Atmmachine:

Why is Saudi Arabia not experiencing the demand and supply ??

Lighthouseman:

Saudi Arabia pumps over 10 million barrels per day with a population of less than 30 million people and a huge foreign reserve. With these, Saudi Arabia can sell and break even for even 5$ until conditions improve while Nigeria has a population of 170million, a foreign reserve of 29 billion and sells only over 2 million barrels per day. You see the difference abi.
It's time to make the centre weak and the component units more autonomous.
Or else... Bubu just started begging for foreign aid

yanabasee:


We are on the same page sirree...

I am looking at it from the currency perspective....

Now, the US dollar is a flat currency, meaning, it's not backed by any tangible commodity. From the implementation of the qualitative easing measures by the US Central Bank more money is created for borrowing, which makes the law of supply and demands to step in. Making the existing more less valued..

This law of supply and demand defines the effect that the availability of a particular product and the desire (or demand) for that product has on price

Generally, if there is a low supply and a high demand, the price will be high. In contrast, the greater the supply and the lower the demand, the lower the price will be. This is as a result of monetary policy.

Atmmachine:


Can Nigeria pump like 40 million barrels per day to exceed the 10 million barrels Saudi Arabia pumps per day ??
Why don't Nigeria attract more buyers than the Saudi Arabia ??
Does the Nigerian oil have limitations or may dry up if pumped excessively ??

looseweight:
Which way naija??

Kikero112:


While I agree with you, agriculture is also subject to the same issues as oil....price drops in times of surplus.

Many African countries that rely on agric are also more reliant on foreign loans to fund their budgets. Especially when you are Malawi, and your major cash crop tobacco is under severe sanctions....

cramjones:
The massive looting that took place during GEJ's tenure has finally brought Nigeria to its knees. Greece would be child's play come 2016. The wicked Jonathan government fleeced our money when oil prices were sky high. The price is now projected to be at $20/barrel in the first quarter of 2016.

Now is the time for Buhari to be decisive and put this wicked, insensitive, clueless, heartless, corrupt and pouchy man in jail. Recorver the loot of him and his cohort and draw a strong and hard economic recovery policy. There is not much he can still do because the man called GEJ destroyed Nigeria!

-CramJones

Kikero112:


While I agree with you, agriculture is also subject to the same issues as oil....price drops in times of surplus.

Many African countries that rely on agric are also more reliant on foreign loans to fund their budgets. Especially when you are Malawi, and your major cash crop tobacco is under severe sanctions....

Atmmachine:


Can Nigeria pump like 40 million barrels per day to exceed the 10 million barrels Saudi Arabia pumps per day ??
Why don't Nigeria attract more buyers than the Saudi Arabia ??
Does the Nigerian oil have limitations or may dry up if pumped excessively ??

yanabasee:


We are on the same page sirree...

I am looking at it from the currency perspective....

Now, the US dollar is a flat currency, meaning, it's not backed by any tangible commodity. From the implementation of the qualitative easing measures by the US Central Bank more money is created for borrowing, which makes the law of supply and demands to step in. Making the existing more less valued..

This law of supply and demand defines the effect that the availability of a particular product and the desire (or demand) for that product has on price

Generally, if there is a low supply and a high demand, the price will be high. In contrast, the greater the supply and the lower the demand, the lower the price will be. This is as a result of monetary policy.

100freekiss:


Do you understand what @tonyebarcanista said?

your not on the same page with him ,Your off point

Dollar value has nothing to do with the price of crude , on the contrary dollar is gaining value by the day.

The reason for the fall in crude price is because there is a surplus availability of crude in the market , there by creating competition between the sellers (oil producing countries)
Every oil producing country wants to sell there oil at any given price.
Surply is higher than demand

Kikero112:


If Nigeria pumped 40 million barrels into the market....oil prices would drop further.

Kikero112:


If Nigeria pumped 40 million barrels into the market....oil prices would drop further.

Atmmachine:
Thank you lord.
I hope it drops by 100% so the people who voted for Buhari would see the good work he's doing.

I wish Buhari would be the President of Nigeria for 50 years.
Buhari till 2056

Atmmachine:

Why is Saudi Arabia not experiencing the demand and supply ??

ritababe:


lol with this current economy i think we have discover it already and you are the prince.

iteleaye:
Iwe kiko la i si oko ati ada, ko i pe o, ko i pe o, ise agbe ni ise ile wa, eni kosise a ma JALE... a ma JALE!!!






They forgot agriculture, concentrated on oil and gas... Even dodo sef, i sure say we dey import...

Atmmachine:


Can Nigeria pump like 40 million barrels per day to exceed the 10 million barrels Saudi Arabia pumps per day ??
Why don't Nigeria attract more buyers than the Saudi Arabia ??
Does the Nigerian oil have limitations or may dry up if pumped excessively ??

Dindondin:
Price of domestic gas should pls drop

cramjones:
The massive looting that took place during GEJ's tenure has finally brought Nigeria to its knees. Greece would be child's play come 2016. The wicked Jonathan government fleeced our money when oil prices were sky high. The price is now projected to be at $20/barrel in the first quarter of 2016.

Now is the time for Buhari to be decisive and put this wicked, insensitive, clueless, heartless, corrupt and pouchy man in jail. Recorver the loot of him and his cohort and draw a strong and hard economic recovery policy. There is not much he can still do because the man called GEJ destroyed Nigeria!

-CramJones

Lighthouseman:

Nigeria can't pump 3 million barrels.
Secondly, it's no longer a sellers market but a buyers market.
In the last decade, with new technology, oil has been discovered both onshore and offshore in areas that hitherto were impossible like in USA, Kenya, Somalia, Ghana etc and most of them are not opec members hence u can't control what they supply. Hence the over supply.

teemy:




Let me explain his point. Our major single source or forex dollars is via crude sales. less sales, less dollars which gets lesser and lesser as earnings drop per week. our appetite for importation is still there and once there is little dollars to fund out importation needs the limited available dollars become more expensive day by day unless new sources of forex dollars can come in. This gas drop would also raise dollar price.

To cushion that the CBN has been on policies to reduce dollar dependence. But the demand is still high hence little or no effect.

erico2k2:

U just wait until china and India announce they too have discovered oil lol

cramjones:
The massive looting that took place during GEJ's tenure has finally brought Nigeria to its knees. Greece would be child's play come 2016. The wicked Jonathan government fleeced our money when oil prices were sky high. The price is now projected to be at $20/barrel in the first quarter of 2016.

Now is the time for Buhari to be decisive and put this wicked, insensitive, clueless, heartless, corrupt and pouchy man in jail. Recorver the loot of him and his cohort and draw a strong and hard economic recovery policy. There is not much he can still do because the man called GEJ destroyed Nigeria!

-CramJones

cramjones:
The massive looting that took place during GEJ's tenure has finally brought Nigeria to its knees. Greece would be child's play come 2016. The wicked Jonathan government fleeced our money when oil prices were sky high. The price is now projected to be at $20/barrel in the first quarter of 2016.

Now is the time for Buhari to be decisive and put this wicked, insensitive, clueless, heartless, corrupt and pouchy man in jail. Recorver the loot of him and his cohort and draw a strong and hard economic recovery policy. There is not much he can still do because the man called GEJ destroyed Nigeria!

-CramJones

Atmmachine:


Can Nigeria pump like 40 million barrels per day to exceed the 10 million barrels Saudi Arabia pumps per day ??
Why don't Nigeria attract more buyers than the Saudi Arabia ??
Does the Nigerian oil have limitations or may dry up if pumped excessively ??

teemy:




Let me explain his point. Our major single source or forex dollars is via crude sales. less sales, less dollars which gets lesser and lesser as earnings drop per week. our appetite for importation is still there and once there is little dollars to fund out importation needs the limited available dollars become more expensive day by day unless new sources of forex dollars can come in. This gas drop would also raise dollar price.

To cushion that the CBN has been on policies to reduce dollar dependence. But the demand is still high hence little or no effect.