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Nairaland Forum / Nairaland / General / Politics / Nigeria May Stop Oil Production If Price Crash Persists –NNPC (37118 Views)
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Nigeria May Stop Oil Production If Price Crash Persists –NNPC by NwaNimo1(m): 11:09am On Apr 23, 2020 |
The Nigerian National Petroleum Corporation (NNPC) has said the country might have to halt the production of oil if the prices of oil continued to fall consistently. Brent, the benchmark against which Nigeria’s oil grades are priced, plunged by $6.34 to $19.23 per barrel on Tuesday amidst falling demand and an unprecedented glut in the global market that is causing storage to fill up quickly. Kennie Obateru, the Group General Manager, Group Public Affairs Department, NNPC said Wednesday that even though Nigeria had not stopped oil production, there was a possibility it could. “If the situation persists, it is something that is bound to happen definitely. “We can’t keep producing if there is no market to sell to. And it is not something that is peculiar to Nigeria. It is a global thing. “However, it has not happened. For as much as I know and up till this morning, nothing of such has happened.” The NNPC top executive noted that stakeholders had to decide before on the way forward before a halt in production could happen. “We should be positive and hope that things improve. But again, if the situation persists, definitely I think it will come to that. “However, if it is being considered, then they will have to work out the modalities and details. But I can tell you that it (production halt) has not happened,” Mr Obateru said. He stated that halting oil production could not be carried out without adequate preparation, adding that crude oil wells produce the gas Nigeria uses for power generation. Obateru recommended that the country consider how to get the best out of Nigeria’s difficulty in finding buyers for its crude. Earlier this month, Mele Kyari, the NNPC chief stated that Nigerian oil grades were not rejected even though they were stranded in the market. Kyari said the 50 cargoes of Nigerian crude that were stranded in March had reduced in number. “I am happy to announce that that number has gone down substantially. I don’t have the exact number for today, but it is now less than 20.” Reuters reported on Wednesday that at least three dozen cargoes of April and May-loading Nigerian crude, which are unlikely to be absorbed by the refining systems of oil majors, were striving to attract buyers on Tuesday ahead of the imminent June programmes. Government had in March reviewed its benchmark for this year’s budget downward from $57 per barrel to $30. https://www.ripplesnigeria.com/nigeria-may-stop-oil-production-if-price-crash-persists-nnpc/ 3 Likes
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Re: Nigeria May Stop Oil Production If Price Crash Persists –NNPC by NwaNimo1(m): 11:10am On Apr 23, 2020 |
Production that should have been reduced months ago when Saudi and Russia started fighting.... Dullards... 61 Likes 4 Shares |
Re: Nigeria May Stop Oil Production If Price Crash Persists –NNPC by orisa37: 11:32am On Apr 23, 2020 |
, NIGERIA SHOULD STOP OIL NOW AND RESTRUCTURE THE COUNTRY. 186 Likes 10 Shares |
Re: Nigeria May Stop Oil Production If Price Crash Persists –NNPC by helinues: 11:33am On Apr 23, 2020 |
The one they have been producing and earning from, of what use was it to ordinary masses? 215 Likes 22 Shares |
Re: Nigeria May Stop Oil Production If Price Crash Persists –NNPC by Izigha(m): 11:34am On Apr 23, 2020 |
I hope it does not get to that. But what is the contingency plan in any that the government will embark on if petrol dollars stop. 11 Likes |
Re: Nigeria May Stop Oil Production If Price Crash Persists –NNPC by funshint(m): 11:38am On Apr 23, 2020 |
I pity Dangote and his refinery. 41 Likes 1 Share |
Re: Nigeria May Stop Oil Production If Price Crash Persists –NNPC by Izigha(m): 11:45am On Apr 23, 2020 |
funshint: Pity? Dangote is not a producer of oil. If he can store he will be buying now at rock bottom prices. If the refinery come online to coincide with the economy rebound post corona virus he will make a killing. Then conspiracy theories will say he was among the people that engineer the virus 248 Likes 14 Shares |
Re: Nigeria May Stop Oil Production If Price Crash Persists –NNPC by MrPRevailer(m): 2:33pm On Apr 23, 2020 |
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Re: Nigeria May Stop Oil Production If Price Crash Persists –NNPC by Iamdamifroshii(m): 2:33pm On Apr 23, 2020 |
E don do for us be that 1 Like 1 Share |
Re: Nigeria May Stop Oil Production If Price Crash Persists –NNPC by Racoon(m): 2:33pm On Apr 23, 2020 |
No please continue.Guess Nigerian leaders refused to divert to non-oil economy for long? The oil must become useless then it will then be to your tents all man. 12 Likes |
Re: Nigeria May Stop Oil Production If Price Crash Persists –NNPC by nolmonordu: 2:33pm On Apr 23, 2020 |
Re: Nigeria May Stop Oil Production If Price Crash Persists –NNPC by Davidski(m): 2:33pm On Apr 23, 2020 |
The end is near. The Giant of Africa is falling. So sad. 12 Likes |
Re: Nigeria May Stop Oil Production If Price Crash Persists –NNPC by Monaco2(m): 2:33pm On Apr 23, 2020 |
Mona stop una thievery don too much Dat one na una consign na 2 Likes |
Re: Nigeria May Stop Oil Production If Price Crash Persists –NNPC by beautyhd: 2:33pm On Apr 23, 2020 |
Agriculture comes to mind. We should invest hugely in farming what we can export. Go back to production. We've depended so much on oil and ignored other sectors that can yield money. Maybe Nigeria will divide if south south and some parts of south east stops producing oil. 22 Likes |
Re: Nigeria May Stop Oil Production If Price Crash Persists –NNPC by tspun(m): 2:33pm On Apr 23, 2020 |
That's is their business not the masses, 80% of Nigeria are not benefiting from the oil, so if they like they should stop 49 Likes 4 Shares |
Re: Nigeria May Stop Oil Production If Price Crash Persists –NNPC by Juanmike(m): 2:33pm On Apr 23, 2020 |
S |
Re: Nigeria May Stop Oil Production If Price Crash Persists –NNPC by StrikeBack(m): 2:33pm On Apr 23, 2020 |
Handout country |
Re: Nigeria May Stop Oil Production If Price Crash Persists –NNPC by Emmagreen: 2:34pm On Apr 23, 2020 |
Nigeria should stop oil now and restructure the country Meanwhile Get unique Logo Animated logo Business card Brochures Birthday cards Flyers Banners Posters Album covers for your business and start ups.. contact us also for publication designs. WhatsApp or Call: 08115733461 |
Re: Nigeria May Stop Oil Production If Price Crash Persists –NNPC by Nobody: 2:34pm On Apr 23, 2020 |
Hmm we should all brace up for the storm ahead ooo because with the way Im seeing it things will become very tough in the country from now on Even after the coronavirus subsides |
Re: Nigeria May Stop Oil Production If Price Crash Persists –NNPC by meum: 2:34pm On Apr 23, 2020 |
Hmmm |
Re: Nigeria May Stop Oil Production If Price Crash Persists –NNPC by nolmonordu: 2:34pm On Apr 23, 2020 |
Re: Nigeria May Stop Oil Production If Price Crash Persists –NNPC by womjomfashion(f): 2:34pm On Apr 23, 2020 |
This should have stopped long time ago, because there is pandemic, the prices of fuel would fall drastically. Who wants to buy fuel when alot of people are still trying to make sure they eat and stay alive to see the next day. We are still in business and thank you to nairalanders that have been ordering, please be rest assured that some of you will get your order tomorrow while some on Monday. Contact us 2 Likes
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Re: Nigeria May Stop Oil Production If Price Crash Persists –NNPC by dfrost: 2:34pm On Apr 23, 2020 |
So? Who the production help before? 1 Like |
Re: Nigeria May Stop Oil Production If Price Crash Persists –NNPC by BruncleZuma: 2:34pm On Apr 23, 2020 |
Hehehe |
Re: Nigeria May Stop Oil Production If Price Crash Persists –NNPC by GeneralPula: 2:34pm On Apr 23, 2020 |
Re: Nigeria May Stop Oil Production If Price Crash Persists –NNPC by Evaromantik(m): 2:34pm On Apr 23, 2020 |
Oil Fall o!... Fall like the wall of Jericho. Perhaps it will reset their brain to factory mode, so they can consider economical diversification. All the time: Oyel oyel.... Crooks 5 Likes |
Re: Nigeria May Stop Oil Production If Price Crash Persists –NNPC by sanemind2(m): 2:34pm On Apr 23, 2020 |
So what then will be our source of revenue,since we cant diversify our Economy? meanwhile HD movies still available for your hard drive,flash drive etc if you are in PH. Check signature |
Re: Nigeria May Stop Oil Production If Price Crash Persists –NNPC by dhardline(m): 2:34pm On Apr 23, 2020 |
Wow... We have come to the point of using our oyel to fry akara.. 2 Likes |
Re: Nigeria May Stop Oil Production If Price Crash Persists –NNPC by Juanmike(m): 2:34pm On Apr 23, 2020 |
Farming is the way forward |
Re: Nigeria May Stop Oil Production If Price Crash Persists –NNPC by Nobody: 2:34pm On Apr 23, 2020 |
Davidski: Waste of space 1 Like |
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