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UK Guardian:oil Price Plummets To Low Not Seen Since October 2017 - Business (2) - Nairaland

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Re: UK Guardian:oil Price Plummets To Low Not Seen Since October 2017 by GavelSlam: 9:39am On Nov 25, 2018
gurunlocker:


So who's arguing that with you? Is my post about increase in the pump price?

Your point highlights the price of oil dipping whilst I'm highlighting that despite this, an advanced nation such as France still had protests just yesterday over the 25% increase in a by-product, Diesel.
Re: UK Guardian:oil Price Plummets To Low Not Seen Since October 2017 by Reference(m): 10:36am 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......

Abeg shut up. We are talking about the future you ate talking aboit the soup that went bad last year. What jas that got to do with the hunger today. If it all was saved will it not jave been wasted today.

If you don't jave a sound investment culture all the savings in the world is useless. Crude oil to Nigeria is like giving a beggar alms. Find out first why he became a begger and deal with that. He will never ask for another cent.

Nigeria does and has never lacked income. We lack ideas of how to take this income and convert it to sustainable investment. With all savings. recoveries, anti corruption of the last four years Nigeria remains broke and a serial borrower to feed its people. Abeg siddon.

Has the country suddenly become bigger with more mouths to feed since 2015.

1 Like

Re: UK Guardian:oil Price Plummets To Low Not Seen Since October 2017 by Ugosample(m): 10:41am 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.


that is the world for you

yet foolish countries like Nigeria and Angola are yet to smell the coffee undecided

We need to build an economy with a diverse base undecided

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Re: UK Guardian:oil Price Plummets To Low Not Seen Since October 2017 by olajizz01(m): 10:50am 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.
Yes, because they have 25% quotas of world crude supplies with their small population, Nigga has just 7%.
Re: UK Guardian:oil Price Plummets To Low Not Seen Since October 2017 by COMPAQ(m): 10:53am On Nov 25, 2018
Diesel price should quickly follow suit. At $60 diesel should be in the N200 to N210 range.
Re: UK Guardian:oil Price Plummets To Low Not Seen Since October 2017 by wink2015(m): 11:03am On Nov 25, 2018
This fall in price of crude oil is a wake up call to our political leaders who neglected Agriculture in pursuit of black gold.

Northern Nigeria just abandoned Agriculture that they were known for and relax waiting for federal allocation while the Niger delta region whose land is environmentally destroyed like Ogoni, Gbaramatu bleeds to death.

The maritime university in Okerenkoko in Gbaramatu kingdom and federal university of petroleum FULPRE in Effurun Warri Delta state are starved of funds by the federal government.

Meanwhile, it is this region that is financing the federal government administration.

Nigeria is also wasting crude oil proceeds to eradicate the Boko Haram Islamic sects.

A wise policy for the federal government to take is to seek a diplomatic solution to the insurgency.

Money is insufficient with mass poverty And massive youth unemployment but we can afford to budget our crude oil proceeds on ending the guerilla war.

1 Like

Re: UK Guardian:oil Price Plummets To Low Not Seen Since October 2017 by Avedonn: 11:32am On Nov 25, 2018
olajizz01:
Yes, because they have 25% quotas of world crude supplies with their small population, Nigga has just 7%.

Yeah, that's true

But the quota was shared by OPEC based on available oil reserve not population.

Nigeria with population of about 200 million people suppose to be producing about 2 million barrels a day but we are only producing just little above 1.5 barrels

While Saudi with population of less than 50 million is producing 14 million barrels.
Re: UK Guardian:oil Price Plummets To Low Not Seen Since October 2017 by Avedonn: 11:38am On Nov 25, 2018
wink2015:
This fall in price of crude oil is a wake up call to our political leaders who neglected Agriculture in pursuit of black gold.

Northern Nigeria just abandoned Agriculture that they were known for and relax waiting for federal allocation while the Niger delta region whose land is environmentally destroyed like Ogoni, Gbaramatu bleeds to death.

The maritime university in Okerenkoko in Gbaramatu kingdom and federal university of petroleum FULPRE in Effurun Warri Delta state are starved of funds by the federal government.

Meanwhile, it is this region that is financing the federal government administration.

Nigeria is also wasting crude oil proceeds to eradicate the Boko Haram Islamic sects.

A wise policy for the federal government to take is to seek a diplomatic solution to the insurgency.

Money is insufficient with mass poverty And massive youth unemployment but we can afford to budget our crude oil proceeds on ending the guerilla war.

Actually the northerners have now gone back to intensive agriculture especially within the last 3 years.

Agricultural output has really increase but we need to do more. Not only northerners but the entire country.

There are some crops that can only do well in the southern part of the country due high amount of rainfall. Crops like rubber, cocoa, cassava oil palm etc. while staple crops can do well at the northern part.

It should be an interpreted effort not individual.
Re: UK Guardian:oil Price Plummets To Low Not Seen Since October 2017 by Nobody: 11:39am On Nov 25, 2018
theoldpretender:


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.

Nigeria gladly chooses the second option. Can't you see it?
Re: UK Guardian:oil Price Plummets To Low Not Seen Since October 2017 by Nobody: 11:43am On Nov 25, 2018
Nigerian news agencies are very funny TVC reported 79dollars
Re: UK Guardian:oil Price Plummets To Low Not Seen Since October 2017 by Nobody: 11:47am On Nov 25, 2018
jamace:
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.
-

Thanks for your wonderful submission. I also said same when APC won.

They were never ready to lead. They expected GEJ to manipulate the outcome of the poorly conducted elections, even Amaechi (former Rivers state governor) threatened to constitute a parallel government if APC does not win.

It came as a rude shock to them when they won.

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Re: UK Guardian:oil Price Plummets To Low Not Seen Since October 2017 by Nobody: 11:47am On Nov 25, 2018
Naughtysite:
Nigerian news agencies are very funny TVC reported 79dollars

Who listens to TVC in 2018?
Re: UK Guardian:oil Price Plummets To Low Not Seen Since October 2017 by Nobody: 11:48am On Nov 25, 2018
Avedonn:


Yeah, that's true

But the quota was shared by OPEC based on available oil reserve not population.

Nigeria with population of about 200 million people suppose to be producing about 2 million barrels a day but we are only producing just little above 1.5 barrels

While Saudi with population of less than 50 million is producing 14 million barrels.

With the kind of fraud involved at every level of government I really doubt the authenticity of that 200 million you guys are quoting all over cyberspace.
Re: UK Guardian:oil Price Plummets To Low Not Seen Since October 2017 by olajizz01(m): 11:51am On Nov 25, 2018
Avedonn:


Yeah, that's true

But the quota was shared by OPEC based on available oil reserve not population.

Nigeria with population of about 200 million people suppose to be producing about 2 million barrels a day but we are only producing just little above 1.5 barrels

While Saudi with population of less than 50 million is producing 14 million barrels.
I think the quotas was given to each country based on their oil reserve.
Re: UK Guardian:oil Price Plummets To Low Not Seen Since October 2017 by Nobody: 11:52am On Nov 25, 2018
wink2015:
This fall in price of crude oil is a wake up call to our political leaders who neglected Agriculture in pursuit of black gold.

Northern Nigeria just abandoned Agriculture that they were known for and relax waiting for federal allocation while the Niger delta region whose land is environmentally destroyed like Ogoni, Gbaramatu bleeds to death.

The maritime university in Okerenkoko in Gbaramatu kingdom and federal university of petroleum FULPRE in Effurun Warri Delta state are starved of funds by the federal government.

Meanwhile, it is this region that is financing the federal government administration.

Nigeria is also wasting crude oil proceeds to eradicate the Boko Haram Islamic sects.

A wise policy for the federal government to take is to seek a diplomatic solution to the insurgency.

Money is insufficient with mass poverty And massive youth unemployment but we can afford to budget our crude oil proceeds on ending the guerilla war.

I started laughing from "wake up call"

Forget it. Oil or no oil the criminals feeding off Nigeria today will continue to do so.

Do you think as useless as the Zimbabwean and Venezuelan economies are today that there are is nobody (group of people) taking a huge piece of pie home everyday?

These people thrive off the hardship of a nation and running Nigeria to the ground is on their bucket list.

You are the one who needs a wake up call.
Re: UK Guardian:oil Price Plummets To Low Not Seen Since October 2017 by Nobody: 11:58am On Nov 25, 2018
COMPAQ:
Diesel price should quickly follow suit. At $60 diesel should be in the N200 to N210 range.

Not in Nigeria, Diesel becomes more expensive.

I've been observing the trend for a long time.

International prices crash, local pump prices go up; International prices go up, local pump prices go up.

That's the shitty economics in Nigeria. What you learn in school about economics does not happen on the streets of Nigeria.

-----------------------

Remember that crazy Professor in 2015 that wrote a treatise on how petrol will sell for N40 at the pump?

How much is it today?
Re: UK Guardian:oil Price Plummets To Low Not Seen Since October 2017 by Nobody: 12:01pm On Nov 25, 2018
Ask Saudi why they are investing in electric vehicles but Buhari and Atiku are still talking privatizing NNPC. Days of oil is limited if not gone. Oil is gone. It has tried, Over a century and it has brought enormous changes however it’s time to move on. We should look elsewhere. The IoC’s are investing in emerging technologies and renewables. We don’t have to export oil before we can sustain our economy. Solving the nation’s problem is enough to sustain the nation itself.
Re: UK Guardian:oil Price Plummets To Low Not Seen Since October 2017 by COMPAQ(m): 12:03pm On Nov 25, 2018
greyham:


Not in Nigeria, Diesel becomes more expensive.

I've been observing the trend for a long time.

International prices crash, local pump prices go up; International prices go up, local pump prices go up.

That's the shitty economics in Nigeria. What you learn in school about economics does not happen on the streets of Nigeria.

Not necessarily though. There is always a time lag between fall in crude and impact on pump price. The diesel landing in lagos today was refined weeks ago and based on crude price negotiated weeks before that as well. If crude stays stable at $60,then expect diesel prices to come down in the next 1 to 2 weeks.

This phenomenon occurs in US, UK and elsewhere.

And to be fair, diesel was as low as N150 at some point last year.
Re: UK Guardian:oil Price Plummets To Low Not Seen Since October 2017 by COMPAQ(m): 12:05pm On Nov 25, 2018
Re: UK Guardian:oil Price Plummets To Low Not Seen Since October 2017 by Nobody: 12:19pm On Nov 25, 2018
theoldpretender:


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.

It might not be entirely good news... it'll be priced against or at least similarly to doba crude (lake chad basin blends). These are heavy and very discounted blends.

That is only very profitable in boom times when the transport cost and pipeline fees(if they use the chad cameroonone to kribi) or outlay(if built by Nigeria to one of the terminals in the south ) can be offset. Then there is the issue of the market for heavy acidic crude (TAN of more than 2.0 from that basin) making pipeline management an actual cost area lol.

At the ports it might not find buyers. The market for that grade of oil is aboit 10 million bbls a day out of the 80 something to 90 million traded a day. Usa is the biggest user of that and can satisfy that with their supply and that of Canada. Venezuela still sends its own heavy grades stateside as well. Their reserves stand at 297 billion barrels.... as against prohected 2 billion non conservative estimates for the borno case.

Nigeria ll have to use that oil for industry if they can produce anyof it at all. The attractiveness offered by light sweet has allowed inefficiency of the nnpc to be overlooked by foreign buyers. Nobody is gonna fall over for more difficult blends.

We might be stuck on this one.
Re: UK Guardian:oil Price Plummets To Low Not Seen Since October 2017 by Avedonn: 12:32pm On Nov 25, 2018
greyham:


With the kind of fraud involved at every level of government I really doubt the authenticity of that 200 million you guys are quoting all over cyberspace.

Actually we might be up to that figure. Take a northern Nigeria for instance where a cobbler or a petty trader with net worth of business not more than N10,000 but yet married to 4 wives and 20 children.

It's only in the southern part that a man would marry only one wife with 5 children at most. South south and south east to be precise.

The north and some southwestern men count number of wives and children as assets.

I've come across some people bragging the number of wives and children they have as if it's an achievement.
Re: UK Guardian:oil Price Plummets To Low Not Seen Since October 2017 by jamace(m): 1:28pm On Nov 25, 2018
greyham:


Thanks for your wonderful submission. I also said same when APC won.

They were never ready to lead. They expected GEJ to manipulate the outcome of the poorly conducted elections, even Amaechi (former Rivers state governor) threatened to constitute a parallel government if APC does not win.

It came as a rude shock to them when they won.
You are right, bro.
Re: UK Guardian:oil Price Plummets To Low Not Seen Since October 2017 by Yankee101: 4:08pm On Nov 25, 2018
Blackmail Saudi and get any price you want

Desperate to keep his seat...MBS
Re: UK Guardian:oil Price Plummets To Low Not Seen Since October 2017 by tete7000(m): 10:14pm On Nov 25, 2018
At least the subsidy being paid will drop and prices of kerosene and diesel too should drop.
Re: UK Guardian:oil Price Plummets To Low Not Seen Since October 2017 by Nobody: 10:34pm On Nov 25, 2018
COMPAQ:


Not necessarily though. There is always a time lag between fall in crude and impact on pump price. The diesel landing in lagos today was refined weeks ago and based on crude price negotiated weeks before that as well. If crude stays stable at $60,then expect diesel prices to come down in the next 1 to 2 weeks.

This phenomenon occurs in US, UK and elsewhere.

And to be fair, diesel was as low as N150 at some point last year.

You know if crude oil price suddenly jumps to $95, your favorite gas station will immediately increase price at the pump.

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