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Oil Plummets 30% As OPEC Deal Failure Sparks Price War Fears - Business (2) - Nairaland

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Oil Prices Soar As OPEC+ Prepares To Cut Supplies / Oil Price Jumps As OPEC Keeps Output Steady, Hits Four year High / Oil Prices Fall As OPEC Plans To End Cuts – Oilprice Intelligence Report (2) (3) (4)

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Re: Oil Plummets 30% As OPEC Deal Failure Sparks Price War Fears by RaptObserver: 7:16am On Mar 09, 2020
This could have been good if Dangote refinery were operational now

1 Like

Re: Oil Plummets 30% As OPEC Deal Failure Sparks Price War Fears by sulaak(m): 7:17am On Mar 09, 2020
The OPEC Plus agreement between Saudi Arabia and Russia was bound to fail, due to the overproduction of US Shale oil and now with oil racing toward a low of $25 per barrel only low production countries in the middle east can make a profit from oil export, for Nigeria, the failure to diversify its economy is now looking like a disaster.

How will Nigeria generate $5-10 billion per annum to service its debt? Maybe, Nigeria should consider cancelling the planned $22 billion loan immediately and focus on a debt restructuring programme for the remaining $90 billion.

13 Likes 1 Share

Re: Oil Plummets 30% As OPEC Deal Failure Sparks Price War Fears by Coldie(m): 7:17am On Mar 09, 2020
LoL
Re: Oil Plummets 30% As OPEC Deal Failure Sparks Price War Fears by etienn: 7:18am On Mar 09, 2020
This is a serious problem to already dependent Nigeria economy on oil. ... Time to go back fully on agriculture and locally made products. ...
Re: Oil Plummets 30% As OPEC Deal Failure Sparks Price War Fears by Nobody: 7:19am On Mar 09, 2020
Sunnycliff:


It means we are in deep poo in our economy because our budget is funded by 50+% of oil revenue.

Our government will have to borrow more in addition to the over #1trn debts we are owing.
Okay. Nigeria would soon die then, make we kukuma borrow 7trillion economists have been crying that our economy should be powered by agriculture but no our worthless and greedy fools at the top only want to borrow and live on oil money rubbish. Abeg if anybody wan colonise Nigeria make them colonise make person run commot for this hole.

1 Like

Re: Oil Plummets 30% As OPEC Deal Failure Sparks Price War Fears by CanadaOrBust: 7:20am On Mar 09, 2020
SenecaTheYonger:


On your path?

Go back and read the rest. That’s why it is not good to reply too quickly
Re: Oil Plummets 30% As OPEC Deal Failure Sparks Price War Fears by RapistOnBail: 7:22am On Mar 09, 2020
grin

When you FAIL To PLAN, you PLAN to FAIL

4 Likes

Re: Oil Plummets 30% As OPEC Deal Failure Sparks Price War Fears by staga: 7:22am On Mar 09, 2020
$29 a barrel for light crude. Naija is in serious trouble.
Re: Oil Plummets 30% As OPEC Deal Failure Sparks Price War Fears by sulaak(m): 7:23am On Mar 09, 2020
RaptObserver:
This could have been good if Dangote refinery were operational now

Nigeria has four refineries with a refining capacity of 445,000 barrels (70,700 m3) per day, why are the refineries not working? The president is the Federal Minister for Petroleum and has been head of this portfolio for the past 5 years.

Maybe it's good that oil price has plummeted, as this will lead to the demise of the opaque and useless NNPC.

7 Likes 2 Shares

Re: Oil Plummets 30% As OPEC Deal Failure Sparks Price War Fears by sulaak(m): 7:24am On Mar 09, 2020
staga:
$29 a barrel for light crude. Naija is in serious trouble.

GOOD!
Re: Oil Plummets 30% As OPEC Deal Failure Sparks Price War Fears by RapistOnBail: 7:26am On Mar 09, 2020
Ausrichie:

Okay. Nigeria would soon die then, make we kukuma borrow 7trillion economists have been crying that our economy should be powered by agriculture but no our worthless and greedy fools at the top only want to borrow and live on oil money rubbish. Abeg if anybody wan colonise Nigeria make them colonise make person run commot for this hole.
No! Don't wait for Government to provide you a good life. Work for it.

The governments responsibility is to create Peace and harmony in the country. This leads to a favorable market sphere for both local and foreign investors.

Nigerians want to be spoon fed by the Government grin

Lazy human beings
Re: Oil Plummets 30% As OPEC Deal Failure Sparks Price War Fears by SenecaTheYonger: 7:26am On Mar 09, 2020
CanadaOrBust:


Go back and read the rest. That’s why it is not good to reply too quickly

I need to read the article to know Nigeria is oil dependant? Or that cheap oil translates to cheap gas in US?

1 Like

Re: Oil Plummets 30% As OPEC Deal Failure Sparks Price War Fears by angelfallz(m): 7:27am On Mar 09, 2020
Nigeria is in trouble honestly!!
Re: Oil Plummets 30% As OPEC Deal Failure Sparks Price War Fears by sulaak(m): 7:30am On Mar 09, 2020
angelfallz:
Nigeria is in trouble honestly!!

Nigeria was in trouble in 1957 when oil was discovered, this is a blessing.

2 Likes 1 Share

Re: Oil Plummets 30% As OPEC Deal Failure Sparks Price War Fears by seguno2: 7:30am On Mar 09, 2020
Sunnycliff:
Can Fashola say that again?

Why not if not?
He is a honest politician who is always on the side of the masses. Thank God for his life.

1 Like

Re: Oil Plummets 30% As OPEC Deal Failure Sparks Price War Fears by Nobody: 7:31am On Mar 09, 2020
good news! it should sell for lower than $15 per barrel

3 Likes

Re: Oil Plummets 30% As OPEC Deal Failure Sparks Price War Fears by Nobody: 7:32am On Mar 09, 2020
RapistOnBail:
No! Don't wait for Government to provide you a good life. Work for it.

The governments responsibility is to create Peace and harmony in the country. This leads to a favorable market sphere for both local and foreign investors.

Nigerians want to be spoon fed by the Government grin

Lazy human beings
I know but is it not stupid that your country would be borrowing money for rubbish, just to loot borrowed funds. Think am. When it comes to repaying the borrowed loot both the business class, the working class and the lower classes would suffer it bet me now. This rubbish increase in tax is killing somebody data no dey last again, power supply worse than before, lack of water supply (some states don't even have a water system), this is the government's JoB. Abeg I hope this MIT shit I wan do go click, Africans disgust me in general with their happy being oppressed mentality.

1 Like 1 Share

Re: Oil Plummets 30% As OPEC Deal Failure Sparks Price War Fears by Sunnycliff(m): 7:33am On Mar 09, 2020
seguno2:


Why not if not?
He is a honest politician who is always on the side of the masses. Thank God for his life.

What about his rocket science power technology

1 Like

Re: Oil Plummets 30% As OPEC Deal Failure Sparks Price War Fears by Sunnycliff(m): 7:34am On Mar 09, 2020
Ausrichie:

Okay. Nigeria would soon die then, make we kukuma borrow 7trillion economists have been crying that our economy should be powered by agriculture but no our worthless and greedy fools at the top only want to borrow and live on oil money rubbish. Abeg if anybody wan colonise Nigeria make them colonise make person run commot for this hole.

I for say make them sell Nigeria and share the money to everyone. Even if say na #1k I get, I no go complain
Re: Oil Plummets 30% As OPEC Deal Failure Sparks Price War Fears by Nobody: 7:34am On Mar 09, 2020
seguno2:


Why not if not?
He is a honest politician who is always on the side of the masses. Thank God for his life.
You said what? The man that lied to us that our power issues will be solved.

2 Likes

Re: Oil Plummets 30% As OPEC Deal Failure Sparks Price War Fears by Nobody: 7:35am On Mar 09, 2020
Sunnycliff:


I for say make them sell Nigeria and share the money to everyone. Even if say na #1k I get, I no go complain
I swear man make we no say everything don dabaru.
Re: Oil Plummets 30% As OPEC Deal Failure Sparks Price War Fears by SenecaTheYonger: 7:36am On Mar 09, 2020
RapistOnBail:
No! Don't wait for Government to provide you a good life. Work for it.

The governments responsibility is to create Peace and harmony in the country. This leads to a favorable market sphere for both local and foreign investors.

Nigerians want to be spoon fed by the Government grin

Lazy human beings

Even if that's their only job, they'll still fail at it. They're failing very well right now. They're not creating favorable work conditions, instead they're suffocating locals and foreign investors

5 Likes 1 Share

Re: Oil Plummets 30% As OPEC Deal Failure Sparks Price War Fears by Nobody: 7:36am On Mar 09, 2020
sulaak:
The OPEC Plus agreement between Saudi Arabia and Russia was bound to fail, due to the overproduction of US Shale oil and now with oil racing toward a low of $25 per barrel only low production countries in the middle east can make a profit from oil export, for Nigeria, the failure to diversify its economy is now looking like a disaster.

How will Nigeria generate $5-10 billion per annum to service its debt? Maybe, Nigeria should consider cancelling the planned $22 billion loan immediately and focus on a debt restructuring programme for the remaining $90 billion.

And also cut cost of governance. Even the money was expected from China and I not sure they would be giving anyone any money anytime soon. The only thing is to cut spending
Re: Oil Plummets 30% As OPEC Deal Failure Sparks Price War Fears by RapistOnBail: 7:37am On Mar 09, 2020
SenecaTheYonger:


Even if that's their only job, they'll still fail at it. They're failing very well right now. They're not creating favorable work conditions, instead they're suffocating locals and foreign investors
Since you can type this without Any oppression, then an average Nigerian can find Nigeria favorable to do business.
Re: Oil Plummets 30% As OPEC Deal Failure Sparks Price War Fears by RapistOnBail: 7:39am On Mar 09, 2020
Ausrichie:

I know but is it not stupid that your country would be borrowing money for rubbish, just to loot borrowed funds. Think am. When it comes to repaying the borrowed loot both the business class, the working class and the lower classes would suffer it bet me now. This rubbish increase in tax is killing somebody data no dey last again, power supply worse than before, lack of water supply (some states don't even have a water system), this is the government's JoB. Abeg I hope this MIT shit I wan do go click, Africans disgust me in general with their happy being oppressed mentality.
Loans, Grants, financial assistance, debt, are being used by successful business men.

LOAN is BAE to ENTREPRENEURS but a BURDEN to NORMAL human beings
Re: Oil Plummets 30% As OPEC Deal Failure Sparks Price War Fears by RaptObserver: 7:40am On Mar 09, 2020
sulaak:


Nigeria has four refineries with a refining capacity of 445,000 barrels (70,700 m3) per day, why are the refineries not working? The president is the Federal Minister for Petroleum and has been head of this portfolio for the past 5 years.

Maybe it's good that oil price has plummeted, as this will lead to the demise of the opaque and useless NNPC.
as for the four garage u referred to as refinaries, I didn't factor them in because the re nothing but mere rat houses. Dangote refinery is the only fisible refinery we can discuss and even plan on. As for Buhari, he will give account of his stewardship someday. He is not untouchable.

1 Like

Re: Oil Plummets 30% As OPEC Deal Failure Sparks Price War Fears by SenecaTheYonger: 7:41am On Mar 09, 2020
RapistOnBail:
Since you can type this without Any oppression, then an average Nigerian can find Nigeria favorable to do business.

Your argument is not making sense. You said the govt.'s only job is to create security, how come no one invests in the North which is 70% of Nigeria's landmass, a lot of bizmen have been forced to flee because of Boko Haram. So I say to you, even if the govt.'s only job was security, they'll still fail big time. They're failing very well right now.

7 Likes 1 Share

Re: Oil Plummets 30% As OPEC Deal Failure Sparks Price War Fears by RapistOnBail: 7:44am On Mar 09, 2020
SenecaTheYonger:


Your argument is not making sense. You said the govt.'s only job is to create security, how come no one invests in the North which is 70% of Nigeria's landmass, a lot of bizmen have been forced to flee because of Boko Haram. So I say to you, even if the govt.'s only job was security, they'll still fail big time. They're failing very well right now.
I could sense a lack of self confidence and also a BLAME game from you.

Believe it or bad, the north has some of the sanest climate in Nigeria. You wouldnt understand this if your brain has been programmed to believing on a General false Assumptions
Re: Oil Plummets 30% As OPEC Deal Failure Sparks Price War Fears by Nobody: 7:45am On Mar 09, 2020
RapistOnBail:
Loans, Grants, financial assistance, debt, are being used by successful business men.

LOAN is BAE to ENTREPRENEURS but a BURDEN to NORMAL human beings
But not everybody is made for business that is why there are shares. And loaning to buy shares is sheer stupidity.

1 Like

Re: Oil Plummets 30% As OPEC Deal Failure Sparks Price War Fears by CanadaOrBust: 7:45am On Mar 09, 2020
SenecaTheYonger:


I need to read the article to know Nigeria is oil dependant? Or that cheap oil translates to cheap gas in US?

Elementary economics: if u produce a lot of something, the higher the price the better for u
Re: Oil Plummets 30% As OPEC Deal Failure Sparks Price War Fears by RapistOnBail: 7:46am On Mar 09, 2020
Ausrichie:

But not everybody is made for business that is why there are shares. And loaning to buy shares is sheer stupidity.
All Humans are Equal. An Entrepreneur won't take up a loan to get shares. That's a dumb step to financial breakthrough. An Entrepreneur invests with loans on profitable businesses, rather than buying shares.

Do away with societal believes and see how productive you can be.
Re: Oil Plummets 30% As OPEC Deal Failure Sparks Price War Fears by SenecaTheYonger: 7:48am On Mar 09, 2020
RapistOnBail:
I could sense a lack of self confidence and also a BLAME game from you.

Believe it or bad, the north has some of the sanest climate in Nigeria. You wouldnt understand this if your brain has been programmed to believing on a General false Assumptions

I know people that school in the NOrth, parricularly Maidugury. In fact, there are bloody stories from there that don't even make the news. If you're somebody with even below average IQ, you should know that for every violence or crime reported anywhere in Nigeria, 5 or more of the same crime goes unreported.

But I guess we should just ignore all the credible news sources because if they're not hyping this govt., it must be fake news.

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