London 8 Dec : The price of Brent crude fell to its lowest level in 5 years today as Brent Crude price fell to $66.40 per barrel. As international traders and oil analysts voiced their opinions on the future direction of oil price, most agree there is over supply in the market and that prices are likely to be depressed for a while yet.

However, the following very important comment caught my eye in the market report:

Physical markets also show an overhang of unsold Nigerian oil. [b]Less than a third of January’s cargos have been sold [/b]with just two weeks left before February barrels become available, according to KBC Energy Economics. The surplus of West African crude is one indicator of Atlantic basin oil demand, and unsold cargos have weighed on Brent crude prices in 2014.

http://www.marketwatch.com/story/oil-continues-slide-trades-near-five-year-lows-2014-12-08

Even with the lowest price in years, buyers don't seem to be interested in Nigerian oil. Nigeria will prob have to sell at an even lower price to book a sale!

Of course, the PDP govt will not want the ordinary people of this country to know the full scale of the economic storm that is gathering right now, and certainly, the discredited Finance Minister Mrs Okonjo Iweala keeps deceiving Nigerians that the govt has what it takes to weather the current storm.

That's a bloody lie. The truth is, unless oil prices recover within the next few months, the country will be in very serious trouble.

OK and so the cookie crumbles finally.

Seems I have no excuse for any holiday now.

PROUDIGBO:
Good!

Very good, make the ogas at the top begin drink the oyel

Lol. But why can't we refine and use our thing locally, and dropping the price of PMS to something below N40 + reducing price of other petroleum products to enhance the local economic productivity? Or is there something off-key with this idea?

Edogirl2

Correct the title

Change the its to her

We dont use it for a nation but her


Nigeria can't see buyers for her oil

And not


Nigeria can't see buyers for its oil.

God truly loves Nigeria. I hope crude falls to $25 and stays there for 30 months. We might then be compelled in this country to do the needful.

atlwireles:
God truly loves Nigeria. I hope crude falls to $25 and stays there for 30 months. We might then be compelled in this country to do the needful.

Agreed

Best news of the day

Our oyel ooooooooo...our oyel oooooooo!

It is in the South .... (count 4 dots and fill in 1 character per dot!). Hahaha...now Naija will still not divide, to the disappointment of the South ....!

Hehehehe....all the government decisions in the past 6 years have been a complete failure and it was led by elements from the SE and SS! But they have run the country into the ground, completely! Too bad! Well, it is time for everyone to go and grow cassava and farm fish in their state now! We don't want leeches crossing into other's lands, let them stay in their land develop it!

Can Northerners now secede now that oil wealth is gone

Unless you have very deep pockets, its a good time to start cutting down on discretionary expenditure and start saving for the rainy day (assuming further devaluation does not eat up the savings!).

Just to add to the bad news, Naira again fell to over $182 to a dollar today from its Friday closing of just over 179.

Things are not looking good.

I suspect PDP are just praying that the full storm will not arrive before the elections. Infact, whoever wins the election will find things really tough to deliver on their promises, unless there is a dramatic reversal of economic fortune.

Finally, nigeria the sleeping giant has no choice but to wake up from its OILY SLUMBER.

Good!

I hope people can now think outside the box

Even if you kidnap a foreign oil worker now, the employer will not pay you a dime. They will tell you to keep him.

PROUDIGBO:
Good!

Seconded
Thirded and
SeALEd.

atlwireles:
God truly loves Nigeria. I hope crude falls to $25 and stays there for 30 months. We might then be compelled in this country to do the needful.

I like this your Idea.necessity...

madamoringo:
Our oyel ooooooooo...our oyel oooooooo!

It is in the South .... (count 4 dots and fill in 1 character per dot!). Hahaha...now Naija will still not divide, to the disappointment of the South ....!

Hehehehe....all the government decisions in the past 6 years have been a complete failure and it was led by elements from the SE and SS! But they have run the country into the ground, completely! Too bad! Well, it is time for everyone to go and grow cassava and farm fish in their state now! We don't want leeches crossing into other's lands, let them stay in their land develop it!

Are you sure North will not secede now that oil wealth is gone.

WhiteTechnology:
Can Northerners now secede now that oil wealth is gone

Nope.
We want see all of it,i mean ALL

9jii:

I like this your Idea.necessity...

Despite Riches, Venezuela Starts Food Rationing
Government Rolls Out Fingerprint Scanners to Limit Purchases of Basic Goods; ‘How Is it Possible We’ve Gotten to This Extreme’



HOW MUCH IS PETROL AGAIN IN VENEZUELA




http://www.wsj.com/articles/despite-riches-venezuela-starts-food-rationing-1414025667

9jii:

Nope.
We want see all of it,i mean ALL

Unity of Nigeria is based on oil

Its disappearance with end Nigeria

WhiteTechnology:
Edogirl2

Correct the title

Change the its to her

We dont use it for a nation but her


Nigeria can't see buyers for her oil

And not


Nigeria can't see buyers for its oil.

I am sorry bros, this is no longer a hard and fast rule. Modern English writing perfectly permits the use of 'its' in this scenario. I read UK Guardian, New York Times, and the Economist routinely. The Economist (and most Nigerian newspapers) is the only one of the 3 that tends to adhere to your position. It's a bit archaic and tedious to always have to use 'her' when referring to a country.

Just like we were told in secondary school that there was no plural of 'ship,' however, today, you find many respectable publications referring to 'ships.' Language evolves.

Stupid Leaders we have. Why cant we refine the oil and sell to ourselves? Jonathan has wasted years of oil selling above 100 Dollars on politics of 2015. Tufiakwa!

edogirl2:



I am sorry bros, this is no longer a hard and fast rule. Modern English writing perfectly permits the use of 'its' in this scenario. I read UK Guardian, New York Times, and the Economist routinely. The Economist (and most Nigerian newspapers) is the only one of the publications that tends to adhere to your position. It's a bit archaic and tedious to insist on always using 'her' when referring to a country.

Just like we were told in secondary school that there no plural of ships. H/ever, today, you find many respectable publications referring to 'ships.' Language evolves.

OK

But there is no plural for sheep but there is for ship

anyway thanks.

Thank you. Much respect.

WhiteTechnology:




Unity of Nigeria is based on oil

Its disappearance with end Nigeria

You don't understand
The more you learn the less agrieve you ll be.


GOD PROTECT NIGERIANS
GOD BLESS NIGERIA

Nigeria government enjoys talking without action just like the citizens it governs. Nigerians need to step forward to demand that the government does the needful without further delay. As a people we have lived in denial for too long and our suffering has matured over time. Very few countries are as backward as nigeria right now just because our people have refused to demand answers and actions from the ruling class.

9jii:

You don't understand
The more you learn the less agrieve you ll be.


GOD PROTECT NIGERIANS
GOD BLESS NIGERIA

OK explain to me in a lay man language.

Good news.............


All those our Politicians allownaces will be. Reduced. States depending on FG monthly aloocation, I pity una oooooo

America will do evrything to make this oil very useless

Nig neeeds to diversify NOW!

It has long overdue.... I don't know if crude oil was a blessing or a curse to us.