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5 Countries Crushed By Oil Price Collapse - CNN - Politics - Nairaland

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5 Countries Crushed By Oil Price Collapse - CNN by Abagworo(m): 5:03am On Dec 31, 2015
Countries that produce the world's crude are getting crushed by low prices.
Huge budget surpluses are turning into deficits, and generous social programs are being replaced with austerity and cuts.
Oil has collapsed below $37 a barrel, compared to over $100 in mid-2014. The global oil glut, OPEC's determination to pump like there is no tomorrow, and slowing demand from China and other countries are pushing oil prices to new lows.

Here are the five countries hit the worst.


1 Venezuela

Venezuela has the world's largest oil reserves. Its government has for years used the money it makes producing oil to pay for pensions, health care, social benefits and even to subsidize housing and grocery stores.
But now, the economy is on the brink of collapse. Inflation soared over 150% in 2015 and is expected to rise over 200% next year. The government is unable to pay its bills, and food and basic supplies are in short supply.
The economic downturn has led to political turmoil. Earlier this month, the country's opposition won a majority in an election for the first time in 17 years.

http://money.cnn.com/2015/12/30/investing/oil-prices-countries-suffering/index.html?sr=twmoney123015oil-prices-countries-suffering0703PMVODtopLink&linkId=19996273

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Re: 5 Countries Crushed By Oil Price Collapse - CNN by Abagworo(m): 5:05am On Dec 31, 2015
2 Saudi Arabia


Oil accounts for 75% of Saudi Arabia's revenue and the country's finances are getting slammed. The government ran a nearly $100 billion budget deficit in 2015 and announced tough austerity measures for next year.
"That's a reminder that even the world's lowest-cost oil producer relies on high(er) prices to balance its budget and current prices don't come anywhere close," Kit Juckes, global strategist at Societe Generale, said.


3 Nigeria

Africa's biggest oil producer is in trouble. Oil accounts for roughly 75% of Nigeria's government revenue, and almost 90% of the country's exports.
The plunge in oil prices has left the government unable to pay its bills. Local media reported that in some regions, state employees haven't received salaries in months.
The country is suffering from power cuts and fuel shortages.

4 Russia


Nearly half of Russia's government revenue comes from oil and gas exports. The plunge in oil prices came when Russia was already suffering because of Western economic sanctions, imposed on Moscow over its involvement in the crisis in Ukraine.
Russia's budget is based on an oil price of $50 per barrel, but oil is trading around $37. The International Monetary Fund expects Russian GDP will shrink by 3.8% this year and by another 0.6% in 2016.

5 Iraq


Low oil prices are crushing Iraq's finances when the country desperately needs income to fund its war against ISIS.

Iraq has been pumping record amounts of oil this
year, but the increase in production hasn't
compensated for the drop in prices. The country
has huge oil reserves, but needs more investment
in infrastructure to access it.

2 Likes 4 Shares

Re: 5 Countries Crushed By Oil Price Collapse - CNN by coolcharm(m): 5:06am On Dec 31, 2015
Hmm.. this is bullshit! This guy's surely don't have nice words for us. The next four years will shame them as they watch us diversify our economy tongue

we have the resources and the capacity to achieve self sustainability, and it's a good thing we are looking inwards now.

143 Likes 10 Shares

Re: 5 Countries Crushed By Oil Price Collapse - CNN by Demmocrats(m): 5:08am On Dec 31, 2015
Nearly half of Russia's government revenue comes from oil and gas exports. The plunge in oil prices came when Russia was already suffering because of Western economic sanctions, imposed on Moscow over its involvement in the crisis in Ukraine.


Venezuela has the world's largest oil reserves. Its government has for years used the money it makes producing oil to pay for pensions, health care, social benefits and even to subsidize housing and grocery stores. But now, the economy is on the brink of collapse. Inflation soared over 150% in 2015 and is expected to rise over 200% next year. The government is unable to pay its bills, and food and basic supplies are in short supply.



Even world power like Russia is having major economic turmoil because of the drastic fall in oil prices, imagine Nigeria then. For those set of dudes that blame my Sai Buhari for bad economy should know even Venezuela is in a similar mess or even worse. We all need to understand that this man in Aso rock met the country in a terrible mess and the best we can do is work together irrespective of religion, tribe or language as one to move this nation forward.

I believe in my Sai Buhari and i still believe in this great nation called Nigeria, he will truly make this nation great again.


Sai Buhari.

148 Likes 16 Shares

Re: 5 Countries Crushed By Oil Price Collapse - CNN by khassy(m): 5:20am On Dec 31, 2015
Venezuela...opposition won and oil prices fell

Nigeria....opposition won and oil prices fell



Okay...

undecidedundecided

58 Likes 3 Shares

Re: 5 Countries Crushed By Oil Price Collapse - CNN by debris: 5:27am On Dec 31, 2015
TODAY IS MY BIRTHDAY.........I NEED 1,000 likes cheesy

177 Likes 3 Shares

Re: 5 Countries Crushed By Oil Price Collapse - CNN by STARGREEN(m): 5:48am On Dec 31, 2015
Historically speaking in the moments of depression Nigeria usually spring surprises. God shall make a way as He made us with tick skin to adopt to any weather!

31 Likes 5 Shares

Re: 5 Countries Crushed By Oil Price Collapse - CNN by eunisam: 6:09am On Dec 31, 2015
i no care as usual
Re: 5 Countries Crushed By Oil Price Collapse - CNN by jmichlins(m): 6:11am On Dec 31, 2015
In Michael Jackson voice "You are not alone Nigeria" I don't blame Buhari for the current economic woes but I will blame him for his attitude towards the nosedive. This is the time I had expected him to pump money into the capital angle of the budget so as to create enabling environmen to diversify the economy but instead he choose to use #3B to buy BMW cars thereby sending already scarce forex awol. 2019 please be fast.

21 Likes 1 Share

Re: 5 Countries Crushed By Oil Price Collapse - CNN by Pavore9: 6:17am On Dec 31, 2015
It is just for us to harness other sectors. It is sad to think we had 16 years to avoid this present situation but oyel money was too sweet that it beclouded sound judgement!

1 Like

Re: 5 Countries Crushed By Oil Price Collapse - CNN by Asiwaju9ja(m): 6:22am On Dec 31, 2015
People don't understand the situation Buhari inherited. I hope this will shed some light on the situation and let them know that we are not alone in the mess.

The oil money was being looted and wasted by previous governments. Now there's is no money to loot neither to waste. This is a very hard times for the present Government to manage.

With this in mind, lets see how the government will steer us out of these turbulent waters

35 Likes

Re: 5 Countries Crushed By Oil Price Collapse - CNN by ril19(m): 6:23am On Dec 31, 2015
coolcharm:
Hmm.. this is bullshit! This guy's surely don't have nice words for us. The next four years will shame them as they watch us diversify our economy tongue

we have the resources and the capacity to achieve self sustainability, and it's a good thing we are looking inwards now.


"we have the resources and capacity"


DO YOU HAVE GOOD LEADERS?

17 Likes 1 Share

Re: 5 Countries Crushed By Oil Price Collapse - CNN by juddexy2(m): 6:34am On Dec 31, 2015
In Taiwo Oyedele's Voice, 'we didn't move away from Oil rather it moved away from us'

We are moving closer to Cashew exports, Solid Minerals exploration, Cocoa, cassava produce, I believe Nigeria would be great

23 Likes 1 Share

Re: 5 Countries Crushed By Oil Price Collapse - CNN by Nzepresh(f): 6:40am On Dec 31, 2015
...fuel and power cut.
Case of someone suffering in the mist of plenty.
I thought Buhari said he will stablize world oil price?

6 Likes 1 Share

Re: 5 Countries Crushed By Oil Price Collapse - CNN by Nzepresh(f): 6:41am On Dec 31, 2015
...fuel and power cut.
Case of someone suffering in the mist of plenty.
I thought Buhari said he will stablize world oil price?

1 Like 1 Share

Re: 5 Countries Crushed By Oil Price Collapse - CNN by babyfaceafrica: 6:53am On Dec 31, 2015
Nigeria will overcome

5 Likes 1 Share

Re: 5 Countries Crushed By Oil Price Collapse - CNN by mccoy47(m): 7:08am On Dec 31, 2015
Life is filled with ups and down. WE SHAL OVERCOME!

5 Likes

Re: 5 Countries Crushed By Oil Price Collapse - CNN by Geesarki(m): 7:14am On Dec 31, 2015
khassy:
Venezuela...opposition won and oil prices fell

Nigeria....opposition won and oil prices fell



Okay...

undecidedundecided

Oil prices started falling since 2014, remember Rev Father Mbaka's sermon...."when gej touches our oil, d price drops. Gudlock means badlock". Dont deceiv urself guy.

7 Likes

Re: 5 Countries Crushed By Oil Price Collapse - CNN by Nobody: 7:19am On Dec 31, 2015
And we budgeted 38 billion to oil exploration in the lake Chad basin next year. Shouldn't we have put the money elsewhere and watch the oil price and market for next year? We already have too much oil than needed by our buyers. Many vessels are laden with oil and waiting for buyers.

PMB has embarked on his own waste, albeit discreetly. Ttrying to make the north an oil producing region by hook or crook is not the way to go for now.

26 Likes 3 Shares

Re: 5 Countries Crushed By Oil Price Collapse - CNN by Afrocatalyst: 7:22am On Dec 31, 2015
All things are possible to them that believe. And faith without works is dead.

How many of us are already investing in agriculture? Or we would rather the government do everything?

Diversification is all man's business. Not empty words without action.

If you have a plot of land,start farming. If its 100 acres,start farming. Stop building only houses on every property. Source for special types of agriculture you can do to maximise your assets.

Things can turn around greatly in two years time but not through gossips and empty words or celebrity bashing but by going to work where it matters.

Visit the agric sector more to learn more than trolling celebrities on twitter or fb. Search videos on YouTube and watch modern ways to do things and 'how tos'. We all can put hands together and lift this great country beyond the expectations of the world and see it soar in two years time maximum.

29 Likes 4 Shares

Re: 5 Countries Crushed By Oil Price Collapse - CNN by acenazt: 7:24am On Dec 31, 2015
This oil wahala is a blessing in disguise,i believe it will push our minds into the reality. We have tons of resources including land and labour so let's explore.

5 Likes 1 Share

Re: 5 Countries Crushed By Oil Price Collapse - CNN by Nobody: 7:26am On Dec 31, 2015
Jonathan is responsible because according to Buhari, he (Jonathan) personally authorized the CBN to release $40bn to someone in his cabinet.

Jonathan sef angry

6 Likes

Re: 5 Countries Crushed By Oil Price Collapse - CNN by cocoberry(f): 7:26am On Dec 31, 2015
3 Nigeria

Africa's biggest oil producer is in trouble. Oil accounts for roughly 75% of Nigeria's government revenue, and almost 90% of the country's exports.
The plunge in oil prices has left the government unable to pay its bills. Local media reported that in some regions, state employees haven't received salaries in months.
The country is suffering from power cuts and fuel shortages.
*Hmmm* 9ja my beloved country it's well in d OIL WELL

1 Like

Re: 5 Countries Crushed By Oil Price Collapse - CNN by publicenemy(m): 7:27am On Dec 31, 2015
coolcharm:
Hmm.. this is bullshit! This guy's surely don't have nice words for us. The next four years will shame them as they watch us diversify our economy tongue

we have the resources and the capacity to achieve self sustainability, and it's a good thing we are looking inwards now.

Every word said about Nigeria in that post is absolutely right. Stop being sentimental.

khassy:
Venezuela...opposition won and oil prices fell

Nigeria....opposition won and oil prices fell



Okay...

undecidedundecided

I can't believe there are still Fools like these in Nigeria.

6 Likes 1 Share

Re: 5 Countries Crushed By Oil Price Collapse - CNN by oluseyiforjesus(m): 7:27am On Dec 31, 2015
I Blame Goodluck
Wailers I ve prepared Breakfast
Re: 5 Countries Crushed By Oil Price Collapse - CNN by 20bc(m): 7:27am On Dec 31, 2015
Chai our oyel.....













I repeat am their father........
Re: 5 Countries Crushed By Oil Price Collapse - CNN by oluseyiforjesus(m): 7:27am On Dec 31, 2015
publicenemy:
Hju
meaning Sir

1 Like

Re: 5 Countries Crushed By Oil Price Collapse - CNN by missionmex(m): 7:28am On Dec 31, 2015
It shall be well.
Re: 5 Countries Crushed By Oil Price Collapse - CNN by 1miccza: 7:28am On Dec 31, 2015
juddexy2:
In Taiwo Oyedele's Voice, 'we didn't move away from Oil rather it moved away from us'

We are moving closer to Cashew exports, Solid Minerals exploration, Cocoa, cassava produce, I believe Nigeria would be great

Yeeeesss oooo

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