Brent crude oil dipped for a second day in a row on Tuesday following increase drilling activity in the US and among OPEC members.

Brent oil plunged from 26-month high of $58.50 a barrel in September to $55.64 on Tuesday as of 11:51 p.m Nigerian time. While West Texas Intermediate oil declined by 2.65 percent to $55.30 per barrel.

brent crude oil

Global crude oil prices rose in September on Turkish threat to block Kurdistan crude supplies for holding a controversial referendum.

However, a survey conducted by Reuters showed crude oil output rose among OPEC members in September, mainly from Iraq and Libya. This publication coupled with bearish sentiment from the US weighed on prices.

“The US rig count shows increased drilling activity after weeks of stalling,” said Norbert Ruecker, head of macro and commodity research at Julius Baer.

Increased oil rigs fit the expectations that shale oil production could once again disrupt OPEC strategy and impact global oil prices.

Again, weak investment in the energy sector and the general drop in global commodity prices last week continue to cast doubt on oil outlook going forward.

Bijan Namdar Zanganeh, Iran’s Oil Minister said “Changes are really related to Libya and Nigeria and the 100 percent compliance of everyone. OPEC’s actions are working and compliance is acceptable overall, although there needs to be some change.”

Organization of Petroleum Exporting Countries said Nigeria and Libya exemption stands until the two nations can sustain their production levels.

http://investorsking.com/brent-crude-oil-plunges-55-barrel-amid-rising-production/ mynd44

Hmmmmm. It's well..

Check my signature for ongoing promo of our full capacity powerbank

What is our business
Did we see any noticeable improvement in the standard of living of the average Nigerian when the price was high.
With the way this world is going ehnnnn.
Some people spot in hell will be powered with gas straight from the refinery.






Please if you know any credible candidate.
Come 2019
There is vacancy in Aso Rock

Ok o.

Buhari Why!!!

It will still rise.
I am still surprised, how the price of crude is so high. With so much stability in oil producing regions except Iraq and Syria.
Don't be surprised, some mushroom conflicts will spring up somewhere, hopefully not Nigeria.

As for US shale, it's not sustainable, that's why it fluctuates.


And oh, I forgot Saudi has the US oil industry password.

PrecisionFx:
Buhari Why!!!

Buhari the stabilizer

55 dollars per barrel still isn't bad. I mean the budget was based on the assumption that crude oil would be sold for 45 dollars per barrel and we currently should be having surplus fund but why isn't this reflecting on the lives of average nigerians? Why are we out of recession but still living in penury?

Great country with incompetence leaders.

Lol

Business opportunity here>>https://www.nairaland.com/4095611/multi-trillion-dollar-company-holds

while oil prices are falling and would continue to fall due to the rest of the world moving towards clean and sustainable energy sources. buhari is busy searching for oil in bida,northeast and sokoto basin with the little scarce resources available while accumulating loans for us,our children and grand children to pay.Nigeria would never get better rather it would only get worse regardless of whether it's atiku,el rufai or tinubu is the president in 2019.

chakula:
Great country with incompetence leaders.

Gbam.

Always with senseless"leaders".

alexistaiwo:
What is our business
Did we see any noticeable improvement in the standard of living of the average Nigerian when the price was high.
With the way this world is going ehnnnn.
Some people spot in hell will be powered with gas straight from the refinery.






Please if you know any credible candidate.
Come 2019
There is vacancy in Aso Rock

thought the wailing has stopped? nawao!

Another excuse for Ortom not to pay salaries and pension in Benue state.

franciskaine:
thought the wailing has stopped? nawao!

So speaking out against hardship automatically makes one a wailer.
Not everyone is comfortable with suffering like you

is it my business??

Towards Christmas, most businesses reactivate dormant assets to generate revenue which they will splash in the village during christmas.

That should be the reason for increased oil production..

Truth234:
Brent crude oil dipped for a second day in a row on Tuesday following increase drilling activity in the US and among OPEC members.

Brent oil plunged from 26-month high of $58.50 a barrel in September to $55.64 on Tuesday as of 11:51 p.m Nigerian time. While West Texas Intermediate oil declined by 2.65 percent to $55.30 per barrel.

brent crude oil

Global crude oil prices rose in September on Turkish threat to block Kurdistan crude supplies for holding a controversial referendum.

However, a survey conducted by Reuters showed crude oil output rose among OPEC members in September, mainly from Iraq and Libya. This publication coupled with bearish sentiment from the US weighed on prices.

"The US rig count shows increased drilling activity after weeks of stalling,” said Norbert Ruecker, head of macro and commodity research at Julius Baer.

Increased oil rigs fit the expectations that shale oil production could once again disrupt OPEC strategy and impact global oil prices.

Again, weak investment in the energy sector and the general drop in global commodity prices last week continue to cast doubt on oil outlook going forward.

Bijan Namdar Zanganeh, Iran’s Oil Minister said “Changes are really related to Libya and Nigeria and the 100 percent compliance of everyone. OPEC’s actions are working and compliance is acceptable overall, although there needs to be some change.”

Organization of Petroleum Exporting Countries said Nigeria and Libya exemption stands until the two nations can sustain their production levels.

http://investorsking.com/brent-crude-oil-plunges-55-barrel-amid-rising-production/ mynd44

Oildichotomy:
And we have a set of nepolistic wackos spending billions prospecting for oil in the Sokoto and the Lake Chad basin. Trying to marry this story to the Nigerian Situation. I just wish the oil prices plummet further to $10 or so.

If that will make the self-styled Minister of Petroleum to sit up and really diversify instead of mouthing it on broadcasts every time.

You want a repeat of 2016 abi ?

Okay nah.

franciskaine:
thought the wailing has stopped? nawao!

At this rate, quality contributions to any discuss would soon be totally absent in the Nigerian space. Can't understand how an article on a drop in oil price (not sustained plunging or falling) has led to plenty comments on bad Nigerian leadership.

at $55 per barrel our leaders are still planning on how to get us from oil dependent country to become an export driven country
@ $45 per barrel our leaders are still planning on how to get us from oil dependent country to become an export driven country
@ $35 per barrel our leaders are still planning on how to get us from oil dependent country, by intensifying search for oil in the Northern region.
@ $25 per barrel our leaders are promising our youths a brighter future as the sale of electronic driven vehicle is not sustainable
@ $15 per barrel our leaders have concluded it is time to seek permanent asylum in Europe or America.
@ $5 per barrel suddenly everybody has moved beyond call for restructuring to everybody should bear his/her Fathers' name.
@ $1 per barrel suddenly North is championing resource control

there was a country.

we dont need to wail...wailing has not and would not solve the problem...
All we need do is go back to agriculture our blueprint...
And am happy we are on that route...

really

son the government will have a reason not to pay workers salaries again o o. no more project will be done. .if they cannot do anything with 55 dollars oil price, is it when it comes down that they will work?

alexistaiwo:

So speaking out against hardship automatically makes one a wailer.
Not everyone is comfortable with suffering like you

Okay, congratulations!