ERODEDEAST:
...And I predicted $35

Link?

atlwireles:


You think corruption is the problem of this country? whoa, what is there to steal in this broke beyond reality country?

Abacha managed to steal at least $4bn when oil averaged $17 p/b whilst the minimum wage was $3 per month.

Corruption can also distort policy making. Going back to the subsidy example, part of the reason it's lasted so long is because it offers a great avenue to embezzle money.

Overall, I still think Buhari's ineptitude will trump his anti-corruption stance and prove the greater decisive factor. I was just noting that his fiscal rectitude does come in handy with falling oil prices.

atlwireles:
Increased pumping by OPEC as Chinese demand appears to be slackening could drive oil to the lowest prices since the peak of the financial crisis.

West Texas Intermediate crude futures skidded through the year's lows and looked set to break into the $30s-per-barrel range after the Organization of the Petroleum Exporting Countries admitted to more pumping and China devalued its currency, sending ripples through global markets.



"The familiar theme of oversupply and shaky demand is getting punctuated today," said Again Capital partner John Kilduff, who has expected WTI to aim for $30 per barrel. WTI futures for September fell more than 4 percent Tuesday and traded below $43.26 per barrel, the March 17 low.


http://finance.yahoo.com/news/opec-just-kicked-oil-30s-

OP are you sure of this info. I had to rush to the site and read the news. Heheheheheheh. if only oil can fall to below $25 within the next 30 days, I will celebrate and use Alomo to soak garri.

Nonsense, let the tribes of oil drinkers, and the tribes of oil is for everybody go and drink the oil na. The price of laziness and parasitism is much worse than the price of ignorance and gross stvpidity.
The Lower Niger/Biafra Must Be Great Again!

4Play:
If anything, news such as this justifies the election of Buhari as he, more than GEJ, is more likely to cut down on Govt corruption which proves more harmful at times like this. Govt corruption when oil is circa $100 p/b is less painful than when oil is $40 p/b.

The obvious flipside with Buhari is that he is unlikely to undertake those bold policy reforms which Nigeria requires such as subsidy removal, privatisation of Govt assets and greater deregulation of Govt assets. Partly, because he doesn't strike one as a deep thinker who understands what it takes to generate vibrant economic growth. Also, partly because he possesses a sectionalist mindset that often clouds judgement as to what is in the national interest. For an example of the latter, I suspect his reluctance to remove subsidy may be due in part to this entailing higher pump prices in the North than the South.

I read somewhere that Saudi Arabia in a few years from now will look back to year 2015 as the year they made a costly economic mistake.

Chiwude:
Thought I heard someone campaign he'll could control the price of oil.

You are mischievous

refreshrate:
Yet price of fuel no free go down for Nigeria.
I don't gerrit

Nigeria always has its own separate set of rules when it comes to economics.

Meanwhile waiting for you know who to do something about this global crude crises

Blame subsidy for that.

signz:


I read somewhere that Saudi Arabia in a few years from now will look back to year 2015 as the year they made a costly economic mistake.

It's not just a case of oversupply of oil. There is slowing demand from China and dollar strengthening because of the Federal Reserves raising interest rates.

Not sure there is much the Saudis could have done as if they cut production to maintain higher oil prices, that would have incentivised higher production.

4Play:


It's not just a case of oversupply of oil. There is slowing demand from China and dollar strengthening because of the Federal Reserves raising interest rates.

Not sure there is much the Saudis could have done as if they cut production to maintain higher oil prices, that would have incentivised higher production.

Yeah thats true. You have a point there

Lol. Only d igbos can survive a nigeria without oil money. Bewarned people.

Let oil price crash finish, abeg.
The gworo people will use their last card buy gworo chew am dey enter trailer wey dey go back to Ugwu Awusa.

I saw this piece of information this morning on CNN. They reported the drop in oil price and where sounding a note of warning to oil producing nations, with the case of Venezuela in retrospect. When I saw it, I laughed with scorn. Our beloved president believes the economy is really okay. Hence why he has time to chase shadows, while delegating complete handling of the nation's economy to the Apex bank without having an economic team to oversee the measures being proposed. By this time next year, inflation will have hit the roof, while a recession will be in full swing. By this time, two years from now, mobs, riots and civil violence will be the order of the day. There are two ways a president can leave Aso rock. You can leave with all dignity intact, pomp and admiration. Or you can be dragged out by your hair, screaming and screeching. I believe the latter will be his faith. A little bird whispered it into my ear.

4Play:
If anything, news such as this justifies the election of Buhari as he, more than GEJ, is more likely to cut down on Govt corruption which proves more harmful at times like this. Govt corruption when oil is circa $100 p/b is less painful than when oil is $40 p/b.

The obvious flipside with Buhari is that he is unlikely to undertake those bold policy reforms which Nigeria requires such as subsidy removal, privatisation of Govt assets and greater deregulation of Govt assets. Partly, because he doesn't strike one as a deep thinker who understands what it takes to generate vibrant economic growth. Also, partly because he possesses a sectionalist mindset that often clouds judgement as to what is in the national interest. For an example of the latter, I suspect his reluctance to remove subsidy may be due in part to this entailing higher pump prices in the North than the South.

I could not agree less. But I believe a steady fall in the price of oil in the global market may trigger off a need for a review of some poor economic decision like holding on to subsidies and not deregulating and diversifying the economy. To me,I somehow believe that one cannot give what he does not have. Incidentally, those close to the President like Oshomole,Rochas, and many others lack the economic decision making ideas in contemporary business context. I believe we are going to face a challenging moment

Next destination..?

The forward curve pricing is already pointing to crude oil bottoming at around $15, that was the 1999 priceline, during the asian financial crises.

Nigeria and russia falling down , falling down , falling down

One more reason Buhari will go after the treasury looters.

NeduLuiZ:
Cursed liquid

Blessed be this curse, for Nigeria

Buhari will fix this which his magic broom. Oil price will be fixed, and a dollar will fall to N1. So says the prominent dullard from duara, so shall it be!

NDPVF:
Its time for us SS/SE to engage on regional integration,leveraging on our comparative advantages.Igbos has the trades & Investments/Businesses.and we have the ports.
Lets build our economy.

For those from here,who always diss Igbo people,well,its time,oil is at the verge of being a common commodity like water,oya show ur power.

Nnanne... I dey hail oooh !!! O kwa time to go.

"AWA OYEL, DUN' TOSH AWA OYEL!!!!"

"AWA BRODA, DUN' TOSH AWA BRODA!!!!"

Nigerians are idiots. Now the man you were defending his theft of Govt proceeds when oil was $100+/Barrel is enjoying his life with his crooked cronies, while you fools groan under the weight of poverty thats about to devour the unfortunate 97%+ that live on less than $1/day.

This is where the Yorubas and Hausas say so-long to the ND people. The ignorant must suffer dire consequences.

So-long ND.
So-long my brothers.
So-long one Nigeria.

hinwazaka:
I saw this piece of information this morning on CNN. They reported the drop in oil price and where sounding a note of warning to oil producing nations, with the case of Venezuela in retrospect. When I saw it, I laughed with scorn. Our beloved president believes the economy is really okay. Hence why he has time to chase shadows, while delegating complete handling of the nation's economy to the Apex bank without having an economic team to oversee the measures being proposed. By this time next year, inflation will have hit the roof, while a recession will be in full swing. By this time, two years from now, mobs, riots and civil violence will be the order of the day. There are two ways a president can leave Aso rock. You can leave with all dignity intact, pomp and admiration. Or you can be dragged out by your hair, screaming and screeching. I believe the latter will be his faith. A little bird whispered it into my ear.

That'll be funny you know.

Gasoline/pms should be selling at 20 naira per litre now.

Our 'oyel'

War4ever.

The money this country got from oil in the last 16 years was enough to build a "thank You God" country.

But unfortunately ibb and abdulsalam brought unserious obasanjo in 1999, after eight years of failed leadership he in turn brought yaradua and jonathan that he believed they were incapable to lead the country.

Here we are!

nigeria became a destroyed country.

L