Oil Prices Pushing $47. - Business (2)

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Oil Prices Pushing $47. - Business (2) - Nairaland

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Iran Nuclear Deal: Oil Prices Climb Above $76 / NNPC Cuts Oil Prices To Woo Buyers- The Punch / Brent Crude Oil Rose From $47.06 To $50 per Barrel (2) (3) (4)

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Re: Oil Prices Pushing $47. by Generalkorex(m): 7:22am On Apr 28, 2016

Re: Oil Prices Pushing $47. by OgaTheTop2: 7:22am On Apr 28, 2016

Good

Re: Oil Prices Pushing $47. by GudlockJoena: 7:22am On Apr 28, 2016

1 Like

Re: Oil Prices Pushing $47. by olamds(m): 7:23am On Apr 28, 2016

I perceive 50% soon too........Even More.......I nid An Amen For That......

3 Likes

Re: Oil Prices Pushing $47. by Clean9agent: 7:28am On Apr 28, 2016

Good news

Re: Oil Prices Pushing $47. by chikel2000(m): 7:30am On Apr 28, 2016

Good one but pls wht nonsense is dis Miss Nairaland? virtually all guys have dat signature attached to dia post. Guys bn disgracing manhood since 56AD

1 Like

Re: Oil Prices Pushing $47. by Nobody: 7:31am On Apr 28, 2016

mencade5:
Dont come here and praise buhari for this o. He is not responsible at all

but he is responsible for the current economic crisis right?

6 Likes

Re: Oil Prices Pushing $47. by teadrake(m): 7:33am On Apr 28, 2016

Isoni:
Enemies of the State right now...

That's PA chukwudi sweating seriously over the emerging good news.

Re: Oil Prices Pushing $47. by jaywhoco(m): 7:33am On Apr 28, 2016

How much of this gain will get to ordinary nigerians. Until we realise it 'us' againt the 'elites', nothing will change

Re: Oil Prices Pushing $47. by Elxandre(m): 7:35am On Apr 28, 2016

What I find funny is these so called Pan-Africanists who believe the West hates us for calling for devaluation.

They believe they are just portfolio investors who have no interest in Nigeria long term.

But they haven't still explained why Buhari still travels every month to beg those same investors to invest in Nigeria.

Since Buhari knew they are useless, why has he been wasting taxpayers money going on such trips?

Delusion!

At least now the oil price is rising, they'll shut up and get to work.

2 Likes

Re: Oil Prices Pushing $47. by omonnakoda: 7:39am On Apr 28, 2016

989900B:
Brent crude peaked at $47.2/barrel today.

Brent has now risen nearly 20 per cent in April, its largest one-month gain for the past 12 months.

The rise is likely to continue if, oil glut continues to recede (shale oil and ISIS production shutting down) and demand continues to soar (India, China, and some other countries are consuming more now), and if the dollar continues to weaken considerably.

If Iran and Saudi can be reasonable for once, we might probably see it cross '$50' anytime soon!

These things ebb and flow.

It is a double-edged sword for Nigeria as we import refined petroleum products, and it could probably breed complacency or agitation for more 'free money' from some quarters.

not sure what you mean by reasonable.the behaviour of Saudi Arabia is normal and rational ditto for Iran . Oil needs to find an equilibrium price. There is no other commodity where producers are being asked to be "reasonable" .What needs to happen is for those countries that rely so much on oil to diversify. hope we learn our lessons. we had years of plenty and wasted them foolishly. The reality is if prices rise everyone will try to produce as much as they can. It is a cyclical phenomenon and we must adapt to this

1 Like 1 Share

Re: Oil Prices Pushing $47. by tolustx(m): 7:43am On Apr 28, 2016

Well, I guess this is good news for us. Just hope that it will improve our economy rather than increasing fuel cost here in Nigeria.
When the price was reducing in the world market, prices were not red in here in d same proportion.

Re: Oil Prices Pushing $47. by olalat(m): 7:45am On Apr 28, 2016

If isis is defeated today and libya get stabilised, crude price jump up in a jiffy. Those are the 2 primary cause of global oil price drop. Shale exploration is secondary.

989900B:
Oil prices are one of the most unpredictable things in the world; just like weather.

1 Like 1 Share

Re: Oil Prices Pushing $47. by leofab(f): 7:47am On Apr 28, 2016

Thank oh nairalanders for the 1000 love showed to me

Re: Oil Prices Pushing $47. by Enyimbamercedes: 7:47am On Apr 28, 2016

My prayer is that oil prices rise to and above what it was in the last administration. At least, this administration won't have excuse of low prices...plus we will see if they are really serious about diversifying or they just relax and enjoy the windfall...oh plus now we are running a surplus budget. Good times are here

Re: Oil Prices Pushing $47. by leofab(f): 7:48am On Apr 28, 2016

Thank you Nairalanders for the 1000 love shown to me...

Re: Oil Prices Pushing $47. by kobonaire(m): 7:48am On Apr 28, 2016

Develop the agro-economy sector oh!!!

1 Like

Re: Oil Prices Pushing $47. by Nobody: 7:51am On Apr 28, 2016

the whole nigeria still waiting on oil...leave the oil and gas resources for the niger delta and who ever can produce oil in their respective zones....lazy blood sucking country.... angry

2 Likes 2 Shares

Re: Oil Prices Pushing $47. by kobonaire(m): 7:51am On Apr 28, 2016

olalat:
If isis is defeated today and libya get stabilised, crude price jump up in a jiffy. Those are the 2 primary cause of global oil price drop. Shale exploration is secondary.

That does not really make sense. Those countries are not the big oil players in the global market. The main issue is over production.

1 Like

Re: Oil Prices Pushing $47. by jimi4us: 7:57am On Apr 28, 2016

989900B:

I was just about mentioning you.

Cheers!

stop rejoicing and leave our oil alone.

Re: Oil Prices Pushing $47. by ovieigho(m): 8:07am On Apr 28, 2016

so if crude price doesn't go up we won't get things right in this country, our over dependent on crude keep soaring at each passing day and diversification of the economy is just a lip service from the govt, i

Re: Oil Prices Pushing $47. by ovieigho(m): 8:07am On Apr 28, 2016

Re: Oil Prices Pushing $47. by Infinitikoncept(m): 8:11am On Apr 28, 2016

banme1:
Same people thanking God today will term crude useless tomorrow. Hypocrites. They know themselves

Lols @ your point ooo.
They blamed past govt for not diversifying & now that we had that as the only way they are happy crude oil is booming back which is a good thing but immediately it falls they blame GEJ & Yaradua for not saving in the ECA

Re: Oil Prices Pushing $47. by 989900B: 8:17am On Apr 28, 2016

jimi4us:
stop rejoicing and leave our oil alone.

You've gotta love how you guys jump ships so, we'r back to 'awa oyel' again now

Not for nothing though, my roots are from 2 oil producing states.

1 Like

Re: Oil Prices Pushing $47. by 989900B: 8:19am On Apr 28, 2016

ovieigho:
so if crude price doesn't go up we won't get things right in this country, our over dependent on crude keep soaring at each passing day and diversification of the economy is just a lip service from the govt,

I get your drift, but we need 'oyel' money to diversify -- you can't start a business venture with dreams alone -- you'll be needing some 'cash-money'.

2 Likes

Re: Oil Prices Pushing $47. by 989900B: 8:20am On Apr 28, 2016

olalat:
If isis is defeated today and libya get stabilised, crude price jump up in a jiffy. Those are the 2 primary cause of global oil price drop. Shale exploration is secondary.

No doubt!

BTW, I don't think Turkey should be complaining about refugee influx, since they're indirectly funding ISIS by buying majority of their oil . . . some other countries and large corporations are buying from them buy proxy too.

See:

http://ig.ft.com/sites/2015/isis-oil/

http://www.newyorker.com/news/news-desk/the-isis-oil-trade-from-the-ground-up

http://www.ibtimes.co.uk/russia-spots-12000-oil-smuggling-trucks-turkey-iraq-border-1534917

Re: Oil Prices Pushing $47. by yaki84: 8:25am On Apr 28, 2016

989900B:

Are you thinking what'm thinking?

Even at $60-$70, . . . that is some 80%-100% increase already, and they can shove their loan where the sun doesn't shine.

It's good Buhari is steadfast, imagining it's oga Jona for one second = HBP.

Hopefully, coupled with the Yuan deal, we see the benefits, especially on the Forex side -- it's been hell!

una for pray mek e hover around 40 n 50 dollars cos if e enter 60 or gets to 70 or 80 then nigerans will know the real ineptitude n unsustainability of price modulation. infact subsidy will comeback.
dont call me doomsday prophet but am being realistic n u cant keep doing the same thing over n over again n expect different result.
govt still controlling price of fuel will bring disaster when the price of crude reaches 70dollars pr barrel.

how ome March revenue was low even when oil price pickedd up since january?

3 Likes

Re: Oil Prices Pushing $47. by judondasylva(m): 8:40am On Apr 28, 2016

so we have to celebrate it?

Re: Oil Prices Pushing $47. by 989900B: 8:44am On Apr 28, 2016

yaki84:

una for pray mek e hover around 40 n 50 dollars cos if e enter 60 or gets to 70 or 80 then nigerans will know the real ineptitude n unsustainability of price modulation. infact subsidy will comeback.
dont call me doomsday prophet but am being realistic n u cant keep doing the same thing over n over again n expect different result.
govt still controlling price of fuel will bring disaster when the price of crude reaches 70dollars pr barrel.

how ome March revenue was low even when oil price pickedd up since january?

It is a doubled-edged sword, since we import refined fuel.

We'll be back to subsidy . . . ATM, you can't throw the masses to the cabals, they'll get slaughtered you know our businessmen are largely opportunists.

I heard some funds were saved when cost price was below N70/litre . . . that won't be enough though.

OTOH, if pipeline vandalism and smuggling are checked, and refineries are working at anything above 50% capacity, we should have stable power supply, and less need for refined petroleum products importation.

2 Likes 1 Share

Re: Oil Prices Pushing $47. by Hamxas: 9:00am On Apr 28, 2016

anoda new wahala dis morning tunder fire d price nd d fuel join.e no get use cause fuel na wetin de disturb me evry da

Re: Oil Prices Pushing $47. by 989900B: 9:12am On Apr 28, 2016

omonnakoda:
not sure what you mean by reasonable.the behaviour of Saudi Arabia is normal and rational ditto for Iran . Oil needs to find an equilibrium price. There is no other commodity where producers are being asked to be "reasonable" .What needs to happen is for those countries that rely so much on oil to diversify. hope we learn our lessons. we had years of plenty and wasted them foolishly. The reality is if prices rise everyone will try to produce as much as they can. It is a cyclical phenomenon and we must adapt to this

There is no other 'rare' commodity that is consumed by billions in billions of litres/day!

Saudi and Iran pumping at full throttle, with cheap ISIS oil, and shale oil, and new oil producing states = 'oil glut'.

Demand and supply determines price. If you over supply, you get to sell your goods for cheaper, now would you rather sell a finite number of goods @ a cheaper price or maximize profit, especially if your everything 90% depends on that commodity?

Most oil producing countries need oil to be above $60 to break even.

So if oil is selling below $30/barrel, that is some 'mayday'!

OTOH, you can't diversify without oil to power industrialization and development.

Likewise you can diversify without 'ego' 'kudi' 'owo' = oil in our case.

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