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Fact Check: Crude Oil Never Sold For $100 Per Barrel Under Obasanjo - Politics - Nairaland

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Fact Check: Crude Oil Never Sold For $100 Per Barrel Under Obasanjo by kirajustice: 4:39pm On Jun 10
POLITICSNIGERIA.COM

President Muhammadu Buhari, in a bid to defend his administration, has again spread misinformation regarding the records of crude oil prices under past administrations.

POLITICS NIGERIA, in its support for verification and accountability, has run a check on the President’s claim.

CLAIM: Crude oil sold for $100 from 1999 to 2014

In an interview with Arise Television aired in the early hours of Thursday, Buhari said Nigeria’s Brent crude oil sold for $100 between 1999 and 2014.

It should be noted that former Presidents Olusegun Obasanjo, late Umaru Musa Yar’Adua and Goodluck Jonathan, who are members of the opposition Peoples Democratic Party (PDP) ruled between the said period.

“I would like you to check how much we are earning from 1999 to 2014. From 1999 to 2014, our production (if you check you will find out that) every production was 2.1 million barrel per day. At the cost of 100 American dollar per barrel. So, from 1999 to 2014, we were earning 2.1 million times 100 dollar per day.”

“Look at the state of infrastructure. Look at our road. Look at rail. Look at power. And tell me which country develops without infrastructure,” he said, blaming the PDP led government for the woes of the country.”

Checks by POLITICS NIGERIA however revealed that this was not the first time the President reeled out such figures. On October 1, 2016, the Nation’s Independence Day, President Buhari, said that oil prices were “an average of 100 USD per barrel over the last decade.”

He did in 2018 while campaigning for a second term in office, which he eventually got.

“I have challenged everybody in Nigeria to check in Europe, America and Asia that Nigeria was producing 2.1 million barrels per day at the cost of $100 per barrel. So, Nigeria was earning 2.1 million barrels, times $100, times 16 years,” he said during a rally.

He also restated the same while receiving a delegation of the Buhari Support Organisation (BSO) at the Presidential Villa in the same year. “When we came, it collapsed to $37-38 and it was oscillating between $40 and $54 sometimes”, Buhari said.

POLITICS NIGERIA however fact checks the claim using relevant data.

VERIFICATION

Data from the Organization of Petroleum Exporting Countries (OPEC) culled from Statista, one of the world’s leading providers of market and consumer data, showed the prices of bent crude between 1999 to 2014.

In 1999, the average annual price of crude oil was about $17.4 per barrel. It was $27.6 in 2000, $23.1 in 2001, $24.3 in 2002, $28.1 in 2003 and in 2004, it was $36.5. Oil sold for $50.5 per barrel in 2005, $61 in 2006, $69 in 2007, $94.1 in 2008, $60.8 in 2009 and in 2010, oil price was $77.3.

The average annual price of oil had reached a record high of $107 per barrel in 2011. It further increased to $109 in 2012 and dropped off to $105.8 and $96.2 in 2013 and 2014 respectively.

Further analysis showed that between the period under review, it sold for as less as $20 and as much as $109 per barrel.

By POLITICS NIGERIA’s calculation, the oil price averaged between 1999 and 2014 is $61.7 per barrel.

This newspaper reached out to Buhari’s spokespersons, Garba Shehu and Femi Adesina, for clarifications but they did not respond to the enquiry sent via texts.

VERDICT: Since records and POLITICS NIGERIA’s analysis showed that crude oil sold for an average of $61.7 per barrel between 1999 to 2014, the President’s claim of $100 per barrel is FALSE.
https://politicsnigeria.com/fact-check-again-buhari-goofs-crude-oil-never-sold-for-100-per-barrel-under-obasanjo/

49 Likes 3 Shares

Re: Fact Check: Crude Oil Never Sold For $100 Per Barrel Under Obasanjo by Commentor: 4:43pm On Jun 10
Why not complete your research by telling us how much it's been sold since 2015.

57 Likes 9 Shares

Re: Fact Check: Crude Oil Never Sold For $100 Per Barrel Under Obasanjo by Sonicroyel: 4:46pm On Jun 10
Bugatti no know anything jare
Senseless man

8 Likes

Re: Fact Check: Crude Oil Never Sold For $100 Per Barrel Under Obasanjo by Mexzy4sho(m): 4:59pm On Jun 10
Gbas...Gbos everywhere you look... grin grin

3 Likes 2 Shares

Re: Fact Check: Crude Oil Never Sold For $100 Per Barrel Under Obasanjo by Agbegbaorogboye: 5:01pm On Jun 10
A failure has multiple excuses he pulls from the air

63 Likes 3 Shares

Re: Fact Check: Crude Oil Never Sold For $100 Per Barrel Under Obasanjo by Blue3k(m): 5:01pm On Jun 10
Commentor:
Why not complete your research by telling us how much it's been sold since 2015.

Why would they if he didn't make that claim?

21 Likes

Re: Fact Check: Crude Oil Never Sold For $100 Per Barrel Under Obasanjo by Commentor: 5:03pm On Jun 10
Blue3k:


Why would they if he didn't make that claim?

For a fair comparison.

The entire article is nitpicking whilst trying to avoid the more important fact - oil revenues were far more in years past.

24 Likes 3 Shares

Re: Fact Check: Crude Oil Never Sold For $100 Per Barrel Under Obasanjo by Amotolongbo(f): 5:15pm On Jun 10
It is a disaster having APC controlling this nation.

PDP was far better than this disaster of a party



Amotolongbo:
You people just come online with so ambiguous and vague arguments.

Nigeria became independent in 1960. This present democratic dispensation started in 1999. Everyone knew that the situation of the nation was so deteriorated before it was handed over to PDP in 1999. What was the nation’s external reserve before it was handed over to Obasanjo in May 1999?
$4.98billion.
PDP took it from there happily and groomed it
The highest peak we had was under Yar’adua in 2008 at $58billion dollars before it was depleted by Jonathan.
Did PDP ever cry of inheriting bad economy from the military?
Did PDP ever cite low foreign reserve transferred to them by the khaki despite experiencing oil boom during the gulf war era as the reason for their failure?

I wonder what Nigeria would have been if these crop of APC men were the same leaders who got the transition in May 1999 from Abdulsalam Abubakar. Seriously, we won’t be on the map again.

https://www.google.com/amp/databod.com/nigeria-external-reserves-1999-till-date/amp/

40 Likes 1 Share

Re: Fact Check: Crude Oil Never Sold For $100 Per Barrel Under Obasanjo by Agbegbaorogboye: 5:16pm On Jun 10
Commentor:


For a fair comparison.

The entire article is nitpicking whilst trying to avoid the more important fact - oil revenues were far more in years past.
How can you call a comparison of six and sixteen years which you want fair.
Why don't we compare the two leaders who have served above six years and see who earned more oil revenue.
Shall we?

22 Likes

Re: Fact Check: Crude Oil Never Sold For $100 Per Barrel Under Obasanjo by temitope27: 5:19pm On Jun 10
Bubu is a failure

5 Likes

Re: Fact Check: Crude Oil Never Sold For $100 Per Barrel Under Obasanjo by FarahAideed: 5:23pm On Jun 10
Commentor:
Why not complete your research by telling us how much it's been sold since 2015.

Sold at an average of 53 dollars and currently 73 ..Buhari is a failure

51 Likes 3 Shares

Re: Fact Check: Crude Oil Never Sold For $100 Per Barrel Under Obasanjo by DubaiLandLord: 5:25pm On Jun 10
Commentor:
Why not complete your research by telling us how much it's been sold since 2015.
Who is stopping you from completing the research?

35 Likes 3 Shares

Re: Fact Check: Crude Oil Never Sold For $100 Per Barrel Under Obasanjo by Tajbol4splend(m): 5:31pm On Jun 10
Jonathan regime really chop money

9 Likes 1 Share

Re: Fact Check: Crude Oil Never Sold For $100 Per Barrel Under Obasanjo by UstazAhmed(m): 5:32pm On Jun 10
Stop insulting the president, you are insulting your nation. Be patriotic for once

4 Likes 1 Share

Re: Fact Check: Crude Oil Never Sold For $100 Per Barrel Under Obasanjo by SmartPolician: 5:52pm On Jun 10
We know say Buhari no get sense, but he raised a very important point. He argued that Nigeria made a lot of money between 1999 and 2014, asking what the previous governments did with the money.

However, I expected the journalists in the media chat, including Mr. Nduka Obaigbena (who's obviously the most experienced), to ask him what he has done differently because he has borrowed to finance almost all the projects this administration has executed.

20 Likes 3 Shares

Re: Fact Check: Crude Oil Never Sold For $100 Per Barrel Under Obasanjo by anurd1991: 5:54pm On Jun 10
That's y u are asking him to do press briefing so that you can fact check. Rararada

U go tey for that place

kirajustice:
POLITICSNIGERIA.COM

President Muhammadu Buhari, in a bid to defend his administration, has again spread misinformation regarding the records of crude oil prices under past administrations.

POLITICS NIGERIA, in its support for verification and accountability, has run a check on the President’s claim.

CLAIM: Crude oil sold for $100 from 1999 to 2014

In an interview with Arise Television aired in the early hours of Thursday, Buhari said Nigeria’s Brent crude oil sold for $100 between 1999 and 2014.

It should be noted that former Presidents Olusegun Obasanjo, late Umaru Musa Yar’Adua and Goodluck Jonathan, who are members of the opposition Peoples Democratic Party (PDP) ruled between the said period.

“I would like you to check how much we are earning from 1999 to 2014. From 1999 to 2014, our production (if you check you will find out that) every production was 2.1 million barrel per day. At the cost of 100 American dollar per barrel. So, from 1999 to 2014, we were earning 2.1 million times 100 dollar per day.”

“Look at the state of infrastructure. Look at our road. Look at rail. Look at power. And tell me which country develops without infrastructure,” he said, blaming the PDP led government for the woes of the country.”

Checks by POLITICS NIGERIA however revealed that this was not the first time the President reeled out such figures. On October 1, 2016, the Nation’s Independence Day, President Buhari, said that oil prices were “an average of 100 USD per barrel over the last decade.”

He did in 2018 while campaigning for a second term in office, which he eventually got.

“I have challenged everybody in Nigeria to check in Europe, America and Asia that Nigeria was producing 2.1 million barrels per day at the cost of $100 per barrel. So, Nigeria was earning 2.1 million barrels, times $100, times 16 years,” he said during a rally.

He also restated the same while receiving a delegation of the Buhari Support Organisation (BSO) at the Presidential Villa in the same year. “When we came, it collapsed to $37-38 and it was oscillating between $40 and $54 sometimes”, Buhari said.

POLITICS NIGERIA however fact checks the claim using relevant data.

VERIFICATION

Data from the Organization of Petroleum Exporting Countries (OPEC) culled from Statista, one of the world’s leading providers of market and consumer data, showed the prices of bent crude between 1999 to 2014.

In 1999, the average annual price of crude oil was about $17.4 per barrel. It was $27.6 in 2000, $23.1 in 2001, $24.3 in 2002, $28.1 in 2003 and in 2004, it was $36.5. Oil sold for $50.5 per barrel in 2005, $61 in 2006, $69 in 2007, $94.1 in 2008, $60.8 in 2009 and in 2010, oil price was $77.3.

The average annual price of oil had reached a record high of $107 per barrel in 2011. It further increased to $109 in 2012 and dropped off to $105.8 and $96.2 in 2013 and 2014 respectively.

Further analysis showed that between the period under review, it sold for as less as $20 and as much as $109 per barrel.

By POLITICS NIGERIA’s calculation, the oil price averaged between 1999 and 2014 is $61.7 per barrel.

This newspaper reached out to Buhari’s spokespersons, Garba Shehu and Femi Adesina, for clarifications but they did not respond to the enquiry sent via texts.

VERDICT: Since records and POLITICS NIGERIA’s analysis showed that crude oil sold for an average of $61.7 per barrel between 1999 to 2014, the President’s claim of $100 per barrel is FALSE.

2 Likes

Re: Fact Check: Crude Oil Never Sold For $100 Per Barrel Under Obasanjo by ChoCho54(f): 5:58pm On Jun 10
Commentor:
Why not complete your research by telling us how much it's been sold since 2015.
Still, Obasanjo earned less and didn't continue blaming the Army after 6yrs.

36 Likes 2 Shares

Re: Fact Check: Crude Oil Never Sold For $100 Per Barrel Under Obasanjo by ChoCho54(f): 6:04pm On Jun 10
SmartPolician:
We know say Buhari no get sense, but he raised a very important point. He argued that Nigeria made a lot of money between 1999 and 2014, asking what they have done with the money.

However, I expected the journalists in the media chat, including Mr. Nduka Obaigbena (who's obviously the most experienced), to ask him what he has done differently because he has borrowed to finance almost all the projects this administration has executed.
Nduka knows better to overstep his bounds. Everyone including the presenters were unfortunately on the look out for the usual normal buhari major gaffes, whenever offered a microphone.

Based on that, thread cautiously, do not be the one to start the fire...

12 Likes 1 Share

Re: Fact Check: Crude Oil Never Sold For $100 Per Barrel Under Obasanjo by vedaxcool(m): 6:05pm On Jun 10
grin lol is that all? Off course ignore the fact that oil price was more stable during previous years with nothing to show it, which was the point he was making, Doyin Okupe swore Nigeria in the TIME OF HIGH OIL PRICES CANNOT AFFORD NEW COACHES FOR OUR TRAIN SERVICE.

PMB has proven them wrong and has done more with less even building the perennial promise and fail second Niger bridge! We go well last last.

8 Likes 4 Shares

Re: Fact Check: Crude Oil Never Sold For $100 Per Barrel Under Obasanjo by veekid(m): 6:18am On Jun 11
Wahala
Re: Fact Check: Crude Oil Never Sold For $100 Per Barrel Under Obasanjo by RichDad1(m): 6:19am On Jun 11
Ok.
Re: Fact Check: Crude Oil Never Sold For $100 Per Barrel Under Obasanjo by blinking001(m): 6:20am On Jun 11
Damage control

1 Like

Re: Fact Check: Crude Oil Never Sold For $100 Per Barrel Under Obasanjo by stano2(m): 6:20am On Jun 11
Commentor:
Why not complete your research by telling us how much it's been sold since 2015.
not necessary
Re: Fact Check: Crude Oil Never Sold For $100 Per Barrel Under Obasanjo by stano2(m): 6:20am On Jun 11
Lying president

3 Likes

Re: Fact Check: Crude Oil Never Sold For $100 Per Barrel Under Obasanjo by yusluvad(m): 6:20am On Jun 11
Most clueless government...

3 Likes

Re: Fact Check: Crude Oil Never Sold For $100 Per Barrel Under Obasanjo by pulse9ja: 6:21am On Jun 11
Ok
Re: Fact Check: Crude Oil Never Sold For $100 Per Barrel Under Obasanjo by xcesspaschal(m): 6:21am On Jun 11
Fact check guys just slapped the president..... smiles

2 Likes

Re: Fact Check: Crude Oil Never Sold For $100 Per Barrel Under Obasanjo by Xhuntra: 6:23am On Jun 11
vedaxcool:
grin lol is that all? Off course ignore the fact that oil price was more stable during previous years with nothing to show it, which was the point he was making, Doyin Okupe swore Nigeria in the TIME OF HIGH OIL PRICES CANNOT AFFORD NEW COACHES FOR OUR TRAIN SERVICE.

PMB has proven them wrong and has done more with less even building the perennial promise and fail second Niger bridge! We go well last last.

As usual, they will leave out the lying president and start typing trash. Normal traits of a zombie

21 Likes 1 Share

Re: Fact Check: Crude Oil Never Sold For $100 Per Barrel Under Obasanjo by vedaxcool(m): 6:24am On Jun 11
Xhuntra:


As usual, they will leave out the lying president and start typing trash. Normal traits of a zombie


Small minds always condemn what is beyond their comprehension, normal feature of an Athiefku zombie.

5 Likes

Re: Fact Check: Crude Oil Never Sold For $100 Per Barrel Under Obasanjo by Thisis2raw(m): 6:24am On Jun 11
See why you have to do comprehensive research before talking. I best believe those that use to tell him that oil use to be sold that didn't know this either.

Can someone just ask Buhari what is his name again to change check If he can remember

3 Likes

Re: Fact Check: Crude Oil Never Sold For $100 Per Barrel Under Obasanjo by Xhuntra: 6:25am On Jun 11
vedaxcool:
[s][/s]

As a zone-bee, u have no right to cancel posts.

3 Likes

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