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UK Guardian:oil Price Plummets To Low Not Seen Since October 2017 - Business - Nairaland

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Naira Plummets To N900/$1 On Black Market Amidst Supply And Demand Pressures / Oil Plummets 30% As OPEC Deal Failure Sparks Price War Fears / Oil Price Inches Towards $70, 44% Above Benchmark (2) (3) (4)

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UK Guardian:oil Price Plummets To Low Not Seen Since October 2017 by theoldpretender(m): 7:37am On Nov 25, 2018
The oil price has slumped to its lowest point this year, as concerns mount about a glut of crude supply and fears that economic headwinds could lessen demand.

Brent crude fell as low as $59.26 a barrel on Friday, a level last seen in October 2017. Three supermarkets said on Friday they would cut petrol prices, as Asda cut its national price cap by 1p per litre for petrol and 2p per litre for diesel, with Morrisons and Sainsbury’s following suit.

After reaching a high of more than $86 a barrel in early October, which prompted warnings that it would climb further to $100, the oil price has since plunged by more than 30%.

But some industry observers said they expected it to recover next year if Opec took action to avoid an oversupply of crude.


The price is expected to average $75.50 a barrel in 2019 compared with $73.91 this year, according to a survey of 11 oil forecasters by S&P Global Platts.

The recent fall follows US waivers for eight countries to import oil despite sanctions on Iran, high output and markets worried about a drop in demand. Jefferies bank said: “The market is currently oversupplie

Earlier this week, Donald Trump thanked Saudi Arabia, the de facto leader of Opec, for pumping more and bringing down the price, but the US president said he wanted to see it lower still.


Donald J. Trump

@realDonaldTrump
Oil prices getting lower. Great! Like a big Tax Cut for America and the World. Enjoy! $54, was just $82. Thank you to Saudi Arabia, but let’s go lower!

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The oil cartel is due to meet in Vienna in a fortnight to discuss what major producers should do next.

Khalid al-Falih, the Saudi energy minister, has previously indicated a significant cut in output is needed. This week, he said the kingdom’s current high exports were likely to be lower in December and January. “We will not sell oil that customers don’t need,” he said.

If Opec agrees production curbs on 6 December, this would imply a rebound in prices next year.

But experts said the pressure from Trump and his close links to the Saudi crown prince, Mohammed bin Salman, meant it would be hard for the country to agree such a move.

The analysts Petromatrix said: “Our view remains that it will be politically difficult for Saudi Arabia to organise a coordinated Opec supply cut.”

Analysts believe the oil price will continue to be volatile in the coming months, with UBS bank saying this was “inevitable” and a price of $60 a barrel was plausible.

https://www.theguardian.com/business/2018/nov/23/oil-price-falls-brent-crude-cost-barrel-oversupply-concerns


Let us face facts.We can no longer rely on oil to save us.We must industrialze...or get poorer.

7 Likes

Re: UK Guardian:oil Price Plummets To Low Not Seen Since October 2017 by NwaAmaikpe: 8:15am On Nov 25, 2018
shocked




Oil is the only way out o.
Crude oil was made for Nigeria and Nigeria for crude oil.

That's why we've dedicated funds that would have been used to develop the agricultural and manufacturing sector into the exploration of Crude oil in the Northern and Chad Basins.

So that even if it dries up all over the world, it can't in Nigeria.
Sai Baba!!!

20 Likes 2 Shares

Re: UK Guardian:oil Price Plummets To Low Not Seen Since October 2017 by Luminary1(f): 8:15am On Nov 25, 2018
We need to diversify our economy, Nigeria is blessed with several resources which if fully utilized will make Nigeria great again.

2 Likes

Re: UK Guardian:oil Price Plummets To Low Not Seen Since October 2017 by Nobody: 8:16am On Nov 25, 2018
All the evil politicians that stole all the money of this nation when the oil prices was so high will never know peace all the rest of their lives......

5 Likes 1 Share

Re: UK Guardian:oil Price Plummets To Low Not Seen Since October 2017 by gurunlocker: 8:17am On Nov 25, 2018
You've given a failed government something to wail about and blame for their failure. grin grin

Somebody should show Buhari this

@realDonaldTrump
Oil prices getting lower. Great! Like a big Tax Cut for America and the World. Enjoy! $54, was just $82. Thank you to Saudi Arabia, but let’s go lower!

Buhari is the first president in the world to diversify the economy from crude oil dependent into more crude oil searching in another part of the country grin shocked

25 Likes

Re: UK Guardian:oil Price Plummets To Low Not Seen Since October 2017 by falcon01: 8:17am On Nov 25, 2018
I just had to comment, I have nothing to say, because all what I will say is absolutely useless!
Re: UK Guardian:oil Price Plummets To Low Not Seen Since October 2017 by Naza25: 8:18am On Nov 25, 2018
President Trump is very smart, he has gotten what is best for his country. But that's bad news for us

5 Likes

Re: UK Guardian:oil Price Plummets To Low Not Seen Since October 2017 by SeunPhantom(m): 8:18am On Nov 25, 2018
shocked mehnnn..
Re: UK Guardian:oil Price Plummets To Low Not Seen Since October 2017 by sonnie10: 8:19am On Nov 25, 2018
Y
Re: UK Guardian:oil Price Plummets To Low Not Seen Since October 2017 by Avedonn: 8:19am On Nov 25, 2018
Saudi Arabia intentionally crashed the world oil price by increasing their output just to
Please the US and European power after the backlash of Jamal Khashoggi's Murder.

They are just looking for a way to ease the pressure on them and the only weapon they've is the crude oil. Which is why Trump couldn't do or say anything meaningful about the journalist murder.

Saudi alone can influence the world oil price anytime they want. I even heard Trump thanking the Saudi crown Prince on Friday about the crashed crude oil price.

26 Likes 2 Shares

Re: UK Guardian:oil Price Plummets To Low Not Seen Since October 2017 by ichidodo: 8:21am On Nov 25, 2018
Yeah...Fuel price and supply should stay stable for Christmas..

1 Like 1 Share

Re: UK Guardian:oil Price Plummets To Low Not Seen Since October 2017 by banio: 8:24am On Nov 25, 2018
Crude oil falling because of the evil meted to me. But I have a big heart. Let the price rise. I will pay them back at the right time.
Re: UK Guardian:oil Price Plummets To Low Not Seen Since October 2017 by jamace(m): 8:25am On Nov 25, 2018
TheGreenLand:
All the evil politicians that stole all the money of this nation when the oil prices was so high will never know peace all the rest of their lives......
The evil tongue of APC is seriously affecting the price. Even when oil price was almost $80 per barrel, APC was still crying that the oil price is low. Beware of what you say.

3 Likes 1 Share

Re: UK Guardian:oil Price Plummets To Low Not Seen Since October 2017 by Kenekingisback: 8:26am On Nov 25, 2018
Buhari where is our savings?
Re: UK Guardian:oil Price Plummets To Low Not Seen Since October 2017 by Oblang(m): 8:32am On Nov 25, 2018
jamace:
The evil tongue of APC is seriously affecting the price. Even when oil price was almost $80 per barrel, APC was still crying that the oil price is low. Beware of what you say.

What abt those that sold far above $100. Do u know oil price was still above $70 when gej started borrowing to pay salaries and many states started having issues paying salaries...

6 Likes

Re: UK Guardian:oil Price Plummets To Low Not Seen Since October 2017 by Ewedegubbler: 8:32am On Nov 25, 2018
Baba lifeless just got one more reason and excuse for his incompetence.

1 Like

Re: UK Guardian:oil Price Plummets To Low Not Seen Since October 2017 by jamace(m): 8:37am On Nov 25, 2018
Oblang:


What abt those that sold far above $100. Do u know oil price was still above $70 when gej started borrowing to pay salaries and many states started having issues paying salaries...
APC knows the problems of Nigeria before coming to power. So, APC should work quietly to achieve results instead of blaming every other administrations.

If I may ask, how many campaign promises has APC fulfilled?

6 Likes 1 Share

Re: UK Guardian:oil Price Plummets To Low Not Seen Since October 2017 by theoldpretender(m): 8:37am On Nov 25, 2018
NwaAmaikpe:
shocked




Oil is the only way out o.
Crude oil was made for Nigeria and Nigeria for crude oil.

That's why we've dedicated funds that would have been used to develop the agricultural and manufacturing sector into the exploration of Crude oil in the Northern and Chad Basins.

So that even if it dries up all over the world, it can't in Nigeria.
Sai Baba!!!

Thank you sir for the honor of responding to my post! grin

On a more serious note...discovering oil in the Chad basin...goodnews in the sense that it means more revenue for Nigeria...bad news in that it means that it makes the oilprice crash more.

Either way,we can no longer rely on oil...whether welikeit or not.

3 Likes 1 Share

Re: UK Guardian:oil Price Plummets To Low Not Seen Since October 2017 by theoldpretender(m): 8:41am On Nov 25, 2018
jamace:
The evil tongue of APC is seriously affecting the price. Even when oil price was almost $80 per barrel, APC was still crying that the oil price is low. Beware of what you say.

I don't think APC is that powerful.... cheesy

The thing is, oil is being discovered in more places....and at the same time,new technologies mean that oil can be extracted more efficently and from hard toreach places.

(Fun fact...in my parents house is a textbook Iused to use that said we would run out of oil by the early 2000. Did not happen though).

Only way for oilprcies toshoot up is for Trump to suddenly sanction the Saudis re Kashoggi. But that aint going to happen...and the Saudis are going to scratch Trump's back by keeping oil low....OPEC or no OPEC.

1 Like

Re: UK Guardian:oil Price Plummets To Low Not Seen Since October 2017 by theoldpretender(m): 8:42am On Nov 25, 2018
Avedonn:
Saudi Arabia intentionally crashed the world oil price by increasing their output just to
Please the US and European power after the backlash of Jamal Khashoggi's Murder.

They are just looking for a way to ease the pressure on them and the only weapon they've is the crude oil. Which is why Trump couldn't do or say anything meaningful about the journalist murder.

Saudi alone can influence the world oil price anytime they want. I even heard Trump thanking the Saudi crown Prince on Friday about the crashed crude oil price.

Haven't you heard of the ancient proverb...you scratch my back,and I'll scratch yours!

1 Like

Re: UK Guardian:oil Price Plummets To Low Not Seen Since October 2017 by jamace(m): 9:00am On Nov 25, 2018
theoldpretender:


I don't think APC is that powerful.... cheesy

The thing is, oil is being discovered in more places....and at the same time,new technologies mean that oil can be extracted more efficently and from hard toreach places.

(Fun fact...in my parents house is a textbook Iused to use that said we would run out of oil by the early 2000. Did not happen though).

Only way for oilprcies toshoot up is for Trump to suddenly sanction the Saudis re Kashoggi. But that aint going to happen...and the Saudis are going to scratch Trump's back by keeping oil low....OPEC or no OPEC.
I understand you, bro. If it took Buhari/APC over 6 months to appoint ministers, it showed that Buhari/APC was not prepared for leadership. Leadership is not about propaganda.

Very annoying that most of the things APC criticised during 2015 election campaigns, she is doing now and even worse!:
- Fuel subsidy is a fraud, yet, APC is paying over 4 times what GEJ paid as subsidy per year.
- Fuel is supposed to sell around N45, yet APC govt is making Nigerians to cough out N145 per litre from N87 under GEJ govt.
-Book Haram will be a thing of the past under 3 months, Over 3 years now and boko haram is killing our soldiers any how.
-No medical tourism, yet Buhari has spent so much of our national money on medical tourism, without explaining anything to Nigerians.
- APC wii create 3 million jobs every year. APC caused the loss of jobs of over 300 million workers.
- APC will stabilise the Naira, yet on assumption of power APC govt destabilised the Naira that it became more worthless...
- etc etc etc

I hate lies and propaganda.
-

2 Likes

Re: UK Guardian:oil Price Plummets To Low Not Seen Since October 2017 by Oblang(m): 9:00am On Nov 25, 2018
jamace:
APC knows the problems of Nigeria before coming to power. So, APC should work quietly to achieve results instead of blaming every other administrations.

If I may ask, how many campaign promises has APC fulfilled?

If not APC, it shouldn't be PDP...
Re: UK Guardian:oil Price Plummets To Low Not Seen Since October 2017 by GavelSlam: 9:17am On Nov 25, 2018
gurunlocker:
You've given a failed government something to wail about and blame for their failure. grin grin

Somebody should show Buhari this

@realDonaldTrump
Oil prices getting lower. Great! Like a big Tax Cut for America and the World. Enjoy! $54, was just $82. Thank you to Saudi Arabia, but let’s go lower!

Buhari is the first president in the world to diversify the economy from crude oil dependent into more crude oil searching in another part of the country grin shocked

They should also show him the protest in Paris over the 25% increase in the price of diesel.
Re: UK Guardian:oil Price Plummets To Low Not Seen Since October 2017 by gurunlocker: 9:28am On Nov 25, 2018
GavelSlam:


They should also show him the protest in Paris over the 25% increase in the price of diesel.

Lol.... Diesel is made from crude oil, I don't know what you are saying.

But if you are conversant with what's going on in the country, you will know the price of Diesel also increases in Nigeria past week.
Re: UK Guardian:oil Price Plummets To Low Not Seen Since October 2017 by GavelSlam: 9:30am On Nov 25, 2018
gurunlocker:


Lol.... Diesel is made from crude oil, I don't know what you are saying.

But if you are conversant with what's going on in the country, you will know the price of Diesel also increases in Nigeria past week.

I am not arguing about price increase in Nigeria.

I'm only pointing out that price of petroleum products can be seen in developed countries as well.
Re: UK Guardian:oil Price Plummets To Low Not Seen Since October 2017 by jamace(m): 9:31am On Nov 25, 2018
Oblang:


If not APC, it shouldn't be PDP...
That is another issue. However, when people campaign without proper agenda, the likelyhood of resorting to propaganda when voted into power is very high, APC is a test case..
Re: UK Guardian:oil Price Plummets To Low Not Seen Since October 2017 by gurunlocker: 9:32am On Nov 25, 2018
GavelSlam:


I am not arguing about price increase in Nigeria.

I'm only pointing out that price of petroleum products can be seen in developed countries as well.

So who's arguing that with you? Is my post about increase in the pump price?
Re: UK Guardian:oil Price Plummets To Low Not Seen Since October 2017 by Computergloba: 9:34am On Nov 25, 2018
cheesy
Re: UK Guardian:oil Price Plummets To Low Not Seen Since October 2017 by Nobody: 9:34am On Nov 25, 2018
Why is trump interested in lower oil prices?

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