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Crude Oil Will Soon Sell For $50 Per Barrel – Kachikwu - Politics (3) - Nairaland

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FG Warns Niger Delta Youths - Oil Will Dry, Prepare For The Future / Crude Oil Hits $50 Per Barrel. Nigeria not Benefitting / What Okonjo-Iweala Said When Oil Was $76 Per Barrel (Flash Back) (2) (3) (4)

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Re: Crude Oil Will Soon Sell For $50 Per Barrel – Kachikwu by Chigold101(m): 5:39am On Mar 01, 2016
Adaowerri111:
I can see everything turning around, buhari's never say die attitude was what we really needed
i am happy for you but...
Why is buhari never say die attitude working in our agriculture.
I thought wisdom should have made buhari to put more effort in divercfying our economy that putting all energy in crude oil increase.
Buhari just pay lip service to agriculture &minning while all he thinks is how to increase the price of crude oil.
I thought the tumbling of oil price would have been a key to develope other sectors and move nigeria away from mono economy.
Too bad that laziness is rulling supreme at Aso Rock

2 Likes

Re: Crude Oil Will Soon Sell For $50 Per Barrel – Kachikwu by ddippset(m): 6:01am On Mar 01, 2016
LordAdam:


I believe we have spent the better part of 7 months blaming people that embezzled money. That is a stale story and apparently it was the reason why Buhari was elected.

The dearth of current economic recession is 70% caused by Buhari's inaction. His continued inaction will be the reason why we would fall to the abyss if June 2016 does not pose good news for global oil price. I'm optimistic, but the truth must be said. Let Buhari start making hay when the sun shines. Nigerians are slowly losing all confidence in him. Rather than gamble completely with the June OPEC meeting, he should set measures in place to protect the Nigerian economy in case things go south.

You cannot blame GEJ for not planning well in advance for bullish periods (even though it wasn't entirely his fault), and then absolve Buhari for again failing to plan well in advance of what may be a worse bullish period.

The same way people blame GEJ for not saving enough, people will blame Buhari for not doing enough to stem an economic recession when he could.

Again, I am not a prophet of doom, and I think there is a 75% chance OPEC will make a production cut deal on or before June 2016. However, we must also make provisions should the worst happen.

-Lord
yeah let's forget about the past and not blame gej or anyone. But the non appointment of ministers though, shouldn't that belong in the past too? I think it should! We depend on oil for 95% of our economy, even a team of the best economists and financial experts in the world could never have salvaged this situation in 9 months. Buhari might have promised a lot, but he aint got no magic wand! What we need to do now is encourage and support, not blame anyone ; gej for supervising the astronimical looting of our funds and buhari for failing to appoint ministers because like you rightly said, they are all in the past.
Re: Crude Oil Will Soon Sell For $50 Per Barrel – Kachikwu by 989900: 6:32am On Mar 01, 2016
Buhari is truly an old soldier, a relentlessly gallant general, for going around all those countries at this old age, pushing for this country . . . energizing all those around him (Kachikwu, Magu, Ali, and co.) #respect

A few of us can see the fruits all the hardwork will bear, some people can't, and I don't blame them for their limitation of sight either, but very soon we'll all see and appreciate the effort, sincerity of purpose, energy, blood, sweat and sleeplessness, put in by this old man -- this is a man with a point to prove, a legacy to lay.

We may not all agree at all times with his decisions and policies, but I can't fault his patriotism -- it's incomparable!
Re: Crude Oil Will Soon Sell For $50 Per Barrel – Kachikwu by hustla(m): 6:37am On Mar 01, 2016
Ofodirinwa:
This man is an slowpoke. The price is low because the US has more oil than both Saudi and Russia and is no longer importing the way it used to. Soon they will even export adding to world over supply. The US is no longer interested in foreign oil. They can freeze whatever they want to freeze the price will keep dropping as they find oil in new places here in the US.




And Iran?
Re: Crude Oil Will Soon Sell For $50 Per Barrel – Kachikwu by Validated: 7:24am On Mar 01, 2016
Stupid people!!! When you freeze production across OPEC, your production level also drops. You sell at $50 multiplied by your reduced production, you are on the same spot. Again, how would your $50 impact the shale oil producers in US and Canada? Have you considered that they would be buoyed into the market? How about the Iran angle? They would practically cripple OPEC. Kachickwu should stop spewing nonsense please. This is not a campaign year.

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Re: Crude Oil Will Soon Sell For $50 Per Barrel – Kachikwu by LordAdam: 8:12am On Mar 01, 2016
olalat:
He should act and do what exactly? Print dollar or naira? Buhari is on d right track. Lets all brace up 4 d challenges ahead.

Put in place working fiscal policies. He can set things in motion before the budget is passed after all he started ruling May (so he has half of the 2015 budget) and collected more money late last year (supplementary budget).

The only right track Buhari is on is to the right track to be stoned.

I started bracing for the challenges when GEJ lost. I'm well fortified against it, but I'm not sure about millions of Nigerians including your zombie ass. Give Buhari good advice now before it is too late.

-Lord
Re: Crude Oil Will Soon Sell For $50 Per Barrel – Kachikwu by LordAdam: 8:28am On Mar 01, 2016
ddippset:
yeah let's forget about the past and not blame gej or anyone. But the non appointment of ministers though, shouldn't that belong in the past too? I think it should! We depend on oil for 95% of our economy, even a team of the best economists and financial experts in the world could never have salvaged this situation in 9 months. Buhari might have promised a lot, but he aint got no magic wand! What we need to do now is encourage and support, not blame anyone ; gej for supervising the astronimical looting of our funds and buhari for failing to appoint ministers because like you rightly said, they are all in the past.

So he knew he did no have a magic wand and he was promising heaven and earth.

A team of the best economists and financial experts in the world could have salvaged our situation in 6 months. Nobody is asking him to reverse the tide of the economy, we all are saying, stem the tide. If he cannot stop the fall, then he is a complete dullar.dinho!

I will continue to blame Buhari for failing to appoint ministers, if you still want to blame GEJ, by all means do so. But when the chips are down, the current president of Nigeria is Buhari, so the bulk rests on his table. 180 million Nigerians will blame him for the rot he leaves. The same way 180 (-12 million that voted for GEJ) blamed GEJ prior to the elections for the state of the nation even though the rot had started way before him.

Buhari can still change the perception and record of his government, but he has to act quick. I wish him the best, but make no mistake I will point out his failures from the mountain top and place the blames squarely on him.

-Lord

1 Like

Re: Crude Oil Will Soon Sell For $50 Per Barrel – Kachikwu by ddippset(m): 8:35am On Mar 01, 2016
LordAdam:


So he knew he did no have a magic wand and he was promising heaven and earth.

A team of the best economists and financial experts in the world could have salvaged our situation in 6 months. Nobody is asking him to reverse the tide of the economy, we all are saying, stem the tide. If he cannot stop the fall, then he is a complete President Buhari!

I will continue to blame Buhari for failing to appoint ministers, if you still want to blame GEJ, by all means do so. But when the chips are down, the current president of Nigeria is Buhari, so the bulk rests on his table. 180 million Nigerians will blame him for the rot he leaves. The same way 180 (-12 million that voted for GEJ) blamed GEJ prior to the elections for the state of the nation even though the rot had started way before him.

Buhari can still change the perception and record of his government, but he has to act quick. I wish him the best, but make no mistake I will point out his failures from the mountain top and place the blames squarely on him.

-Lord
there's no politician who doesn't make and fail promises. At least in our dear Nigeria. Gej and the pdp broke tens of promises. Buhari will salvage the economy, but as long as the oil price remains down, its going to take a lot of time and patience
Re: Crude Oil Will Soon Sell For $50 Per Barrel – Kachikwu by ddippset(m): 8:37am On Mar 01, 2016
989900:
Buhari is truly an old soldier, a relentlessly gallant general, for going around all those countries at this old age, pushing for this country . . . energizing all those around him (Kachikwu, Magu, Ali, and co.) #respect

A few of us can see the fruits all the hardwork will bear, some people can't, and I don't blame them for their limitation of sight either, but very soon we'll all see and appreciate the effort, sincerity of purpose, energy, blood, sweat and sleeplessness, put in by this old man -- this is a man with a point to prove, a legacy to lay.

We may not all agree at all times with his decisions and policies, but I can't fault his patriotism -- it's incomparable!
trust me alot of people would not see, they are still reeling from their loss.

2 Likes

Re: Crude Oil Will Soon Sell For $50 Per Barrel – Kachikwu by kunlesmiles(m): 8:50am On Mar 01, 2016
Ofodirinwa:
This man is an slowpoke. The price is low because the US has more oil than both Saudi and Russia and is no longer importing the way it used to. Soon they will even export adding to world over supply. The US is no longer interested in foreign oil. They can freeze whatever they want to freeze the price will keep dropping as they find oil in new places here in the US.
don't know where you got your stat from,but Saudi Arabia as the largest crude oil production and exportation volume,it's scandalous for you to say US as more crude oil than Saudi and Russia combine,US only top the chart wen it comes to NATURAL GAS and BIO-FUEL,dont misinform the general public please.

1 Like

Re: Crude Oil Will Soon Sell For $50 Per Barrel – Kachikwu by LordAdam: 8:56am On Mar 01, 2016
ddippset:
there's no politician who doesn't make and fail promises. At least in our dear Nigeria. Gej and the pdp broke tens of promises. Buhari will salvage the economy, but as long as the oil price remains down, its going to take a lot of time and patience

APC did not sell Buhari as a politician. Buhari was sold as an elder statesman, past general, and a man of integrity. Everything that a pot-belly politician is not.

So, a man of integrity cannot make and fail promises. It is wrong on all fronts. It is either he makes promises he can fulfill or not make promises at all and do more than is expected. I would have preferred the latter, but alas APC/Buhari were too desperate that they chose the former.

Buhari does not need increased fuel price to salvage the economy. Nigeria still makes profit from the sale of oil and even our output of oil has increased. Let him do one before doing two. First stop the fall, then stabilize the economy, then make the economy grow.

Right now, he is not even thinking about this as a process, he lacks direction.

-Lord

2 Likes

Re: Crude Oil Will Soon Sell For $50 Per Barrel – Kachikwu by kunlesmiles(m): 9:15am On Mar 01, 2016
InwehAkpevwe:
Even at $50 per barrel... The Nigeria economy has to be diversified. My 2 kobo
agreed,but we need money to diversify,technology needed to diversify will nt fall from heaven.
Re: Crude Oil Will Soon Sell For $50 Per Barrel – Kachikwu by omohayek: 9:45am On Mar 01, 2016
kunlesmiles:
agreed,but we need money to diversify,technology needed to diversify will nt fall from heaven.

That's where foreign direct investment comes in. Too bad Buhari seems to be trying his best to chase it away!
Re: Crude Oil Will Soon Sell For $50 Per Barrel – Kachikwu by kunlesmiles(m): 10:10am On Mar 01, 2016
omohayek:


That's where foreign direct investment comes in. Too bad Buhari seems to be trying his best to chase it away!
I quite agree wit u,but also Av my reservations,past governments tried d foreign direct investment policy,by privatising some government institutions. E.g Ajaokuta steel,but Notyn came out of it,wud rather suggest dat d present administration gets long term loan,and invest it in solid minerals and agriculture,once investors see hw viable those sectors are,dey will key into those sectors,d government can't jst leave everytyn In d hands of d private sector,d government as to b a players else will we be sucked dry by d so called "foreign investors"
Re: Crude Oil Will Soon Sell For $50 Per Barrel – Kachikwu by olalat(m): 10:24am On Mar 01, 2016
Pls, whats fiscal policy? School me a little abt it. You call someone zombie while u need ur head checked. Many of you, who can nt identify d source of our present economic predicament will jst come on internet nd be typing rubbish. Can u even tell me d literary meaning of policy? Do u think a reasonable govt will allow importation of all sorts of rubbish into d country? What do u know?
LordAdam:


Put in place working fiscal policies. He can set things in motion before the budget is passed after all he started ruling May (so he has half of the 2015 budget) and collected more money late last year (supplementary budget).

The only right track Buhari is on is to the right track to be stoned.

I started bracing for the challenges when GEJ lost. I'm well fortified against it, but I'm not sure about millions of Nigerians including your zombie ass. Give Buhari good advice now before it is too late.

-Lord
Re: Crude Oil Will Soon Sell For $50 Per Barrel – Kachikwu by LordAdam: 10:51am On Mar 01, 2016
olalat:
Pls, whats fiscal policy? School me a little abt it. You call someone zombie while u need ur head checked. Many of you, who can nt identify d source of our present economic predicament will jst come on internet nd be typing rubbish. Can u even tell me d literary meaning of policy? Do u think a reasonable govt will allow importation of all sorts of rubbish into d country? What do u know?

Waste of time to reply you.

The importation that was stopped was a monetary policy by the CBN because of dollar shortage.

The dull.ard did not even impose a working fiscal importation policy, rather Buhari lifted bans placed by GEJ on textiles and furniture when he became president in June 2015.

Now you know your own messiah allowed the importation of all sorts of rubbish into the country, when the former better government banned such rubbish from getting in.

Going by your statement, the stupid government of Buhari is "not reasonable". Now, if I lay a curse on you for voting out a reasonable government and voting in an unreasonable government, you will start returning insults, when you truly deserve one.

But there you have it.

I may not know everything, but I certainly know more than you do. Thus making my support of GEJ a more enlightened and far better choice than your support of Buhari.

But the elections are over and Buhari won because we have a surplus of your unintelligent zombie minds in the country. Please, ask Buhari to make good fiscal policies before it is too late ooo. Nobody is dragging the seat with him. He is C-in-C. If he does not perform, we will have to woop his ass and that of your party come 2019. The time to act is now.

-Lord

1 Like

Re: Crude Oil Will Soon Sell For $50 Per Barrel – Kachikwu by InwehAkpevwe(m): 12:31pm On Mar 01, 2016
kunlesmiles:
agreed,but we need money to diversify,technology needed to diversify will nt fall from heaven.
... True talk...
Re: Crude Oil Will Soon Sell For $50 Per Barrel – Kachikwu by olalat(m): 1:40pm On Mar 01, 2016
U neva ans my question. Whats meant by policy? Whats fiscal? Simple. Whats is d course of d present economic realities we face in d country? Pls enlighten me.
LordAdam:


Waste of time to reply you.

The importation that was stopped was a monetary policy by the CBN because of dollar shortage.

The dull.ard did not even impose a working fiscal importation policy, rather Buhari lifted bans placed by GEJ on textiles and furniture when he became president in June 2015.

Now you know your own messiah allowed the importation of all sorts of rubbish into the country, when the former better government banned such rubbish from getting in.

Going by your statement, the stupid government of Buhari is "not reasonable". Now, if I lay a curse on you for voting out a reasonable government and voting in an unreasonable government, you will start returning insults, when you truly deserve one.

But there you have it.

I may not know everything, but I certainly know more than you do. Thus making my support of GEJ a more enlightened and far better choice than your support of Buhari.

But the elections are over and Buhari won because we have a surplus of your unintelligent zombie minds in the country. Please, ask Buhari to make good fiscal policies before it is too late ooo. Nobody is dragging the seat with him. He is C-in-C. If he does not perform, we will have to woop his ass and that of your party come 2019. The time to act is now.

-Lord
Re: Crude Oil Will Soon Sell For $50 Per Barrel – Kachikwu by H2Ossss(m): 4:49pm On Mar 01, 2016
Ofodirinwa:
This man is an slowpoke. The price is low because the US has more oil than both Saudi and Russia and is no longer importing the way it used to. Soon they will even export adding to world over supply. The US is no longer interested in foreign oil. They can freeze whatever they want to freeze the price will keep dropping as they find oil in new places here in the US.

u are quite wrong bro... get total facts not just 1 part of it before commenting.
Re: Crude Oil Will Soon Sell For $50 Per Barrel – Kachikwu by H2Ossss(m): 4:53pm On Mar 01, 2016
Ofodirinwa:
This man is an slowpoke. The price is low because the US has more oil than both Saudi and Russia and is no longer importing the way it used to. Soon they will even export adding to world over supply. The US is no longer interested in foreign oil. They can freeze whatever they want to freeze the price will keep dropping as they find oil in new places here in the US.

besides... us oil is mainly shale oil and its quality cant be compared to that of saudi and nigeria... tot saudi was the largest producer of oil.... usa hav more oil dan saudi? not sure about that but cant conclude.
Re: Crude Oil Will Soon Sell For $50 Per Barrel – Kachikwu by opribo(m): 6:31pm On Mar 01, 2016
Mike008:


I'll nominate you as minister if I get the chance. You seem to know better.

Of course yes, common sense has clearly shown that this a global challenge rather than hope why not look around you and inwards too for an answer
For example if we produce locally for pur home use won't that solve some foreign exchange issue, if we lay off old cargos and dead woods from the system won't help, if we encourage private sector participation wont that help, if we engage real technocrats to drive the industry won't we move forward.
When I get there I bet you things will change. This ain't rocket science its just van understanding of the situation that matters.
Re: Crude Oil Will Soon Sell For $50 Per Barrel – Kachikwu by lionshare: 6:49pm On Mar 01, 2016
I guess Kachukwu's sources are oblivious of current happenings. It will only be a pipe dream for anyone to expect Iran not to flood the market, these guys have been sanctioned for too long and now you want them to impose another sanction on themselves, even oil per barrell goes less than $15 they will still be better off than they were prior to the lifting of the sanction. Btw, there's a supremacy battle btw Saudi and Iran atm...
Re: Crude Oil Will Soon Sell For $50 Per Barrel – Kachikwu by Ofodirinwa: 7:45pm On Mar 01, 2016
H2Ossss:


besides... us oil is mainly shale oil and its quality cant be compared to that of saudi and nigeria... tot saudi was the largest producer of oil.... usa hav more oil dan saudi? not sure about that but cant conclude.


things have changed

1 Like

Re: Crude Oil Will Soon Sell For $50 Per Barrel – Kachikwu by Ofodirinwa: 7:47pm On Mar 01, 2016
Oil Exec Says US Has More
Oil And Gas Than Saudi
Arabia...In Alaska



The United States has more oil reserves than Saudi Arabia but this happy though shocking information has been covered up for years.

The wells have been drilled, it's merely a matter of turning on the faucets to supply America's needs for 200 years.
http://www.rense.com/general9/alask.htm
Re: Crude Oil Will Soon Sell For $50 Per Barrel – Kachikwu by 989900: 8:01pm On Mar 01, 2016
I think you guys need to distinguish between oil reserves and oil production.

Oil reserves: 1. Venezuela. 2. Saudi. 3. Canada. 4. Iran. 9. Libya. 10. Nigeria. 11. U.S.A

Oil Production (gas and all associated liquids): 1. U.S.A. 2. Saudi. 3. Russia. 4. Canada. 5. China. 12. Venezuela. 13. Nigeria.

P.S. Things change, these are not constants; they change. #fluid.

Re: Crude Oil Will Soon Sell For $50 Per Barrel – Kachikwu by 989900: 8:16pm On Mar 01, 2016
If there is an agreed freeze involving, Russia and OPEC, regardless of Iran, USA, and what have you, prices will definitely go up, by how much, no one knows though.
Re: Crude Oil Will Soon Sell For $50 Per Barrel – Kachikwu by ddippset(m): 9:13am On Mar 02, 2016
LordAdam:


APC did not sell Buhari as a politician. Buhari was sold as an elder statesman, past general, and a man of integrity. Everything that a pot-belly politician is not.

So, a man of integrity cannot make and fail promises. It is wrong on all fronts. It is either he makes promises he can fulfill or not make promises at all and do more than is expected. I would have preferred the latter, but alas APC/Buhari were too desperate that they chose the former.

Buhari does not need increased fuel price to salvage the economy. Nigeria still makes profit from the sale of oil and even our output of oil has increased. Let him do one before doing two. First stop the fall, then stabilize the economy, then make the economy grow.

Right now, he is not even thinking about this as a process, he lacks direction.

-Lord
APC did not sell Buhari as a politician!!! That's what you choose to believe, perhaps in your naivety. Politics is for politicians. Buhari accounted for some of apc's votes, osinbajo accounted for some, Tinubu accounted for some, and so many others! It wasnt about Buhari alone! Also, no man exists anywhere who couldn't break a promise. One of the most credible men I could think of was Nelson Mandela. He would break a promise if it was no longer feasible, even if he made that promise sincerely at a time the promise was very work able. Only one man would never break a promise. That man is God(for those who believe in God). And how would you know if buhari isnt doing anything to salvage the economy? You seem to have a know-it-all mentality. Buhari doesn't know the economy more than his economic advisors, Mr Godwin Emefiele and Madam Kemi Adeosun. And I put it on my life that Lord Adam doesn't more than them either! Buhari has mandated them to fix the system. Let them do their job, and stop trying to teach them!
Re: Crude Oil Will Soon Sell For $50 Per Barrel – Kachikwu by Zieristclair(m): 6:02pm On Mar 03, 2016
Ofodirinwa:
This man is an slowpoke. The price is low because the US has more oil than both Saudi and Russia and is no longer importing the way it used to. Soon they will even export adding to world over supply. The US is no longer interested in foreign oil. They can freeze whatever they want to freeze the price will keep dropping as they find oil in new places here in the US.
don't sound so overconfident. there are buyers all over the globe. take for instance, India, Japan and China.these countries' economic activities are on a steady rise with their population and their respective populations' purchasing power are on a faster increase than decades ago. all these things,my friend tend to increase energy consumption in these countries. the US is just playing an economics games with the rest of the world. by the way may I ask you, where do you think China gets its oil from, the US or the middle east?
Re: Crude Oil Will Soon Sell For $50 Per Barrel – Kachikwu by Ofodirinwa: 6:59am On Mar 04, 2016
Zieristclair:

don't sound so overconfident. there are buyers all over the globe. take for instance, India, Japan and China.these countries' economic activities are on a steady rise with their population and their respective populations' purchasing power are on a faster increase than decades ago. all these things,my friend tend to increase energy consumption in these countries. the US is just playing an economics games with the rest of the world. by the way may I ask you, where do you think China gets its oil from, the US or the middle east?

The US isn't playing games. The US economy gains from cheap oil and loses from expensive oil. Now that the US has the power over drilling, it's not going to let that go.

You should also know that technology has changed. US technology allows them to drill the output of a small middle eastern nation using a computer, 2 pipes, some water, some sand and 1 man. The reason it's so cheap isn't because of supply, but how easy it is to get out of the ground for the US because no matter how low it is per barrel they're still making a profit.


the US consumes 5x more oil than india. Infact China Japan and India combine don't equate US oil consumption.
[img]http://econographics.files./2012/11/oil-consumption-as-percentage-of-world-total.jpg[/img]

What makes it worst is China now has the same technology as the US and will start drilling its own cost free oil soon.
Iran is also going to re-enter the market

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