sulaak:



The majority of oil export is for cars, power generators and Electricity power plants with the advent of Electric Vehicle (EV), Solar Energy and Battery and Natural Gas there will be fewer requirements for crude oil export.

But this applies to the developed countries. How soon will the underdeveloped or developing countries catch up with them.

Don't forget most of the refined products are shipped to the underdeveloped or developing countries.

haywire07:
It's hightime Nigeria stopped international sales of oil in full capacity.
Let us channel ample amount of the oil to a reservoir and save up for a better day.
Cut deals with some African countries and use their reservoirs if ours is filled

When we save enough, the Government should declare our refineries ''out of service".
Luckily, Dangote refinery is near completion.

After this Covid -19 pandemic, we begin to sell from our reservoirs for the main time, while the refineries will be under renovation.

And also very importantly is the need to diversify.

Well said

AroleOduduwa2:
The world is fast moving toward solar energy, there will be little to no demand for oil in the near future. Our leaders need to find another way to generate income.

solar energy keh!
solar energy dat cannot power an airconditioner naim d world wan move over to?
u wan end d world?

Corporate2020:


Save oil till later? Europe, America, Australia and Asia are moving to electric cars, that means very soon car manufacturers will stop producing petrol and diesel cars. Countries are also moving to alternate power supply including solar and wind. So, when is the later day that oil price will go up? When Jesus comes?

in the next 20yrs you cant wipe out 70 percent of all Petrol/Diesel powered cars from the fsce of the earth. It wont even happen in 30yrs.

Izigha:
Channel should not cause unnecessary public panic. the $11 a barrel price is for US west Texas Intermediate. Nigeria oil is the world bench mark called Brent Crude is trading at $26 now.
It very worrying even at $26, Nigeria is in for a long and ugly ride

Bros, d fact of the matter is, we need to get sense, d demand for oil is not exactly declining, it's just that there is an over supply of the product. We need to pick up other sectors like mining, Agriculture. even if we can't export to make billions, we need to make sure we can survive as a country. Though we have immense potential for tourism, it won't work now due to high insecurity in d country.

Izigha:
Channel should not cause unnecessary public panic. the $11 a barrel price is for US west Texas Intermediate. Nigeria oil is the world bench mark called Brent Crude is trading at $26 now.
It very worrying even at $26, Nigeria is in for a long and ugly ride

Nigeri sold at about $15 last week at discount of about $5to Dated Brent

Let's see if our leader will not have alternative to generate revenue for the government since oil has crashed
There are many sources to generate fund aside oil.... we are bless with fertile land, they can invest on sport like England and others

Izigha:
Channel should not cause unnecessary public panic. the $11 a barrel price is for US west Texas Intermediate. Nigeria oil is the world bench mark called Brent Crude is trading at $26 now.
It very worrying even at $26, Nigeria is in for a long and ugly ride

Wrong!!!!!!!!!!!!!!
Nigeria's oil is light sweet crude ......Brent crude is for the UK which is the world bench mark....
The light sweet crude is slightly higher than the Brent crude.....
U gerrit

asamaigho:


solar energy keh!
solar energy dat cannot power an airconditioner naim d world wan move over to?
u wan end d world?

Who told you solar energy cannot power an air conditioner? When we have electric cars and trucks with airconditioners in them, how do you thing solar power with enough battery bank cannot power a 1hp or 2hp airconditioner?

Corporate2020:


Save oil till later? Europe, America, Australia and Asia are moving to electric cars, that means very soon car manufacturers will stop producing petrol and diesel cars. Countries are also moving to alternate power supply including solar and wind. So, when is the later day that oil price will go up? When Jesus comes?

Those sources of energy have too much limitation and also extremely expensive to use & maintain. it will take at least a century before impacts of those sources of energy can be felt

TheAlchemist:


Modular refineries ke... please don't vex our darling uncle Dangote. Which modular refinery has come on stream as they say " the devil is in the details".

Modular refineries are to serve immediate communities.

There is one in Rivers state already.

Check out this article

WalterSmith Petroman Oil Limited refinery in Imo state is nearing completion. May 2020 was stated for commissioning.

brandable:

Bro, that's some scary scenario you just described with respect to how unprepared Nigeria is.
With Dangote refinery coming up, do you think he is making a huge mistake by investing in the refinary, when major first world countries are shutting down refining crude for consumption?

What your own opinion on what Nigeria and Nigerians should do.

Dangote is not making a mistake. What he is doing is long overdue. Refineries are generally private businesses in a democratic society.
Countries are not shutting down refineries yet. Apart from a few countries in Europe that have a deadline of a a few years or decade to shut it down, African and some developing countries would still rely on petrol/diesel vehicles for a while. Airplanes would also rely on jet fuel for a while too. Dangote would definitely have done it's maths and crunched numbers. Maybe he could break even in a decade. Even if he only makes profit for 5 years, that would still be a good deal. That's my guess. I am not an economist neither do I have an MBA. I only have two Engineering degrees, and I am talking based on my "technical" experience in the industries (Petroleum and Power).

haywire07:
It's hightime Nigeria stopped international sales of oil in full capacity.
Let us channel ample amount of the oil to a reservoir and save up for a better day.
Cut deals with some African countries and use their reservoirs if ours is filled

When we save enough, the Government should declare our refineries ''out of service".
Luckily, Dangote refinery is near completion.

After this Covid -19 pandemic, we begin to sell from our reservoirs for the main time, while the refineries will be under renovation.

And also very importantly is the need to diversify.

You are talking like an illiterate who did not even attend economics classes at all during your secondary school days

How will Nigeria balance is payment of trade in the global market.

We import virtually every thing and the only product we use to exchange for dollars in the global market is oil

It was formally cocoa,groundnut ,rubber etc.but right now they are all gone
The only resources is oil.

The big problem is that our exchange rate will go up like 1000 naira per dollar.

That was why buhari closed the border for we to at least feed ourselves by producing our own food like rice to reduce the tension

The tribe that said they are industrious still go to source for raw materials with dollars

We are hearding towards recession .

The exchange rate will go up
Prices of goods and services will rise
People will lose their jobs
Thief's will be more and people will be fustrated

Solution
If you have dollars keep it don't sell now
Save for the future
Spend wisely

asamaigho:


solar energy keh!
solar energy dat cannot power an airconditioner naim d world wan move over to?
u wan end d world?

Maybe in Nigeria.

Germany alone has over 40000GW being pushed out by solar plants.
Expand your horizons bro.

Prudency045:


But this applies to the developed countries. How soon will the underdeveloped or developing countries catch up with them.

Don't forget most of the refined products are shipped to the underdeveloped or developing countries.

There will always be a needs for refined products, petrochemical, Natural Gas, Bitumen and Fertiliser this is where Nigeria should be capitalising its export industries by moving up the manufacturing food chain.

Stop this lockdown let ppl go and revive their busines ,you govt ppl are causin economic anarchy.Coro no go goo til it finis its work of wipin out pharohs chopin our money alone in naija

Either share coincidence or ill luck, Buhari regime has always been brutal with a lot of pain, people die of hunger, economy collapse like packs of card anytime he rule the country.

haywire07:


https://www.google.com/amp/s/www.channelstv.com/2020/04/20/oil-price-collapses-to-11-per-barrel-amid-covid-19-pandemic/amp/

Everybody going!! Going!!

Openbusiness:

What do you expect when Buhari is the petroleum minister. By now he supposed to reduced the price of petrol to N15 per liter

Boss it pains me
And it makes me mad to know that funds from sovereign wealth fund has been mismanaged

asamaigho:


solar energy keh!
solar energy dat cannot power an airconditioner naim d world wan move over to?
u wan end d world?

Oboto!! See solar is better. Go ague with your 4 father's!!

deepwater:


You don't understand the news.

Them. Say oyel no get value again

The demand is at 11 dols per barrel.

Almost triple what it cost a Nigeria to produce a barrel.

How can u continue producing at triple loss? More so, when there are no more demands?

That's not true . Not almost triple , it's now lesser than how much we produce per barrel .

Izigha:
Channel should not cause unnecessary public panic. the $11 a barrel price is for US west Texas Intermediate. Nigeria oil is the world bench mark called Brent Crude is trading at $26 now.
It very worrying even at $26, Nigeria is in for a long and ugly ride

We are disintegrating

haywire07:
It's hightime Nigeria stopped international sales of oil in full capacity.
Let us channel ample amount of the oil to a reservoir and save up for a better day.
Cut deals with some African countries and use their reservoirs if ours is filled

When we save enough, the Government should declare our refineries ''out of service".
Luckily, Dangote refinery is near completion.

After this Covid -19 pandemic, we begin to sell from our reservoirs for the main time, while the refineries will be under renovation.

And also very importantly is the need to diversify.

Our oil our oil i hope you are not from north?I hate hearing those people call oil that is in ND their oil.They are parasites. Good suggestion anyway.

nedekid:

Wise words, the question is diversify to what? Is it tourism? Insecurity has killed that sector, besides Nigeria police, customs etc also contribute. Imagine a foreigner driving his family through cotonue boarder all the way to yankari game reserve. Police will extort, customs will seize his car, kidnappers will fight themselves over who saw them first.
Is it manufacturing at competitive prices when you run diesel and have all manner og government agencies taxing you?
Oh, commercial agric nko, my paddy left his high paying job to open multi billion naira farm, Nna if you see the guy now ehh.
Anyway we need to diversify.

Wetin happen to your guy that invested in Agriculture abeg? I no wan make wrong investment. Thanks.

See what low IQ politicians has caused Nigeria

sulaak:


There will always be a needs for refined products, petrochemical, Natural Gas, Bitumen and Fertiliser this is where Nigeria should be capitalising its export industries by moving up the manufacturing food chain.

Absolutely.
The money won't be as good though, but better than nothing.

sassysure:
See what low IQ politicians has caused Nigeria

salford1:


Maybe in Nigeria.

Tesla mega-battery are already powering a town in Australia, The batteries are connected to both Solar and Wind Farms. Nigerian is just to slow in adopting new technology. A serious government will be supporting the replacing of the over 60 million dirty electric generators with clean solar and batteries, imagine the number of low technicians that will be required to set up the solar panel and batteries across the country.

https://www.bbc.co.uk/news/world-australia-42190358


The world's largest lithium ion battery has begun dispensing power into an electricity grid in South Australia.

The 100-megawatt battery, built by Tesla, was officially activated on Friday. It had in fact provided some power since Thursday due to demand caused by local hot weather.

salford1:

U are laughing, right?

Even though u dey outside bros, u go still send money home
We are in this shit together.

I just dey vex.

haywire07:
It's hightime Nigeria stopped international sales of oil in full capacity.
Let us channel ample amount of the oil to a reservoir and save up for a better day.
Cut deals with some African countries and use their reservoirs if ours is filled

When we save enough, the Government should declare our refineries ''out of service".
Luckily, Dangote refinery is near completion.

After this Covid -19 pandemic, we begin to sell from our reservoirs for the main time, while the refineries will be under renovation.

And also very importantly is the need to diversify.

Too smart

sulaak:



Tesla mega-battery are already powering a town in Australia, The batteries are connected to both Solar and Wind Farms. Nigerian is just to slow in adopting new technology. A serious government will be supporting the replacing of the over 60 million dirty electric generators with clean solar and batteries, imagine the number of low technicians that will be required to set up the solar panel and batteries across the country.

I wonder how NLNG is doing these days. I don't even hear much about them again. Nigeria/Africa has huge potential but mehn..i do not understand.

sulaak:



Tesla mega-battery are already powering a town in Australia, The batteries are connected to both Solar and Wind Farms. Nigerian is just to slow in adopting new technology. A serious government will be supporting the replacing of the over 60 million dirty electric generators with clean solar and batteries, imagine the number of low technicians that will be required to set up the solar panel and batteries across the country.

If u are governed by people with low IQ, this is what u get.
All they see is free money. Grab and continue grabbing.