Oil Price Jumps As OPEC Keeps Output Steady, Hits Four year High - Business - Nairaland
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Oil Prices Soar As OPEC+ Prepares To Cut Supplies / Oil Plummets 30% As OPEC Deal Failure Sparks Price War Fears / Oil Prices Fall As OPEC Plans To End Cuts – Oilprice Intelligence Report (2) (3) (4)
| Oil Price Jumps As OPEC Keeps Output Steady, Hits Four year High by XaintJoel20: 11:53pm On Sep 24, 2018 |
Oil prices have hit a four-year high of over $81 a barrel after Saudi Arabia and Russia rejected calls by Donald Trump to increase production. Brent crude hit its highest level since November 2014 at $81.16 a barrel, up 3% on the day. Saudi Arabia leads the Opec oil cartel, while Russia is the biggest oil producer outside the group. They met in Algiers on Sunday to discuss global supply levels and US sanctions on Iran. The meeting ended with no formal agreement on any additional supply boost. Oil firm in major North Sea gas discovery Saudi energy minister Khalid al-Falih said at a press conference in Algiers that he did not "influence prices". Opec and other producers had discussed raising output by 500,000 barrels a day, Reuters reported. Brent Crude Futures - North Sea - Nov18 ICEEUR 81.199997$ Current price 3.05% Sales of Iranian crude have fallen as buyers remain wary of penalties from sanctions due to take effect from November. Those fears have sent crude oil prices higher, with commodity traders Trafigura and Mercuria predicting prices could rise to more than $100 a barrel by early next year. But Ann-Louise Hittle, vice president of energy consultancy firm Wood Mackenzie, said the price rise was "an overreaction in the market." In a tweet last week, US president Donald Trump said that Opec "must get prices down now!" by raising global output. "We protect the countries of the Middle East," added Mr Trump. "They would not be safe for very long without us, and yet they continue to push for higher and higher oil prices! We will remember." Iranian oil minister Bijan Zanganeh said on Sunday that Mr Trump's tweet "was the biggest insult to Washington's allies in the Middle East". Last year, Opec and other oil-producing nations including Russia said they would extend a deal, first agreed in 2016, to cut production to help support oil prices after they fell below $50 a barrel. This deal was upheld at Sunday's meeting. "We expect that those Opec countries with available spare capacity, led by Saudi Arabia, will increase output but not completely offset the drop in Iranian barrels," said Edward Bell, commodity analyst at Emirates NBD bank. "Were they do so the oil market would be even more uncomfortably tight than we forecast for 2019 as spare capacity is eroded," Mr Bell added. US light crude was $1.72 higher at $72.50 a barrel. https://www.bbc.com/news/business-45629425 2 Likes |
| Re: Oil Price Jumps As OPEC Keeps Output Steady, Hits Four year High by Racoon(m): 12:01am On Sep 25, 2018 |
So now that oil prices have increased, lets see how the next economic blame of Nigerian government will go this time around. 20 Likes 2 Shares |
| Re: Oil Price Jumps As OPEC Keeps Output Steady, Hits Four year High by generationz(f): 12:37am On Sep 25, 2018 |
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| Re: Oil Price Jumps As OPEC Keeps Output Steady, Hits Four year High by theoldpretender(m): 4:56am On Sep 25, 2018 |
Racoon: NB: This is not a defence of the government, but an explanation if you will of why we should stop being a monoeconomy. And with that...here is why the $81 oil price won't improve Nigeria's economy 1.We need oil to be at $140 per barrel to be able to have a balanced budget. $81 does not even reach that threshold. 2.Because oil has been below the $140 threshold since the government took over....we will still need to takeloans, and we will continue to take loans until oil reaches the breakeven point of $140...and even after that, we will still be paying back loans. 3.That is how we have been operating since long before 1999. No matter how high or low oil is, we always would keep on taking loan after loan UNTIL we reach the breakeven price...and even then.... 4.Even during the last oil boom of 2011-14, because oil was not at the breakeven for those years....we still took loans. 5.The only way forward is simple. We have to a) End subsides, so that we can save more money and encourage investment...which means more jobs. Yes, fuel will goup....but more investors ,local and foreign will come in, and jobs will be saved. b)Take strategic loans for power and transport alone...so that we can improve things. c) End price controls in the power sector. DISCOS cannot make much money on power bills of N2000 a month for metered houses. That way,more money and investment flows into the power sector. d) Cliche...but we must really 'pight kwarrupshion'. 32 Likes 6 Shares |
| Re: Oil Price Jumps As OPEC Keeps Output Steady, Hits Four year High by aolawale025: 5:01am On Sep 25, 2018 |
Nigerians as usual won't see the money 2 Likes 1 Share |
| Re: Oil Price Jumps As OPEC Keeps Output Steady, Hits Four year High by id4sho(m): 7:27am On Sep 25, 2018 |
theoldpretender: Guy wey sabi, Barman give him a chilled bottle of Origin. Tiri Gbosa Good people of Nigeria, let's send that deadbeat back to his village. The Man is truly lifeless in every aspect. Imagine, Saraki and Dogara decamping and doing anti party activities since inception(WEAKEST NIGERIAN PRESIDENT). The final blow is about to happen, Cabinet ministers will soon decamp which will scatter the dullard. #BACKTODAURA 3 Likes |
| Re: Oil Price Jumps As OPEC Keeps Output Steady, Hits Four year High by damilare442: 7:29am On Sep 25, 2018 |
Smart move by the Saudis. Looks like those guys are now getting wise now. They have long being a mega stooge of the wests 1 Like |
| Re: Oil Price Jumps As OPEC Keeps Output Steady, Hits Four year High by justice212: 7:30am On Sep 25, 2018 |
Nigerians are only good at hearing the price but not we are not good in seeing the effect of the money on common man. 1 Like |
| Re: Oil Price Jumps As OPEC Keeps Output Steady, Hits Four year High by Lumig: 7:31am On Sep 25, 2018 |
theoldpretender:Gbam! This is the kind of contribution I want from nairalanders 13 Likes |
| Re: Oil Price Jumps As OPEC Keeps Output Steady, Hits Four year High by Yohh: 7:32am On Sep 25, 2018 |
No added advantage to common Nigerians, so I don't care.. 1 Like |
| Re: Oil Price Jumps As OPEC Keeps Output Steady, Hits Four year High by HolyHero: 7:32am On Sep 25, 2018 |
we need to stop our dependence on crude oil, and look for alternative ways of bringing in money 3 Likes |
| Re: Oil Price Jumps As OPEC Keeps Output Steady, Hits Four year High by wink2015(m): 7:36am On Sep 25, 2018 |
XaintJoel20: UNTIL NORTHERN NIGERIA AGREE TO RESTRUCTURING, FISCAL FEDERALISM, RESOURCE CONTROL, NIGERIA WILL CONTINUE TO WOBBLE INSPITE OF THE PERIODIC RISE IN CRUDE OIL IN THE INTERNATIONAL MARKET. Northern Political leaders have kept Nigeria down for decades with their special "MILITARY BRAND FEDERALISM" which keep majority of the oil money at the centre with the federal government dishing out stipend call "ALLOCATION" to states. It is high time Northern Nigeria with their vast land return to Agriculture and solid minerals. This everything Federal! Federal! Federal! must STOP! Power should be devolved to the states for them to use their resources to grow at their own level. Even with the present increase in crude oil price not much will be achieved because of our battered federalism that choose to favour one part of the country. 5 Likes 2 Shares |
| Re: Oil Price Jumps As OPEC Keeps Output Steady, Hits Four year High by theoldpretender(m): 7:37am On Sep 25, 2018 |
damilare442: More like they have learned the lesson of 2014....they thought they were doing US oil production,but they were doing themselves.... Saudi has lost over 100bn US dollars in savings since 2014. They cannot afford another oil price drop. 2 Likes |
| Re: Oil Price Jumps As OPEC Keeps Output Steady, Hits Four year High by theoldpretender(m): 7:41am On Sep 25, 2018 |
wink2015: 1.In other words, you want the South to get more oil money (I am a Southerner by the way, so no objection). 2.That would make the South more dependent on oil 3.That would mean the South would be wrecked economically when oil prices drop again. 4.Agricuture and solid minerals are also subject to prcie drops. Zambia is reliant on copper. From 2006-12 copper was at an all time high. Since 2012...copper has fallen in price.Guess what happened to Zambia's economy. 5.We need to become a manufacturing economy,not a raw material exporting country that exports raw materials to other countries who will use them to make products for billions more in revenue...which we won't see. 5 Likes 1 Share |
| Re: Oil Price Jumps As OPEC Keeps Output Steady, Hits Four year High by oodualover: 7:41am On Sep 25, 2018 |
theoldpretender:100bn or 300bn? |
| Re: Oil Price Jumps As OPEC Keeps Output Steady, Hits Four year High by theoldpretender(m): 7:45am On Sep 25, 2018 |
oodualover: I won't be surprised if it is 300bn. In 2015...it was $120bn and rising. Saudi cannot afford another oil price drop. Infact....Saudi Arabia really doesneed to get off oil. As do many oil rich Arab nations. They all say they want to defeat Israel....yet Israel has an advantage over them because they have a strong industrial sector...while Saudi importa everything....and from countries that would back Israel self if push comes to shove. 3 Likes 1 Share |
| Re: Oil Price Jumps As OPEC Keeps Output Steady, Hits Four year High by Buhari2019: 7:46am On Sep 25, 2018 |
Good development. Still standing with Buhari for a better Nigeria. 1 Like 1 Share |
| Re: Oil Price Jumps As OPEC Keeps Output Steady, Hits Four year High by DonHummer(m): 7:47am On Sep 25, 2018 |
price of crude oil keeps increasing but no significant impact on the economy. The price of dollar is still constant with no positive gain. This shows that the people at the helms of affair know nothing. 2 Likes |
| Re: Oil Price Jumps As OPEC Keeps Output Steady, Hits Four year High by seguno2: 7:56am On Sep 25, 2018 |
theoldpretender: Fuel subsidy was removed already. jic4real: |
| Re: Oil Price Jumps As OPEC Keeps Output Steady, Hits Four year High by seguno2: 7:59am On Sep 25, 2018 |
Buhari2019: Standing with Buhari who is corruptly spending our money in a wasteful manner  Tell Buhari to reduce the money spent by his presidency in order to get the NASS to also reduce its own spending. |
| Re: Oil Price Jumps As OPEC Keeps Output Steady, Hits Four year High by theoldpretender(m): 8:03am On Sep 25, 2018 |
seguno2: Except that it was a partial removal. Hint: They (the government) were still setting the price.(That's why I did not believe that report then, and now). And now confirmed by a report some time ago saying that subsidy was still being paid on fuel at the rate of N65 per liter. (And landing costs are now at N180 for imported fuel.....) Governments have done this from time to time (GEJ for example in 2012 did the same thing when he raised prices from N65 to N140,and then reduced things to N97.). The cold reality is that governments, including this one, so dont want to deregualte because if they do, it would be expensive...politically. If the govt is serious...they would allow marketers to set the price, and stop paying subsides, and make NNPC more accountable. Simple. 4 Likes 1 Share |
| Re: Oil Price Jumps As OPEC Keeps Output Steady, Hits Four year High by newsnjobs(m): 8:06am On Sep 25, 2018 |
Good one. Excess crude oil loading. Check my signature |
| Re: Oil Price Jumps As OPEC Keeps Output Steady, Hits Four year High by ynotsadeek(m): 8:13am On Sep 25, 2018 |
seguno2: Lies bro. If were really removed, the price of gasoline would cost higher than 145/ltr. The FG lacks the political will to go for full deregulation. Full deregulation tantamount to political suicide. 1 Like |
| Re: Oil Price Jumps As OPEC Keeps Output Steady, Hits Four year High by justifyme(m): 8:14am On Sep 25, 2018 |
Lumig:As if you understand what he is saying |
| Re: Oil Price Jumps As OPEC Keeps Output Steady, Hits Four year High by IMASTEX: 8:14am On Sep 25, 2018 |
More money to the politicians |
| Re: Oil Price Jumps As OPEC Keeps Output Steady, Hits Four year High by IMASTEX: 8:14am On Sep 25, 2018 |
More money to the politicians. |
| Re: Oil Price Jumps As OPEC Keeps Output Steady, Hits Four year High by 400billionman: 8:17am On Sep 25, 2018 |
Dollar should fall to N200. Governors should pay up arrears of salaries . South East and South where oil is produced in Nigeria do not have roads What sort of government is this  |
| Re: Oil Price Jumps As OPEC Keeps Output Steady, Hits Four year High by Princecharming01(m): 8:20am On Sep 25, 2018 |
I love this quote author=theoldpretender post=71501811] NB: This is not a defence of the government, but an explanation if you will of why we should stop being a monoeconomy. And with that...here is why the $81 oil price won't improve Nigeria's economy 1.We need oil to be at $140 per barrel to be able to have a balanced budget. $81 does not even reach that threshold. 2.Because oil has been below the $140 threshold since the government took over....we will still need to takeloans, and we will continue to take loans until oil reaches the breakeven point of $140...and even after that, we will still be paying back loans. 3.That is how we have been operating since long before 1999. No matter how high or low oil is, we always would keep on taking loan after loan UNTIL we reach the breakeven price...and even then.... 4.Even during the last oil boom of 2011-14, because oil was not at the breakeven for those years....we still took loans. 5.The only way forward is simple. We have to a) End subsides, so that we can save more money and encourage investment...which means more jobs. Yes, fuel will goup....but more investors ,local and foreign will come in, and jobs will be saved. b)Take strategic loans for power and transport alone...so that we can improve things. c) End price controls in the power sector. DISCOS cannot make much money on power bills of N2000 a month for metered houses. That way,more money and investment flows into the power sector. d) Cliche...but we must really 'pight kwarrupshion'.[/quote] 1 Like |
| Re: Oil Price Jumps As OPEC Keeps Output Steady, Hits Four year High by LordAdam16: 8:23am On Sep 25, 2018 |
damilare442: They're still a mega stooge. But this is business, nothing personal. Higher prices mean better political stability in the country. You go first waka, before you run. -Lord |
| Re: Oil Price Jumps As OPEC Keeps Output Steady, Hits Four year High by Billygee2u: 8:31am On Sep 25, 2018 |
aolawale025: |
| Re: Oil Price Jumps As OPEC Keeps Output Steady, Hits Four year High by AroOkigbo(m): 8:34am On Sep 25, 2018 |
theoldpretender: When and if oil hits $140 per barrel, how much will the ordinary Nigerian buy petrol per liter? 1 Like 1 Share |
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