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Nairaland Forum / Nairaland / General / Business / Iraq-kurd Tensions Push Oil Prices Higher (8610 Views)
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Iraq-kurd Tensions Push Oil Prices Higher by Truth234(m): 6:20am On Oct 17, 2017 |
Crude oil extended gains on Monday after Iraqi forces captured a military base, oil fields and an airport outside Kirkuk in the Northern part of Iraq. Brent crude oil rose 1.5 percent to $58.02 a barrel on Monday as at 1:45 p.m. Nigerian time. While, West Texas Intermediate gained 1.2 percent to $52.06 a barrel. The tension between the Iraqi and the semi-autonomous Kurdistan Regional Government started following an independence referendum by the Kurdistan Regional Government on September 25. Iraqi government alongside it allies, Turkey and Iran, have denounced the referendum saying it is illegal, with Turkey threatening to shut down Kurdistan shipment through its region. Kurdistan which sits on reserves of about 45 billion barrels and exports around 600,000 barrels per day, may face tough time if Turkish government go through with the threat. However, experts believe the tension will ease global supplies and bolster oil prices. “The Kurdistan tension is the main argument for the price gain,” said Bjarne Schieldrop, chief commodities analyst at SEB AB in Oslo. “The fact that the market now has started to react to geopolitical risks like this is clearly a reflection of an oil market with less abundance of oil.” Again, with the Libya still struggling to restore oil production and currently producing about 1 million barrels a day, oil prices may remain high in the short-term and boost Nigeria’s foreign revenue generation that has plunged by 55 percent in the last 12 months. “We’re still suffering from the lack of budget,’’ said Mustafa Sanalla, chairman of the National Oil Corp. Libya has explained its challenges to OPEC, which “understands the situation very well,’’ he added. http://investorsking.com/iraq-kurd-tensions-push-oil-prices-higher/ |
Re: Iraq-kurd Tensions Push Oil Prices Higher by ttshems(m): 8:16am On Oct 18, 2017 |
.I guess good news for us!!? As we still have our reliance on oil |
Re: Iraq-kurd Tensions Push Oil Prices Higher by Ibrahim9090: 8:16am On Oct 18, 2017 |
Missed FTC Glo sucks |
Re: Iraq-kurd Tensions Push Oil Prices Higher by Nobody: 8:16am On Oct 18, 2017 |
Thank God a new Marshal is in town! |
Re: Iraq-kurd Tensions Push Oil Prices Higher by Lomprico2: 8:16am On Oct 18, 2017 |
How does it benefit the common nigerian? Buhari and his cabals will steal the proceeds and clean their mouth. |
Re: Iraq-kurd Tensions Push Oil Prices Higher by Alao96(m): 8:16am On Oct 18, 2017 |
Booked |
Re: Iraq-kurd Tensions Push Oil Prices Higher by Nobody: 8:17am On Oct 18, 2017 |
Don't start rejoicing A hike in oil price is bad for our economy |
Re: Iraq-kurd Tensions Push Oil Prices Higher by whitley(m): 8:17am On Oct 18, 2017 |
G |
Re: Iraq-kurd Tensions Push Oil Prices Higher by odinaccess: 8:17am On Oct 18, 2017 |
Ok |
Re: Iraq-kurd Tensions Push Oil Prices Higher by Nobody: 8:17am On Oct 18, 2017 |
If the price like make e reach $200 a barrel, these morons in power have no clue what to do with the economy. 4 Likes |
Re: Iraq-kurd Tensions Push Oil Prices Higher by mcayomind: 8:18am On Oct 18, 2017 |
j |
Re: Iraq-kurd Tensions Push Oil Prices Higher by Nobody: 8:18am On Oct 18, 2017 |
Lomprico2: Well more dollars will flow into the economy, which makes it easier for investors to come in as they are sure of repatriating their money in dollars back home, since govt does not need to implement restrictions. The bad news is that we would become so import dependent that we would lose jobs in the manufacturing sector , and as a result, when things get bad...the economy won't be in a healthy state. 1 Like |
Re: Iraq-kurd Tensions Push Oil Prices Higher by eleojo23: 8:20am On Oct 18, 2017 |
So in this case, war is good for business. |
Re: Iraq-kurd Tensions Push Oil Prices Higher by DWJOBScom(m): 8:20am On Oct 18, 2017 |
IT's funny how the action of a country can cause a change in price of a commodity... I look forward to when oil will nolonger run the economies of the world as the things has done enough harm. 1 Like |
Re: Iraq-kurd Tensions Push Oil Prices Higher by proudlyYoruba(m): 8:20am On Oct 18, 2017 |
F |
Re: Iraq-kurd Tensions Push Oil Prices Higher by Lomprico2: 8:21am On Oct 18, 2017 |
9jakohai: How will it flow when many oil n gas firms are still awaiting buhari's approval for operations. He will use his cabals oil coys to corner everything joo. |
Re: Iraq-kurd Tensions Push Oil Prices Higher by DONADAMS(m): 8:21am On Oct 18, 2017 |
good for Nigeria |
Re: Iraq-kurd Tensions Push Oil Prices Higher by Makanjuola89: 8:22am On Oct 18, 2017 |
Vizboy1:How does this rubbish relate to the post? Don't be a fanatic. 1 Like |
Re: Iraq-kurd Tensions Push Oil Prices Higher by Nobody: 8:24am On Oct 18, 2017 |
Lomprico2: Well, I was speaking in general terms about the economy, not just about oil and gas. But even then, I am not a fan of oil price increases...because , corruption aside, oil dependency is bad for long term economic health. |
Re: Iraq-kurd Tensions Push Oil Prices Higher by adisabarber(m): 8:25am On Oct 18, 2017 |
Baru knows how to award fictitious contracts. Truidstar: |
Re: Iraq-kurd Tensions Push Oil Prices Higher by Lomprico2: 8:28am On Oct 18, 2017 |
9jakohai: I was responding in general terms too. When only a very few companies benefit from it how does the dollar flow? When there were many coys in d business when a worker is paid, he buys stuff from markets and store, pays rent or builds a house thus the cash flow. Now only very few will get this money, how will it spread?? |
Re: Iraq-kurd Tensions Push Oil Prices Higher by aolawale025: 8:38am On Oct 18, 2017 |
Any rise in oil prices is good news for Nigeria. |
Re: Iraq-kurd Tensions Push Oil Prices Higher by Nobody: 8:43am On Oct 18, 2017 |
As of it will impact the common man on the street standard of living before being looted |
Re: Iraq-kurd Tensions Push Oil Prices Higher by asawanathegreat(m): 8:48am On Oct 18, 2017 |
Good for our economy at least |
Re: Iraq-kurd Tensions Push Oil Prices Higher by HMZi: 8:51am On Oct 18, 2017 |
MAJOR WORLD SAGA LOADING.......
IPOB,watch and learn. |
Re: Iraq-kurd Tensions Push Oil Prices Higher by donqx: 9:06am On Oct 18, 2017 |
good |
Re: Iraq-kurd Tensions Push Oil Prices Higher by Nobody: 9:17am On Oct 18, 2017 |
if by chance there is an increase in the sell of crude on the international market, Nigeria who are presently producing about 2m barrel would be making above 15billion naira nigeria in a day. this can be translated as too much in circulation, inflation,unemployment, import more than exports.... Forget about oil and diversify... |
Re: Iraq-kurd Tensions Push Oil Prices Higher by GoodMuyis(m): 9:26am On Oct 18, 2017 |
eleojo23: Not Nuclear War Sir |
Re: Iraq-kurd Tensions Push Oil Prices Higher by Nobody: 9:40am On Oct 18, 2017 |
Exactly what the west wants. The real reasons for the wars in the first place |
Re: Iraq-kurd Tensions Push Oil Prices Higher by 400billionman: 9:42am On Oct 18, 2017 |
Very soon, our economic reliance will shift to Agriculture. Oil is too price volatile.. |
Re: Iraq-kurd Tensions Push Oil Prices Higher by makunbernardjohn: 9:52am On Oct 18, 2017 |
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