zuby4real10:
is now that that i have started seeing the benefits of buhari visiting OPEC countries. This man really get sense. God bless PMB. God bless Nigeria. God bless all nairalanders.

Only big idiots dont understand the effect of the OPEC cartel on oil prices. Some empty PDP young people were throwing O level economics at me when i said that Nigeria as the weak link in OPEC can by making noise and intense networking within the body can fight for a 10 dollar price difference. Some even said Buhari was "dumb " not to have realised that demand was the driver for oil price... LOL. Childishly anateurish thinking. The current price decrease is not just Shale oil, it is market share and unilateral action on the part if Saudi Arabia to destroy Iran's market entry.

Also a lot if countries have been lying about their costs of production and PDP kids have been taking the lies to abuse the President. Iran said they can produce oil at something less than 5 dollars per barrels, Saudis at 5 dollars pet barrel but Nigerian oil producers claim they will be producing at a loss if oil falls to 30 dollars.

The truth is Nigerias production is currently the lowest in OPEC with the dollar at 198 Naira. Nigerias oil is mostly natural pressure driven, no sulfur, no need to heat the oil to flow.
The only companies that are in trouble are Nigerian oil companies that took bank loans to buy assets of Shell. At very low oil prices they will have some problems servicing and paying off their loans. The industry cost of priduction in Nigeria can be as low as the operators want to make it.