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Nairaland Forum / Nairaland / General / Business / Nigeria’s Oil Fields Face Shutdown Amid Price Slump (26141 Views)
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Re: Nigeria’s Oil Fields Face Shutdown Amid Price Slump by kingjoo: 10:12am On Jan 19, 2016 |
bezimo:To buy an oil block requires so much money, but to own a simple farm isn't that much costly. at least you can start from there. My advice to all of us is start to look inward. We have the potentials just that wet aren't seeing it yet. |
Re: Nigeria’s Oil Fields Face Shutdown Amid Price Slump by Nobody: 10:17am On Jan 19, 2016 |
The price of oil will eventually stabilize either as a result of market forces or as a result of artificial pegging by concerned nations...be as it may, the oil boom is over; the glut in production and current socio political trends will ensure that oil will never be the same again...It's time to diversify big time |
Re: Nigeria’s Oil Fields Face Shutdown Amid Price Slump by sweettinz20(m): 10:23am On Jan 19, 2016 |
is osun the only state in nigeria na wa o,the only solution to nigeria problems is division, nigeria is 2 tribalistic for any improvement ,even if the oil prices go up again even buhari trusted people will loot, people we keep on talking when you hate your fellow man and don't wish for him to progress, a divide nigeria will bring about the light and an end to blame games , protection of corrupt politician, everyone will have no one to blame but themselves. Ask what you can do for your country and not what your country can do for you ,but in the case of nigeria there is no country ,just different tribes joined together by force not by choice that is y nigeria is not a country. I stand for the #liberation of the yoruba race. |
Re: Nigeria’s Oil Fields Face Shutdown Amid Price Slump by hahn(m): 10:23am On Jan 19, 2016 |
BLWeb: Nice idea. I think the government should give out loans and own 1% shares of each business raised. If they can sponsor 10,000 businesses within 10 years, the government will have constant cash flow from these business that will serve as an alternative source of income on it's own. Unfortunately, our politicians have proven over time that they are not too smart |
Re: Nigeria’s Oil Fields Face Shutdown Amid Price Slump by Dee60: 10:25am On Jan 19, 2016 |
dekins: The cost of diversification in Nigeria is too high and that is why it is hardly hapenning. Nigerians dont need preaching. They will invest wherever it is worthwhile doing so. Our economy and GDP are fueled by oil and gas, banking and telcos. Bank shares make up more than 50pct of our stock market. That makes us a land of speculators. The cost of everything is too high. The cost of acquiring farmland is too high. If you get a cheap land the cost of securing it is then too high. Who wants to go far in the bush and risk being taken by the nomads? Go to south east and the north and see how cattle rearers, crop farmers are making losses due to robbery and kidnapping. Nigerians do not need preaching. Nigerians are smart and will work where they know there are profits. Secure the land. Find how to bring down the cost of everything. Create an enabling environment. 99% of this lay squarely with the FG to do. 4 Likes |
Re: Nigeria’s Oil Fields Face Shutdown Amid Price Slump by jpphilips(m): 10:29am On Jan 19, 2016 |
Bevista: You are right about Saudi, they can pump for as low as $10/bbl, likewise Kuwait and Iraq can pump for near low prices, yet most of them are OPEC members, it is clear that the interest of OPEC member states are no longer synchronized. Saudi happens to be the highest OPEC producer, like the others who have low production cost will likely favour market share over falling prices hence will refuse to act, conversely, Nigeria as a member has a relatively higher production cost with a resultant budget deficit will likely favour a higher price over market share. I strongly believe that the common ground for all parties will be for OPEC to increase its market influence before cutting down production. The US has dropped about 82,000bbls which is a clear sign that most of its Shale oil fields are no longer profitable. OPEC members who are hard hit should woo more countries to join, if OPEC controls over 60% of the world's Total output, then a significant production cut will drive up prices while keeping market shares in tact. 3 Likes |
Re: Nigeria’s Oil Fields Face Shutdown Amid Price Slump by Nobody: 10:31am On Jan 19, 2016 |
bezimo:it will go up for a short time and then starts coming down again because production will keep increasing as we experienced. The thing is, there are more discoveries, more countries are now crude producers. It's not about OPEC alone now. It's about every oil producing country. |
Re: Nigeria’s Oil Fields Face Shutdown Amid Price Slump by Nobody: 10:31am On Jan 19, 2016 |
Pesuzok:it's about proper negotiation. Aside Russia, how many of these countries are complaining as much as we are? With the country's present situation and OPEC's interest. It's best to negotiate properly and cut production. OPEC is already doing more than the 30M quota. What's the point of the institution if they cannot regulate price. |
Re: Nigeria’s Oil Fields Face Shutdown Amid Price Slump by Nobody: 10:31am On Jan 19, 2016 |
bezimo:it will go up for a short time and then starts coming down again because production will keep increasing as we experienced. The thing is, there are more discoveries, more countries are now crude producers. It's not about OPEC alone now. It's about every oil producing country. |
Re: Nigeria’s Oil Fields Face Shutdown Amid Price Slump by stilljigga: 10:35am On Jan 19, 2016 |
bezimo: Opec refused to cut down supply which increases oil prices is because of the presence of US shale oil. US is pushing the shale oil. Traditionally, what OPEC does is to cut down supply to allow prices to go up. However, the threat is that cutting down oil supply will make us shale oil to boom because crude oil prices will go up which will eventually lead to the demand of Us cheap shale oil and then lead to high demand for shale oil. Saudi Arabia and Opec's plan is to kick US shale oil out of the market or make the demand for shale oil low as it used to be. when the prices is low for both us shale oil and crude oil, demand for OPEC'S Crude oil will be higher and will eventually phase out us shale oil. In addition, Sanctions against Iran has been lifted and they will eventually enter the world market making excess supply of crude oil and cheaper prices. The ultimate goal of opec is to phase out us shale oil. How ? when OPEC'S crude oil are in excess, the demand for shale oil will drop and demand for crude oil will increase......etc 3 Likes |
Re: Nigeria’s Oil Fields Face Shutdown Amid Price Slump by jpphilips(m): 10:38am On Jan 19, 2016 |
bezimo: OPEC requires a significant control of world's oil output for a cut back to be effective, for now, their 40% control isn't significant enough hence any cut will sacrifice their market share, not in OPEC's interest yet to cut back production. it's a two prong approach while your sinister way of cutting production may be considered by some desperate countries, it is imperative to know that higher industrial activities will trigger an increased demand, hence an improved price. Are you by any chance related to Lucifer? 3 Likes |
Re: Nigeria’s Oil Fields Face Shutdown Amid Price Slump by BlackMerchant(m): 10:45am On Jan 19, 2016 |
ShowYourCertificate: You call PMB clueless for searching for oil in Lake Chad? Yet, previous governments had made this their priority, including "Hero" Jonathan. |
Re: Nigeria’s Oil Fields Face Shutdown Amid Price Slump by perrychemical: 10:50am On Jan 19, 2016 |
ShowYourCertificate:It is quite unfortunate that we have a good leader at this period of falling in crude oil price. One question I kept on asking myself is when are we going to be matured politically in this country. Our clueless, educated PhD holder's president was not magnanimous with our economy, he had all the money to throw around, but could not add any sustainable growth to our economy. He ended up in reducing our foreign reserved that would have been useful in this hash economic condition we found ourself. I wondered why Jonathan could not contribute anything to our reserved, despite oil price was at all record high during his administration. It is not a rocket science, this administration is actually suffering from the economic mismanagement during Jonathan. PMB has the will to develops our institution, but the resources available required proper management. This of course will take time before they can get it right. Running an import dependent economy with alreadydepleting foreign reserved and serious fall in the price of crude will definitely put much pressure on naira. |
Re: Nigeria’s Oil Fields Face Shutdown Amid Price Slump by Onliie(m): 10:52am On Jan 19, 2016 |
Dem no give me job for oil company that time |
Re: Nigeria’s Oil Fields Face Shutdown Amid Price Slump by InvertedHammer: 10:56am On Jan 19, 2016 |
/ About 2 years ago, I warned the so-called oil companies' employees in Nigeria to cut back on their expenses and diversify their sources of income away from oil. Some catwaulers shot the advice down. Now the chicken has come home to roost. Thousands will be sequestered. The economic fundamentals are in shambles. Current prices of goods have not reflected the unbalanced exchange rates and when they do, the rate of inflation will be astronomical. It will get worse before it gets better. Strap on your seat belts for bumpy rides going forward. / 1 Like |
Re: Nigeria’s Oil Fields Face Shutdown Amid Price Slump by Austin234(m): 11:07am On Jan 19, 2016 |
U are a good speculator and economist. I chalenge our economic gurus in institution of higher learning to come up with best economic policies dat would benefit our dear nation in d long run bezimo: |
Re: Nigeria’s Oil Fields Face Shutdown Amid Price Slump by Nobody: 11:10am On Jan 19, 2016 |
aloeman15: Stolen arms deal funds will be recovered and used for the 2016 budget, Buhari will fight kwaruption and recover za money. |
Re: Nigeria’s Oil Fields Face Shutdown Amid Price Slump by ncolumella(m): 11:34am On Jan 19, 2016 |
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Re: Nigeria’s Oil Fields Face Shutdown Amid Price Slump by iaatmguy(m): 11:41am On Jan 19, 2016 |
Omeny:ok please enlighten us with your perspective |
Re: Nigeria’s Oil Fields Face Shutdown Amid Price Slump by Originalsly: 11:48am On Jan 19, 2016 |
Dangote is smiling ....ear to ear! He has a refinery. ....that's where the money is.... why should he even buy an oil block when the cost of producing crude oil is about the same as the selling price? Several crude oil companies abroad have shut down operations due to the low price. .... Saudi Arabia is making refirms...tightening it's belt to conserve in its financial reserves.... Nigeria needs to divest...real fast and forget about depending on crude to maintain the economy. |
Re: Nigeria’s Oil Fields Face Shutdown Amid Price Slump by ooshinibos: 12:10pm On Jan 19, 2016 |
The oil companies can use the previous big profits made in 2014 to balance up ... |
Re: Nigeria’s Oil Fields Face Shutdown Amid Price Slump by nwigwemark: 12:19pm On Jan 19, 2016 |
APC and their bad luck. Oil has never suffered like this since PDP has been in power, smelling APC. LET ME SEE WHERE TINUBU WILL LOOT FROM |
Re: Nigeria’s Oil Fields Face Shutdown Amid Price Slump by islandmoon: 12:20pm On Jan 19, 2016 |
Our Oyel ! Our Oyel!! Our Oyel!! am sure they wont read this! its now our cocoa!! |
Re: Nigeria’s Oil Fields Face Shutdown Amid Price Slump by princejayboss: 12:26pm On Jan 19, 2016 |
anigbajumo: The truth is that at the point we give young graduates chance thing will be better ..... I was shouting this for the past one year.... Even when PMB was promising the havens and I came to Nigeria during the election period ... I saw as people were buying those lies .... I cried for my nation... I said alot times that if Iran sanction got lifted that oil will hit all time low.... Some human being who went to school and studied physics like me was applauding mr president for budgeting billions in Chad basin oil exploration...... Well maybe the fight in Niger delta will benefit the world and the region.... Yes.... It will reduce our production... Increase the price the other side that I if Russia and Iran don't increase output while the militant groups makes more money ..... It's time to end all this old men from ruling.... Them all know nothing |
Re: Nigeria’s Oil Fields Face Shutdown Amid Price Slump by okpurukata(f): 12:29pm On Jan 19, 2016 |
Empredboy: Baba seems to always carry bad luck with him. As you rightly said, during his last regime, there was serious recession and the attendant hardship led to his ouster by IBB. I hope history does not Repeat itself. I now know there is a certain grace that goes with individuals. Our Bubu seems to have the negative one with him. |
Re: Nigeria’s Oil Fields Face Shutdown Amid Price Slump by princejayboss: 12:32pm On Jan 19, 2016 |
Originalsly: It's too late somehow.... The entire system is messed.... I was on three days trip to Venezuela.... This same problem with maduro ... The president of Venezuela... He was busy fight opposition while the economy crashed... They just declared them economic emergency..... That's what coming for Nigeria |
Re: Nigeria’s Oil Fields Face Shutdown Amid Price Slump by ikkkkk: 12:53pm On Jan 19, 2016 |
I will stable the price of crude oil- Buhari Oya President Buhari, Work don start ooo. Stop complaining and stabilize it now. its your campaign promise. |
Re: Nigeria’s Oil Fields Face Shutdown Amid Price Slump by jpphilips(m): 12:59pm On Jan 19, 2016 |
scachy: Naa calling you a wailer is an insult to wailers, you are a fvcktard, you have no idea how the real world works 2 Likes |
Re: Nigeria’s Oil Fields Face Shutdown Amid Price Slump by jpphilips(m): 1:05pm On Jan 19, 2016 |
bakynes: |
Re: Nigeria’s Oil Fields Face Shutdown Amid Price Slump by Omeny: 1:07pm On Jan 19, 2016 |
iaatmguy: Perspectives are numerous to mention! Go do ur research or ask enlightened pple around. Just try that boss! Or pray it falls to that level, then u will see and understand better! 1 Like |
Re: Nigeria’s Oil Fields Face Shutdown Amid Price Slump by Omeny: 1:09pm On Jan 19, 2016 |
Pesuzok: Reasons are numerous to state boss! Do ur own research or ask seasoned pple around to understand better! Or pray it falls to that level, then u will understand better! |
Re: Nigeria’s Oil Fields Face Shutdown Amid Price Slump by Omeny: 1:12pm On Jan 19, 2016 |
quote author=macklef post=42116769] U can do well to tell us d reasons since u obviously control oil fields urself[/quote] Guy? This is not a matter of ridicule Boss! Go do a little research in the crude Oil industry or ask seasoned pple around, then, U will get to know better! Or fast and pray it falls to that level,then you will understand! |
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