Welcome, Guest: Register On Nairaland / LOGIN! / Trending / Recent / NewStats: 3,194,362 members, 7,954,474 topics. Date: Friday, 20 September 2024 at 07:55 PM |
Nairaland Forum / Nairaland / General / Politics / Latest Oil Price: $44 per Barrel - Crisis Looming (15542 Views)
What Okonjo-Iweala Said When Oil Was $76 Per Barrel (Flash Back) / Untold Story Of How 14 Journalists Were Abducted-another Crisis Looming / $44 Million Fraud: Fbi Declares Nigerian Wanted Like Bin Ladin (2) (3) (4)
(1) (2) (3) (4) (5) (Reply) (Go Down)
Re: Latest Oil Price: $44 per Barrel - Crisis Looming by Nobody: 5:00pm On Oct 27, 2014 |
GenBuhari: GB....the problem with you, and most Nigerians is that you do not want to grow up...and no, I am not talking of childhood or adulthood...or immaturity. I am not even insulting you. The problem with you Nigerians is that you do not want to use your brains and innovate and develop innovative products. All you people want to do is chop oil money. It is because of our overdependence on oil....that our economy is vulnerable. All of you here....instead ofpreaching disintegration, or wallowing in conspiracy theories....go home, use your university degrees.....and follow China, Japan and South Korea along the road of self sufficency and industrial development. Stop relying on oil...because if oil prices shoot up again, you people will suddenly keep quiet. Even at high oil prices...the money was never enough. The painful thing about Nigeria is that the looting that is going on is from a pot of money that is too small. I wonder for you Nigerians. Stop blmaing the US. Start using your brains for once. If you like....yell at me. I have spoken. Nigeria must industrialize. Because a divided Nigeria is bad news for all of us....and for the African region. An industrial Nigeria is good news for everyone...even the US. End your oil addiction, man! 5 Likes |
Re: Latest Oil Price: $44 per Barrel - Crisis Looming by birdman(m): 5:35am On Oct 28, 2014 |
some people have already lost money. hedge funds that thought the bottom was at 85 are getting smacked. The true bottom is probably going to be about 75, because at that point fracking becomes unprofitable, leading to decreased supply. Btw, the US does NOT control oil prices. People have tried to without success. No country knows exactly how this is going to end, much less control it. There are way too many players on the world scene, all trying to save themselves and canceling each other out. 1 Like |
Re: Latest Oil Price: $44 per Barrel - Crisis Looming by PPAngel(f): 5:44am On Oct 28, 2014 |
Ediots like Rauf Aregberascal including virtually all the APC Rep members went on early this year that the FG was cheating states by placing a benchmark on the price of crude. The FG proposed $75 for this year's budget but it was later jacked up to $79 by the opposition in the house and FG complied in order to avoid a budget stalemate 3 Likes |
Re: Latest Oil Price: $44 per Barrel - Crisis Looming by thoth: 6:16am On Oct 28, 2014 |
Reading some of these posts i cannot help accepting that Nigerians really deserve their hardships and misery. 1 Like |
Re: Latest Oil Price: $44 per Barrel - Crisis Looming by mikolo80: 8:15pm On Oct 29, 2014 |
tit:tit...really...gish gish |
Re: Latest Oil Price: $44 per Barrel - Crisis Looming by mikolo80: 8:15pm On Oct 29, 2014 |
tit:tit...really...gish gish...me likey |
Re: Latest Oil Price: $44 per Barrel - Crisis Looming by Nobody: 5:50am On Nov 02, 2014 |
What happens if oil comes down to $30/barrel? The scenarios could be scary: 1) the FG may sack close to 50% of the civil service, which could possibly plunge millions of folks into poverty 2) A reduction in the size of govt at all levels would be necessary. This could entail a constitutional amendment abolishing the bicameral NASS, and establishing a single chamber fed legislature comprising around 200 members. |
Re: Latest Oil Price: $44 per Barrel - Crisis Looming by Nobody: 1:33am On Nov 04, 2014 |
[size=22pt]BREAKING NEWS: Latest Oil Price: $78.31 per Barrel - 3rd Nov 2014 [/size] |
Re: Latest Oil Price: $44 per Barrel - Crisis Looming by Nobody: 1:55pm On Nov 04, 2014 |
Oil Price fell some more today to : $76.69 per barrel |
Re: Latest Oil Price: $44 per Barrel - Crisis Looming by olapluto(m): 2:06pm On Nov 04, 2014 |
In 1999, oil prices was about 10USD per barrel, our government was still functioning. With oil prices reaching 100USD, our government went into looting overdrive. The masses will not be affected by any oil price drop. |
Re: Latest Oil Price: $44 per Barrel - Crisis Looming by Wallie(m): 3:07pm On Nov 04, 2014 |
@GenBuhari I think your infatuation with the US is clouding your ability to see issues objectively. Just so you know the US stands to lose if the price of oil goes below $70 per barrel because the oil produced by fracking cost about $62 per barrel unlike the oil produced from Saudi Arabia that's about $32 per barrel. I'll help you make the connections: look to the Saudi's for the declining price of oil. They are either dumping more oil in the market to force the US to slow production or trying to protect their market share. Either way, if the price of oil goes below $70 per barrel, production and investments in shale oil will dwindle because companies in the US will be making less profit and will invest elsewhere. What's going on has absolutely nothing to do with Nigeria. Oil prices were in free fall on Tuesday morning after it emerged that Saudi Arabia, the world's largest exporter, had slashed its contract price for its US customers in a further sign of an escalating war for control of global energy markets. http://www.telegraph.co.uk/finance/newsbysector/energy/oilandgas/11207301/Brent-crude-tumbles-as-Saudi-escalates-Opec-oil-price-war.html 1 Like |
Re: Latest Oil Price: $44 per Barrel - Crisis Looming by atlwireles: 3:15pm On Nov 04, 2014 |
Wallie: Very correct insight. The current price war is very good for OPEC. The North American producers are already closing down wells and future investments are been drastically reduced. OPEC read the signals right. This is not about price but about market share. OPEC is pretty determined to push the price to $60, the North Americans are the ones going to lose. |
Re: Latest Oil Price: $44 per Barrel - Crisis Looming by InvertedHammer: 9:56pm On Nov 04, 2014 |
GenBuhari:/ The noise about oil is getting too loud. I will not be surprised to see a ferocious snap back that will get people trapped and STOPS decimated. / |
Re: Latest Oil Price: $44 per Barrel - Crisis Looming by InvertedHammer: 5:07pm On Nov 05, 2014 |
InvertedHammer:\ As anticipated, snapped back from $76.50 to $79.50 in less than an hour / |
Re: Latest Oil Price: $44 per Barrel - Crisis Looming by birdman(m): 2:56am On Nov 07, 2014 |
Wallie: interesting take. i dont think that saudi strategy will work though. Cant remember where I read it, but US oil production via fracking is subsidized by the FG. The producers claim they can go as low as $30 and still be profitable |
Re: Latest Oil Price: $44 per Barrel - Crisis Looming by Nobody: 3:16am On Nov 07, 2014 |
It could be looked at from another perspective. Oil has been held artificially high for a number of years by the US deliberately holding back its ability to produce and sell oil in the international market and Saudi Arabia restricting its own production. It could be argued that oil prices are just now falling closer their true level. Even now the US are still under producing for a country with one of highest oil reserves. If US decides to start producing oil at levels that it has capacity to do then, then prices could easily fall below $60/bbl birdman: |
Re: Latest Oil Price: $44 per Barrel - Crisis Looming by birdman(m): 3:21am On Nov 07, 2014 |
GenBuhari: A good point. If this is indeed the case, wahala dey especially for Nigeria. I have no doubt money is already being siphoned by PDP for the next election. This is going to make them even more desperate. |
Re: Latest Oil Price: $44 per Barrel - Crisis Looming by Nobody: 3:23am On Nov 07, 2014 |
What you are suggesting would be the action of any sovereign govt that is in charge of their own affairs. Unfortunately we currently have a puppet government under the control of America. So the likely response is to top up with IMF and World Bank loans, devalue Naira and hike up the price of fuel. It all depends on what America's plan for Nigeria is. There is speculation that America plans initiate a crisis that it hope would lead to break up of Nigeria into several weak nations, allowing it to steal our rich valuable resources in the process. CFCfan: 1 Like 1 Share |
Re: Latest Oil Price: $44 per Barrel - Crisis Looming by Nobody: 3:29am On Nov 07, 2014 |
man, you still have a growing up to do if you keep on blaming US for your failure and predicament, face reality and stop gassing out shit just to make a comment GenBuhari: |
Re: Latest Oil Price: $44 per Barrel - Crisis Looming by Nobody: 3:37am On Nov 07, 2014 |
You have some waking up to do if you have not realised that US policy of CIA sponsored assassinations and regime change is one of the major reasons we are being ruled by a corrupt govt. Emma3030: 2 Likes |
Re: Latest Oil Price: $44 per Barrel - Crisis Looming by manck2: 3:40am On Nov 07, 2014 |
Army claim it killed sharau 3 month ago. Nigeria conflict was responsible for the sharp raise of oil price |
Re: Latest Oil Price: $44 per Barrel - Crisis Looming by Nobody: 7:19pm On Nov 13, 2014 |
Breaking news: Oil prices has tumbled further to $75.16 per Barrel today |
Re: Latest Oil Price: $44 per Barrel - Crisis Looming by Nobody: 10:38pm On Nov 13, 2014 |
Oil prices in free fall, now : $74.42 /bbl |
Re: Latest Oil Price: $44 per Barrel - Crisis Looming by Nobody: 8:39am On Nov 14, 2014 |
Update: Oil Price : $73.57 per Barrel |
Re: Latest Oil Price: $44 per Barrel - Crisis Looming by zheroes(m): 10:20am On Nov 28, 2014 |
price may never get to $100 again. the US at the moment is in the driving seat, there are alternatives to crude oil, shale production etc. what did we do with the monies when it was above $100? its simply about demand and supply, stop blaming the US if they need our oil they will come knocking. In December 2013 Mexican President Enrique Pena Nieto enacted constitutional reforms to end state-owned Petroleós Mexicanos’ (PEMEX) 75-year monopoly over oil. He then signed legislation on August 11, 2014 opening Mexico’s oil, gas and electricity industries to private and foreign companies. Mexico has an estimated 60 billion untapped onshore and deep-water barrels of crude oil. With huge shale production potential on the border of Texas as well, this policy shift could produce a bonanza of cheap oil in the Americas. |
Re: Latest Oil Price: $44 per Barrel - Crisis Looming by Nobody: 12:26pm On Nov 28, 2014 |
update : $68.71 per Barrel |
Re: Latest Oil Price: $44 per Barrel - Crisis Looming by Nobody: 12:29pm On Nov 28, 2014 |
Re: Latest Oil Price: $44 per Barrel - Crisis Looming by anonimi: 12:52pm On Nov 28, 2014 |
stevecantrell: What do you think the social unrest will then lead to |
Re: Latest Oil Price: $44 per Barrel - Crisis Looming by stevecantrell: 2:27pm On Nov 28, 2014 |
anonimi: That is a pandora's box you don't wanna open.. |
Re: Latest Oil Price: $44 per Barrel - Crisis Looming by MDelgado(m): 3:32pm On Nov 28, 2014 |
bushdoc9919: God bless you Sir |
Re: Latest Oil Price: $44 per Barrel - Crisis Looming by birdman(m): 3:55pm On Nov 28, 2014 |
kudos to opec for refusing to panic. Rather than chicken out, they want to determine the fair price for oil. That way, EVERYBODY feels the pain, wether opec, us, venezuela or saudi. As an added bonus, some nasty oil speculators have lost their fortunes betting that opec would cut production “We will produce 30 million barrels a day for the next 6 months, and we will watch to see how the market behaves,” OPEC Secretary-General Abdalla El-Badri told reporters in Vienna after the meeting. “We are not sending any signals to anybody, we just try to have a fair price.” Of course while Saudi and co were saving for the rainy day, Oga Jona was busy milking the treasury dry, putting us in debt in anticipation of future income |
Re: Latest Oil Price: $44 per Barrel - Crisis Looming by nduchucks: 3:57pm On Nov 28, 2014 |
GenBuhari: The natural price is $40 per barrel and it will get there in 2015. Nothing can artificially prevent this. |
Gov Suswam,terhemen Tarzoor Spotted With V.P Namadi Sambo In Gambia / "Ogbonnaya Onu Should Be Made SGF" - Victor Attah / Festus Keyamo Reacts To Pdp's Apology To Nigerians (pics)
(Go Up)
Sections: politics (1) business autos (1) jobs (1) career education (1) romance computers phones travel sports fashion health religion celebs tv-movies music-radio literature webmasters programming techmarket Links: (1) (2) (3) (4) (5) (6) (7) (8) (9) (10) Nairaland - Copyright © 2005 - 2024 Oluwaseun Osewa. All rights reserved. See How To Advertise. 79 |