsidy money? was money not devoted to subsidy inour budget? what happens to it? |
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