Global oil prices declined on Wednesday as U.S. oil inventories rose than expected last week.

The American Petroleum Institute had reported on Tuesday that domestic crude oil inventories rose by 5.6 million barrels last week. However, the Energy Information Administration on Wednesday validated the build-up but by 3.8 million barrels, still more than the 2.4 million barrels expected by most analysts surveyed by S&P Global Platts for the week.

The build-up in supplies weighed on global oil outlook, especially after a survey conducted by Bloomberg showed Saudi Arabia pumped more crude oil in July. The kingdom’s oil production grew by 230,000 barrels a day in the month of July to 10.65 million barrels per day, slightly below an all-time peak attained in 2016.

Rises in production in Saudis, Nigeria and Iraq pushed up OPEC’s total oil production by 300,000 barrels per day, offsetting whatever deficit created by political clashes in Libya, economic collapse in Venezuela and the onset of US sanctions against Iran.

Brent crude oil declined by 1.85 per cent to $72.57 a barrel as at 9:20 pm Nigerian time, while US West Texas Intermediate dipped by 1.51 percent to $67.72 per barrel.

Global uncertainties continued to impact commodity market as investors anticipated addition tariffs on $200 billion Chinese imports by the U.S. A decision China projected will further hurt global growth and slow down progress thus far.

However, the world’s second-largest economy said he would retaliate with similar measures if Donald Trump led administration go ahead with high tariffs.

OPEC is expected to release its official oil market report for July on August 13.

http://investorsking.com/global-oil-prices-drop-higher-u-s-inventories/

WE wonder when it will ever go back to the prices it was when the thieves and rogues raped the country so bad.
Thank God for President Buhari.

Nigeria's total crude oil sales was $470B in all 5 years of Jonathan's administration...
He was the luckiest of all Nigerian leaders whose administration in five years, between 2010 and 2015, earned about N51 trillion from petroleum resources. Since he came to power on May 29, 2015, the President Buhari administration has been able to earn just about N6 trillion from crude.

We all knew what happened to the majority of the money in Jonah and the 40 thieves era.
Thank God for the new Sherrif in town!

G

post=69910327:
WE wonder when it will ever go back to the prices it was when the thieves and rogues raped the country so bad.

Thank God for President Buhari.

with your BBQ brain, I don't expect you to think straight. it only become a miracle when you go

post=69910327:
WE wonder when it will ever go back to the prices it was when the thieves and rogues raped the country so bad.

Thank God for President Buhari.

Nigeria has been functioning with crude oil prices at less than 20 dollars per barrel. Throughout OBJ regime crude oil was less than 50 dollars per barrel so PMB should shut up and work with what he has. It's been above 65 dollars per barrel for over a year.

Diversifying the Nigerian economy is something I have been hearing as a kid, now I'm a grown man yet nothing has been done to fix that shit.

The discovery of Crude oil has been more like a curse than a blessing for Nigeria, it made us greedy and set the pace for massive looting in the mind of our leaders.

I will vote for anyone who can fix this, Buhari is not doing enough in that aspect amidst failure in other aspects.We should start from somewhere. There are Arable lands, we have numerous minerals. We can't always depend on the price of crude oil to be stable.


In other news, A big S/0 to all my fellow finalists in Biology Education, Unilorin. Sign out in style, let's go murder that last paper. As they say there is light at the end of the tunnel. Success to us!!!

post=69910327:
WE wonder when it will ever go back to the prices it was when the thieves and rogues raped the country so bad.

Thank God for President Buhari.

Shut up. Oil hovered at the same price region as it is now for most of GEJs tenure.

We have seen worse times......

.for APC not to make excuses. The price is favourable for them, and they are not facing militants who cut production low, we now produce 2.3m bpd, yet our debt profile keeps sky rocketing, they fund budget on loan yet they keep budgeting for frivolities in aso rock

naijapips04:


Shut up. Oil hovered at the same price region as it is now for most of GEJs tenure.

Smh...
No need arguing with this tout that can't make a comment without foul words.
We only converse with sensible people and give them good points.
Not agberos, so gently slide to the left!

dalaman:


Nigeria has been functioning with crude oil prices at less than 20 dollars per barrel. Throughout OBJ regime crude oil was less than 50 dollars per barrel so PMB should shut up and work with what he has. It's been above 65 dollars per barrel for over a year.

You are so dumb.Crude oil was $140 during Obasanjo era.

Abeg wetin happen to nairaland signature?

sonofoluku:


You are so dumb.Crude oil was $140 during Obasanjo era.

Where is your source for this shameless lie? The only time crude oil rose above 100 dollars was during GEJ time. So shut up and stop speaking ignorantly.

must the price of crude be as it were in Jonathan regime? I wonder y this government always want to compere everything with the previous administration... they Neva take responsibility for anything.

post=69910327:
WE wonder when it will ever go back to the prices it was when the thieves and rogues raped the country so bad.

Thank God for President Buhari.

Stop dreaming cos it takes only a president with Goodluck like GEJ for it to get to that price. His name followed him so stop being jealous other presidents worked with price below $50 so stop using that as a reason why buhari is not performing.

Hmmmm



I am a professional website developer, check my signature below

dalaman:


Nigeria has been functioning with crude oil prices at less than 20 dollars per barrel. Throughout OBJ regime crude oil was less than 50 dollars per barrel so PMB should shut up and work with what he has. It's been above 65 dollars per barrel for over a year.

I don't think the person you are replying to is PMB.

Ok

post=69910327:
WE wonder when it will ever go back to the prices it was when the thieves and rogues raped the country so bad.

Thank God for President Buhari.

Group of low thinkers

A black man is a monkey..

We let people detect.

Dumb country

I don't even know what to say...


Meanwhile
Study shows how more sleep can improve your s*x life
you must see this now

dalaman:


Nigeria has been functioning with crude oil prices at less than 20 dollars per barrel. Throughout OBJ regime crude oil was less than 50 dollars per barrel so PMB should shut up and work with what he has. It's been above 65 dollars per barrel for over a year.

The naira still had a reasonable value then... Not now that N5 is worthless

dalaman:


Nigeria has been functioning with crude oil prices at less than 20 dollars per barrel. Throughout OBJ regime crude oil was less than 50 dollars per barrel so PMB should shut up and work with what he has. It's been above 65 dollars per barrel for over a year.

ur brain didnt tell u obj had less to cater for in terms of

Minimum wages
Niger delta ministry
Amnesty agreement
Over population
Forex
Cost of governance

I doubt if your brain can process this information right

iammo:
.for APC not to make excuses. The price is favourable for them, and they are not facing militants who cut production low, we now produce 2.3m bpd, yet our debt profile keeps sky rocketing

Militants also disturbed this gov. You remember ?
And USD value at the years you showed in this image was very much lower compared to now .
And oil producing countries where slim,you might need to know oil isn't valued right now like those years most oil buying countries like USA are just buying for reserves ..

ushafe:

Group of low thinkers

Group of no brain at all!

dalaman:


Nigeria has been functioning with crude oil prices at less than 20 dollars per barrel. Throughout OBJ regime crude oil was less than 50 dollars per barrel so PMB should shut up and work with what he has. It's been above 65 dollars per barrel for over a year.

Is Nigeria not functioning now? Is PMB saying anything?...is he not working with what he has? Person who should shut up always be saying nothing.

sonofoluku:


You are so dumb.Crude oil was $140 during Obasanjo era.

https://www.google.com.ng/url?sa=t&source=web&rct=j&url=http://dailypost.ng/2018/05/24/fact-check-buhari-got-wrong-nigerias-oil-revenue/amp/&ved=2ahUKEwiJsrz_383cAhURyxoKHbsOAiAQFjAGegQICxAB&usg=AOvVaw2ds8p4uJRX7XRzdxODwnas&ampcf=1
Get ur facts right

sonofoluku:


You are so dumb.Crude oil was $140 during Obasanjo era.

In Jona's time....
You have time replying them.
They are better left in their ignorance.

abbeylli:

Militants also disturbed this gov. You remember ?
And USD value at the years you showed in this image was very much lower compared to now .
And oil producing countries where slim,you might need to know oil isn't valued right now like those years most oil buying countries like USA are just buying for reserves ..

Good point raised. The question is who strategically devalued naira? 100% in just 3 years

I'm sure this will affect Nigeria because America is the major buyer for Nigeria's bonny light crude.

Do we even if an economic think tank or smtn like dat or does buhari and the cabals decide our fate on every economic policy