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Nairaland Forum / Nairaland / General / Politics / Nigeria Gains $22m From Bonny Light Crude In December (6055 Views)
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Nigeria Gains $22m From Bonny Light Crude In December by Truth234(m): 8:13am On Jan 31, 2017 |
The price of Nigeria’s Bonny Light crude oil was the second highest in December among members of the Organisation of the Petroleum Exporting Counties (OPEC), rising from $42.20 in November to $53.91 per barrel. This means the country gained about $11.71 per barrel in December. Nigeria therefore, may have added $22 million to its foreign exchange earnings when multiplied by current production of 1.9 million barrels per day in December. The gain also boosts Nigeria’s capacity to fund its N7.3 trillion 2017 budget, and if the gains continue, may reduce the dependence on external borrowings to fund the budget and other development projects. Besides, the World Bank expects oil prices to average $55/barrel in 2017, an increase of 29 per cent above the 2016 average price.Also, Global crude oil balances is expected to tighten through 2018, the United States Energy Information Administration (EIA) said last week in a statement. Analysis from OPEC reference basket revealed Abu Dhabi’s Murban crude oil as the only blend ahead of Bonny Light at the international market in December. Giving a full year analysis of the price movement, OPEC said the light sweet crude from West and North Africa’s Basket components, Saharan Blend, Es Sider, Girassol, Bonny Light and Gabon’s Rabi, gained $8.53, or 19.1 per cent, to $53.10 during the month under review. Speaking on rebalancing the oil market, the Secretary-Generals of OPEC, Muhammad Barkindo, said it is essential that all producers, both OPEC and non- OPEC, take coordinated action to return stability to the market. “This is not only vital for the short term, but the long term too, as our industry looks to fund investment in new exploration and production, arrest decline rates in existing fields, expand midstream and downstream capacity, and hire, train and support the people that will continue to drive this industry forward in the years ahead.” Meanwhile, the World Bank said in its Commodity Markets Outlook for 2017 released last Wednesday, that the increase largely reflects partial compliance to the recent agreement between OPEC and non-OPEC producers. According to World Bank, the market is expected to tighten in 2017, particularly in the second half of the year, which would reduce the large stock overhang. It added that onshore U.S. lower-48 states oil production, including shale, is projected to bottom out in the second quarter of 2017, and rise moderately thereafter. The Bank noted that prices may increase to $60 barrels in 2018, assuming a balanced market and no additional OPEC supply restraint.It stated: “Crude oil prices jumped 10 per cent in the fourth quarter, averaging $49.1 barrels, following agreements by both OPEC and non-OPEC producers to reduce output by nearly 1.8 million barrels per day in the first half of 2017. “The oil market continues to rebalance amid steady demand growth, while sharply lower in- vestment in non-OPEC countries has led to lower production, notably in the U.S. shale oil sector.” Also, the EIA estimates that crude oil and other liquids inventories grew by two million barrels per day (bpd) in the fourth quarter of 2016, driven by an increase in production and a significant, but seasonal, drop in consumption. Global production and consumption are both projected to increase through 2018, but consumption is expected to increase at a faster rate than production. As a result, global balances are expected to tighten. The EIA noted that the production increase in the fourth quarter of 2016 largely reflects members of OPEC ramping up production in advance of implementing the November agreement on production cuts. Nigeria’s Petroleum Resources Minister, Dr Ibe Kachikwu, had expressed optimism that the price of crude would rise to a level that is neither too high nor too low. He said although crude oil appears to have fallen into bad times because of prevailing low price and the campaign against the use of fossil fuels for environmental reasons, the product would soon rise up to take its place as the prime global energy source. http://investorsking.com/nigeria-gains-22m-from-bonny-light-crude-in-december/ 1 Like 1 Share |
Re: Nigeria Gains $22m From Bonny Light Crude In December by jejemanito: 8:22am On Jan 31, 2017 |
$22 million = N11 billion Where's the money? 9 Likes 1 Share |
Re: Nigeria Gains $22m From Bonny Light Crude In December by flyca: 8:23am On Jan 31, 2017 |
Sai Baba Modified after 20 mins: Why am I not getting likes for what used to be the easiest way to garner likes here on NL? A year ago, either the "Sai Baba" or "body language" chant used to fetch likes like rain. Lol Now "Sai Baba" chanters have disappeared with the wind. And chanting has even earned me bashing. Isn't this topic goodnews from "Baba"s led government? Something is not right 5 Likes 1 Share |
Re: Nigeria Gains $22m From Bonny Light Crude In December by CXLVII: 8:23am On Jan 31, 2017 |
Nigeria is on course.... In a matter of time, we would be over our present predicaments! Thanks to His Excellence! President Mohammadu Buhari (GCFR) 5 Likes |
Re: Nigeria Gains $22m From Bonny Light Crude In December by Nobody: 8:23am On Jan 31, 2017 |
All this money when dem go mention yet dollar na 500,if I say idgaf it's straight from my heart. 3 Likes |
Re: Nigeria Gains $22m From Bonny Light Crude In December by Nobody: 8:24am On Jan 31, 2017 |
Good. Some crooks are following this closely and hoping that crude oil would regain its platinum status so that they could continue looting and getting fat 1 Like |
Re: Nigeria Gains $22m From Bonny Light Crude In December by Nobody: 8:24am On Jan 31, 2017 |
Re: Nigeria Gains $22m From Bonny Light Crude In December by luvinhubby(m): 8:24am On Jan 31, 2017 |
When are going to see this money. |
Re: Nigeria Gains $22m From Bonny Light Crude In December by vengertime: 8:24am On Jan 31, 2017 |
My people are suffering in the Niger Delta, some people are feeding fat from our own God given oil. Niger Delta OIL belongs to people of Niger Delta. Non citizen keep off. Avengers where are you ooo 8 Likes 1 Share |
Re: Nigeria Gains $22m From Bonny Light Crude In December by Proffdada: 8:25am On Jan 31, 2017 |
Na where the money dey go e.g grass cutters committee 2 Likes |
Re: Nigeria Gains $22m From Bonny Light Crude In December by ZeroTolerance: 8:26am On Jan 31, 2017 |
Still nothing to show for it 1 Like |
Re: Nigeria Gains $22m From Bonny Light Crude In December by Emekamex(m): 8:26am On Jan 31, 2017 |
I thought by now that our economy wont be relying on crude, we were promised so in the last budget. I guess nothing changes after all, I am still waiting for the leader that will optimize the use of all our natural and human resources. 1 Like |
Re: Nigeria Gains $22m From Bonny Light Crude In December by kolnel: 8:26am On Jan 31, 2017 |
I wonder where all these monies are The sufferness is out of this world Naija never had it this bad Buhari wehdone sir |
Re: Nigeria Gains $22m From Bonny Light Crude In December by babatee126(m): 8:27am On Jan 31, 2017 |
Congrat! |
Re: Nigeria Gains $22m From Bonny Light Crude In December by 1Rebel: 8:29am On Jan 31, 2017 |
and buhari is using the money to tour the world. 5 Likes |
Re: Nigeria Gains $22m From Bonny Light Crude In December by HtwoOw: 8:29am On Jan 31, 2017 |
Gain gain come again, come again another day Nigerians wan to blow #NurseryRhymes |
Re: Nigeria Gains $22m From Bonny Light Crude In December by prince985(m): 8:30am On Jan 31, 2017 |
ZeroTolerance:exactly |
Re: Nigeria Gains $22m From Bonny Light Crude In December by Thisis2raw(m): 8:30am On Jan 31, 2017 |
They will still misuse that money. Is it not Buhari that in charge? They will misuse the money jare 1 Like |
Re: Nigeria Gains $22m From Bonny Light Crude In December by Joshjings(f): 8:31am On Jan 31, 2017 |
Where the money dey Fg Don hide am |
Re: Nigeria Gains $22m From Bonny Light Crude In December by ZUBY77(m): 8:31am On Jan 31, 2017 |
Useless figures that doesnt show on the people 2 Likes |
Re: Nigeria Gains $22m From Bonny Light Crude In December by NaijaEfcc: 8:32am On Jan 31, 2017 |
SMH yeye dey smell 1 Like
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Re: Nigeria Gains $22m From Bonny Light Crude In December by nNEOo(m): 8:33am On Jan 31, 2017 |
Oya kachukwu were is they money 1 Like |
Re: Nigeria Gains $22m From Bonny Light Crude In December by ezeagu(m): 8:43am On Jan 31, 2017 |
Where's that gonna go? 2 Likes |
Re: Nigeria Gains $22m From Bonny Light Crude In December by olisaEze(m): 8:45am On Jan 31, 2017 |
And they still won't give us stable electricity! WTF is wrong with all our leaders past n present!? 3 Likes |
Re: Nigeria Gains $22m From Bonny Light Crude In December by browniex: 8:46am On Jan 31, 2017 |
The problem of nigeria is not money,but how to put it to good use. |
Re: Nigeria Gains $22m From Bonny Light Crude In December by mayoor15(m): 8:49am On Jan 31, 2017 |
vengertime:Go do one man army Now, so when Nigeria was feeding on cocoa and other cash crops then, who was laying claims to it then? Hold you leaders responsible for their mismanagement first. BTW, if they leave the oil for you, how much go be your share? 2 Likes |
Re: Nigeria Gains $22m From Bonny Light Crude In December by osuofia2(m): 8:55am On Jan 31, 2017 |
flyca:guy you get mouth de shout sai baba for this recession............you receive spiritual slap abi |
Re: Nigeria Gains $22m From Bonny Light Crude In December by Orikinla1: 9:14am On Jan 31, 2017 |
jejemanito:In my bank account. That's my share of the National Cake. |
Re: Nigeria Gains $22m From Bonny Light Crude In December by paskyboy: 9:18am On Jan 31, 2017 |
Okay
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Re: Nigeria Gains $22m From Bonny Light Crude In December by Virginkpekus(f): 9:19am On Jan 31, 2017 |
mayoor15:So what happened to the cocoa and the other cash crops? Did our soil turn sterile just because oil was discovered? The oil belongs to the Niger delta, after all its their land that is being polluted. |
Re: Nigeria Gains $22m From Bonny Light Crude In December by Boleyndynasty2(f): 9:20am On Jan 31, 2017 |
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