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Nairaland Forum / Nairaland / General / Politics / Oil Price Sinks To Lowest Level In 16 Years (41012 Views)
Nigeria’s FX Reserves Drop To $32bn — Lowest Level In Six Years / Gulf Of Guinea Piracy Falls To Lowest Since Q2 2019, NIMASA Reacts / Mele Kyari: Nigerians Should Prepare For 3 Months Trouble Over Oil Price Crash (2) (3) (4)
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Re: Oil Price Sinks To Lowest Level In 16 Years by femarse: 11:19am On Mar 19, 2020 |
voltron14: I have not read the remainder of the thread to know if this your last statement has been answered but here is my say calm down very well if a nation will be poverty ragged or developmentally ragged ...it will be solely decided by politics , I repeat it will be solely decided by politics 1 the type of people are the helms of government will decide how progressive the overall nation will be when bill gate started working on window ...when all the Americans that works about most invention started back then ...when Europeans started their exploration of the other world ,they were all backed by government in one way or the other , (NASA is currently exploring Mars , backed massively by government , not individual)bill gate did not wake up to start thinking of electricity to try the new stuff he checked in the book yesterday , no , the light was there , he just went to his friend , power the system and start trying it ,(agreed bill gate was rich ) Steve thou went to an expensive University can not be said to be rich ....but trust me majority of certain things were just on ground made by the government chief among which is electricity to favour continued experiment that has now turn to a billion dollars industry today the Chinese did not become industrialize overnight , it is a concise and intentional will of the government to make it so the European did not become what it is today because Individual was inventive ...the government made an enabling environment to make individual inventive Africa is wat it is because the people at the helm of government thinks been on government is the best way to become rich ....I mean which country is sound economically with a very poor and corrupt government officials ? which country is succeeding economically with a president with O'level result packed with f9s or despicable subject like Arabic studies it saddens that all the physics graduate are working in the bank when they should be fixing electricity ...how will they do that ? explain many a times , I have read something and said when I get home , will try it on laptop ...guess what ?? when I get home , I only have three house on my battery before the laptop run down cos ? no electricity...yet the electricity bill at the end of the month is quite huge ...talk about useless people in government until electricity is fixed , regardless of how inventive u want to be ...it will not succeed...or have u read anything in any real textbook where it was mentioned that a particular computer language or particular mechanized systems was developed by a Nigerian? no , no way , it's not possible , does it now mean all 200m of us are dull ? no way ...so what is the problem ? 8 Likes 2 Shares |
Re: Oil Price Sinks To Lowest Level In 16 Years by sam4noow(m): 11:20am On Mar 19, 2020 |
voltron14: Ohh Dammn Sh**tt niggggarrr Sharrap dia my friend you're just blabbing since... I can see you support the motive that we re lazy and unproductive. I CAN SEE YOU'VE CONSTANT ELECTRICITY IN UR HOUSE... pls can you tell us what you've produced so far or what you've contributed to this Nation as a whole... pls what do you even do for a living before I started blabbing too 3 Likes |
Re: Oil Price Sinks To Lowest Level In 16 Years by wirelessmaster: 11:26am On Mar 19, 2020 |
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Re: Oil Price Sinks To Lowest Level In 16 Years by voltron14: 11:27am On Mar 19, 2020 |
Nairalandmonika: Would you believe me if I told you? |
Re: Oil Price Sinks To Lowest Level In 16 Years by Osidazz19: 11:30am On Mar 19, 2020 |
voltron14: May God bless you for the stating the obvious. Nigerians just like to lie to each other. They just want free this and that, no imagination, no inventions, no technological impact that the world can benefit from. Until you have a population like china where they are producing stuffs that have global or regional impact, you are doomed to your 3rd world existence. Bring in the brightest minds from Harvard, princeton and Yale combined to rule Nigeria and it will still be the Same. Bunch of religiously brainwashed none productive set of people. 3 Likes 1 Share |
Re: Oil Price Sinks To Lowest Level In 16 Years by Nobody: 11:47am On Mar 19, 2020 |
voltron14: But Diezani stole up to $32billion dollars, an amount more than Abacha loot. Let government use Diezani loot if Abacha loot has finished. Remember, Osinbaj shared Abacha loot N10,000 per Nigerian. TraderMoni. |
Re: Oil Price Sinks To Lowest Level In 16 Years by xcabczyxabczzzz: 11:50am On Mar 19, 2020 |
ornicus:Lol, funny but very factual. |
Re: Oil Price Sinks To Lowest Level In 16 Years by AkupeMBANO(f): 11:51am On Mar 19, 2020 |
voltron14:brilliant question. 1 Like 1 Share |
Re: Oil Price Sinks To Lowest Level In 16 Years by Stephenomozzy(m): 11:54am On Mar 19, 2020 |
There was never a time Nigeria was known for making inventions!! But there was a time when Nigeria was known for its great potentials and even the Naira was higher than the DOLLAR and equal to the pound! It doesn't mean that we have to make technological inventions to have a viable economy. Year in year out, the government preaches ideas such as go back to agriculture and all that cheap talks, but what are the policies put on ground to make agriculture more viable and profitable to the people in its practice? There is mining, tourism, human development that can be revamped by good policies that will not make venturing into these sectors a suicide mission. We have a responsibility as a people to our nation, yes! But when the government has failed, it cannot even hold its people responsible because a mad man cannot cure another mad man! Beyond the apocalyptic undertone of this corona virus thing, seeing economies crash, we just pray it doesn't hit us as hard as it is hitting other developed countries, na there you go see the true meaning of INEFFICIENCY OF OUR LEADERS. Thank God they have no where to run to. We LIVE OR DIE HERE! 2 Likes |
Re: Oil Price Sinks To Lowest Level In 16 Years by Westernlove: 12:02pm On Mar 19, 2020 |
vicdom: Lol this guy dey Vex no be small.... 1 Like
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Re: Oil Price Sinks To Lowest Level In 16 Years by djon78(m): 12:02pm On Mar 19, 2020 |
michlins: Do you people even understand basic things. So it's now the problem of the masses. Creating wealth, creating enabling environment is the function of the government. Then the masses can now be productive and pay tax. But when government fails on its obligations, what do you expect the masses to do. Anyway posterity will judge this present government. |
Re: Oil Price Sinks To Lowest Level In 16 Years by xcabczyxabczzzz: 12:07pm On Mar 19, 2020 |
Coldie:Why can't you simply get a lawyer if you are legit. Why pay any useless bribe? Register your company, pay your tax. And nobody would disturb you. |
Re: Oil Price Sinks To Lowest Level In 16 Years by isnovic(m): 12:22pm On Mar 19, 2020 |
kikero: @Kekori you are actually not correct with the figures you quoted here here. fact check: It cost Nigeria approximately 14.10 USD to produce a barrel of crude oil. see the following link: https://knoema.com/rqaebad/cost-of-producing-a-barrel-of-crude-oil-by-country Fig/:1 Additionally, fact check see the link below from OPEC It cost about 30USD offshores and 15USD onshores. https://www.opec.org/opec_web/en/data_graphs/40.htm Quoting the GMD of NNPC " Speaking at the CBN consultative roundtable forum, NNPC GMD, Abba Kyari had commented on how this could mean a disaster for Nigeria competing with countries which have low costs of production. At $23 per barrel, Nigeria has one of the highest oil production cost in the world." So you see Nigeria has profited right from when the price crossed $35 per barrels howbeit differently based on the contracts signed with the oil operators viz JV, PSC and others. And as per an Expat in this field, now working in Gulf, only Saudis breaks even at $10 per barrel cost since its cost of production is around 3-7 USD per barrels. So let don let Bubu or any other deceive Nigerians, at this price Nigeria still profits from Onshore Fields.
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Re: Oil Price Sinks To Lowest Level In 16 Years by Nobody: 12:30pm On Mar 19, 2020 |
isnovic: You are right. The problem is ,our population is too large and thus our Breakeven oil price is as high as 139 dollars per barrel. Production price does not come into it. It is how much we can earn per barrel after the production costs have been paid that is important. And the Breakeven price of oil is the amount at which we can sell oil, and make enough money to fund a balanced budget without need for loans or grants. For Nigeria it is 139$,. Saudi 79, Russia 99. For more information see here https://www.google.com/amp/s/amp.arabianbusiness.com/amp/article_listing/aben/kuwait-is-best-off-nigeria-worst-in-2017-oil-break-even-prices-669989.html And by the way, my plan is not to defend Buhari but to tell Nigerians and their leaders that it is time to move from a oil dependent economy to a productive industrial economy. Hence my trotting out these stats Nigeria needs to get off oil. Whether PDP or APC |
Re: Oil Price Sinks To Lowest Level In 16 Years by poiZon: 12:30pm On Mar 19, 2020 |
ProsperChild:Na to buy 50barrels keep so anytime e climb I Conor am sell. Sense cannot kee me 1 Like |
Re: Oil Price Sinks To Lowest Level In 16 Years by poiZon: 12:33pm On Mar 19, 2020 |
voltron14:So the billions they recovered from diezani, dasuki, etc nko |
Re: Oil Price Sinks To Lowest Level In 16 Years by poiZon: 12:36pm On Mar 19, 2020 |
voltron14:I disagree, just say my community is unimaginative, uneducated and highly unproductive. 2 Likes |
Re: Oil Price Sinks To Lowest Level In 16 Years by poiZon: 12:38pm On Mar 19, 2020 |
voltron14:If u see one, u will criticise n tag it made In aba. Some people r just so annoying n foolish 4 Likes |
Re: Oil Price Sinks To Lowest Level In 16 Years by Gerrard59(m): 12:40pm On Mar 19, 2020 |
kikero: Let's agree that residential Nigerians aren't willing to pay, what about Nigerians who operate commercial enterprises? How about electricity is only supplied to businesses instead of residents? Do you mean that businesses wouldn't want to pay electricity bills if provided with at least 18 hours of electricity daily? 1 Like |
Re: Oil Price Sinks To Lowest Level In 16 Years by Nobody: 12:42pm On Mar 19, 2020 |
Gerrard59: The money generated won't be enough for the improvement needed,plus people would complain that they have been cutoff the main supply. If we want light,we have to first accept it is expensive and not free of charge |
Re: Oil Price Sinks To Lowest Level In 16 Years by Moukandjo: 12:42pm On Mar 19, 2020 |
voltron14:Bro, you dey mind these daft pdp sycophants? 1 Like 1 Share |
Re: Oil Price Sinks To Lowest Level In 16 Years by Nobody: 12:51pm On Mar 19, 2020 |
kikero:Let everyone be metered so they can monitor their consumption. we won’t pay estimated metering. |
Re: Oil Price Sinks To Lowest Level In 16 Years by PLAYBOX22: 12:56pm On Mar 19, 2020 |
voltron14:Have Aba not been productive enough to get effective sponsorship from the government? How do you follow your dreams locked in a prison? The government don't believe in the potentials of the people, non visionary, audio, clueless, selfish, corrupt, and slave to the western government is what we have as governance in Nigeria. 2 Likes |
Re: Oil Price Sinks To Lowest Level In 16 Years by ksstroud: 12:59pm On Mar 19, 2020 |
Let it go down to $5 2 Likes |
Re: Oil Price Sinks To Lowest Level In 16 Years by Moukandjo: 12:59pm On Mar 19, 2020 |
Yankee101:See him mouth! "Ebola was stopped in its tracks"... By Adadevoh wey dey PDP or by the proactive Fashola wey dey PDP, ba? And how transmissible was Ebola compared to Corona? Abi you get sense pass the many African & world powers wey dey struggle to contain this Corona that's bringing the world to a standstill, ba? You wan use grammar wey you no understand cover your daftness.. Abeg wetin be "paucity of cerebellum"? 1 Like |
Re: Oil Price Sinks To Lowest Level In 16 Years by Emmaxx: 1:01pm On Mar 19, 2020 |
voltron14:Sir, are you a Nigerian? If yes. Do you include yourself among the unproductive Nigerians? If your answer is no, then explain to us what productive way you've contributed to our ailing economy. Thanks. |
Re: Oil Price Sinks To Lowest Level In 16 Years by InvertedHammer: 1:05pm On Mar 19, 2020 |
vicdom:/ Nothing will change. The government was good at manufacturing excuses and propaganda for non performance when things were normal. Now that everyone knows that oil price is low, the excuse has delivered itself. It is going to be a bumpy ride. But who cares? Nigerians chose him. \ |
Re: Oil Price Sinks To Lowest Level In 16 Years by Yankee101: 1:09pm On Mar 19, 2020 |
Moukandjo: Oga use your dictionary. My papa pay for school just like your papa too. If you no listen for class no be my fault. Fatality rate for Ebola is 90%. COVID-19 is 4%. Kids are still partying in Miami. If you think Ebola was less virulent then awake from your APC sozzled charade. 2 Likes |
Re: Oil Price Sinks To Lowest Level In 16 Years by Moukandjo: 1:31pm On Mar 19, 2020 |
Yankee101:Your papa pay for school wey them dey teach you say there's anything like "paucity of cerebellum"? Nawa o! Nothing wey we no go see for Nairaland.... No dey use grammar wey you no sabi so that you won't seem dumber than you actually are. And I'm talking about transmission rate, you're talking about fatality. Comprehension sef hard for you. No wonder you dey speak "paucity of cerebellum" Many other diseases including Malaria & typhoid have more fatality than Corona but why is Corona causing the world to standstill? You no know wetin dey go on around you, ba? US & the rest of the world powers wey don get thousands of Corona virus cases in just under 2 months no get sense, ba? Na only your PDP get sense because of Ebola wey na even Adadevoh & Fashola get glory for, ba? |
Re: Oil Price Sinks To Lowest Level In 16 Years by Yankee101: 1:51pm On Mar 19, 2020 |
Moukandjo: The world is at a standstill because 1. It's a new virus 2. Poor response time 3. No vaccines or cure 4. Pure and sheer panic Incase you've not been reading the news all the countries you mentioned didn't take it serious when they should, including here in the US where I live. As at Monday some schools were still open. The UK wanted it to spread and thin out naturally. Trump said the hot weather will stop it. Is your head buried in the sand like the ostrich or are you just interested in blind arguments not based on facts? Plus, that you have never come across a word, phrase or adjective does not imply it's none existence. Up your game, go back to school oga 1 Like |
Re: Oil Price Sinks To Lowest Level In 16 Years by PLAYBOX22: 1:52pm On Mar 19, 2020 |
voltron14: Oga face reality! How many Nigerian made products do you even patronize knowing they don't have good quality? Money don't go round in this country, is the real problem! Almost everything is imported and the government is not effectively doing anything to sponsor or assist (quality) productivity in the country, which is part of the causes of ineffective productivity in Nigeria. The gov will rather invest money on one audio rubbish!! The little Nigerians produces is without quality because of the kind of self support the producers have. Meanwhile in a country like Nigeria, no good quality, no patronizing and the government knows this very well. Even dangote was somehow assisted by the gov to make it big. All the money brought in by Yahoo boys and others (like they say) still leaves the country in one way or the other (based on purchases) We have Nigerians aiding know companies overseas make names. You think we don't have the same kind of persons living among us here in Nigeria? The govt don't believe in what you can do! They belive in what they can achieve from you before their tenor runs out. Nigeria is a Dream Killer (if you let it) ....Travel out if you can, then come back when you've made it (if you want) periodt!!!! 1 Like |
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