inoki247:
Another Excuse loading the oil don rise but why we can't see the impact is because our production is low laik someone who gt a low sperm count...

you may be right

Our increased amounts of importation is also another crucial factors...which is why we need to ban fuel which sucks majority of our forex...secondly. Nigeria needs high production and high oil prices in order for naira to gain value... U can't compare Jonathan and yar adua times where we produced over 2 million barrels per day and a barrel sold above $100 to...about 1.3million barrels today and each barrel going for $80 ....u do the math

tutudesz:
And Dollars still remain the same I thought they were blaming the fall in oil price for the rise of dollars before

OPEC Basket is 78$

greatiyk4u:



How many minutes now from the period of the prize change?

It's traded at $77.79 yesterday and the change in price should affect your currency overnight
But the opposite is the case for Nigeria, the more we earn foreign exchange from oil, the more Naira falls

Remove subsidy ...make we kukuma suffer all the suffers once and for all.
Afterall...The acclaimed subsidy na scam being enjoyed by the few...according to Malam Sanusi

Cognitivereason:
Our increased amounts of importation is also another crucial factors...which is why we need to ban fuel which sucks majority of our forex...secondly. Nigeria needs high production and high oil prices in order for naira to gain value... U can't compare Jonathan and yar adua times where we produced over 2 million barrels per day and a barrel sold above $140 to...about 1.3million barrels today and each barrel going for $80 ....u do the math

That is a huge and dirty lie my gee stop peddling beer parlour figures.

inoki247:
Another Excuse loading the oil don rise but why we can't see the impact is because our production is low laik someone who gt a low sperm count...

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Even if oil increase to 100 USD, MIT still won't make sense or add any meaningful value to Nigeria as a nation since it still import its crude and its refeneries are down.

Another issue is this scam THEY call petrol subsidy...when oil price increases, marketers smile and gain more. Nigeria should fix its refeneries and then talk of a new price regime for petroleum products!

Cognitivereason:
Our increased amounts of importation is also another crucial factors...which is why we need to ban fuel which sucks majority of our forex...secondly. Nigeria needs high production and high oil prices in order for naira to gain value... U can't compare Jonathan and yar adua times where we produced over 2 million barrels per day and a barrel sold above $140 to...about 1.3million barrels today and each barrel going for $80 ....u do the math

We should be feeling the effects of oil price rise a little, even if it's mean dollars falling by 10-5%.
The corruption in Importation of fuel will never allow Government stop it. Even the total amount of fuel importation is unknown

JackDaAlienz:


Electric Cars will be the death of Oil

Elon Musk may God keep you alive

There's plenty of use cases for Oil....apart from vehicles/transportation....EVs may lower demand for crude...but they can't halt it....plus other more sustainable uses may emerge for oil .. even by then

Under Bubu administration, increase in international oil price automatically means increase in fuel pump price here....


Wonder how we bought petrol at #65-97 even with the so called subsidy scam when a barrel was $100.

My bad ..above $100

BruncleZuma:
That is a huge and dirty lie my gee stop peddling beer parlour figures.

tutudesz:

It's traded at $77.79 yesterday and the change in price should affect your currency overnight
But the opposite is the case for Nigeria, the more we earn foreign exchange from oil, the more Naira falls

Crude trading dey like forex trading ni?

Buhari now oil price don go up abeg make 1 dollar equal to useless Naira , or are you looking for another excuses to give

NNPC give data about it..try researching...
What I do know is DAT..we spend 15% on an average to import refined products..
There is no corruption in the imports of fuel...since we don't produce it ..we have to import it.. There is only MASSIVE corruption in subsidizing the product many of which ends up smuggled..

tutudesz:

We should be feeling the effects of oil price rise a little, even if it's mean dollars falling by 10-5%.
The corruption in Importation of fuel will never allow Government stop it. Even the total amount of fuel importation is unknown

/
Nothing to celebrate.

Low oil price == decrease revenue to FGN

High oil price == high subsidy payment.
It is just a revolving door of inefficiency and loss.

In other words, oil price has no positive impact on Nigeria. The only solution is to have Nigerian refineries up and working.

/

JackDaAlienz:


Electric Cars will be the death of Oil

Elon Musk may God keep you alive

Did you know i predicted this Oil price increase about 2 weeks ago, check it out here;

https://sportafriq.com/crude-oil-price-increase-globally/

greatiyk4u:


Crude trading dey like forex trading ni?

Yes! Stock exchange trading has a direct effect on forex trading, while forex doesn't not.
Since our economy depends on Oil (foreign exchange) we should at least feel a little impact on dollars price, since this is Nigeria anything can happen

If not for the south what’s the business of them them up there with oil

Cognitivereason:
NNPC give data about it..try researching...
What I do know is DAT..we spend 15% on an average to import refined products..
There is no corruption in the imports of fuel...since we don't produce it ..we have to import it.. There is only MASSIVE corruption in subsidizing the product many of which ends up smuggled..

Sorry was referring to the fuel subsidy corruption.

post=106472521:

Even when oil was at $45 per barrel,
Sane, reasonable and honest could see how much is being done all over the country.

But when oil was well well over $120 in the year of the looters you supported.....
What happened

List the things been done now despite the billions of dollars been borrowed? Was Nigeria not better back then compared to now?

SmartPolician:
More money for Nigerian looters

Did you read the part that says that production decreased?

JackDaAlienz:


Electric Cars will be the death of Oil

Elon Musk may God keep you alive

De there de pray make your nation become poor country

Mossadd:
Thats very nice let seee buhari new excuses

He will blame it on the "middleman"

Cognitivereason:
NNPC give data about it..try researching...
What I do know is DAT..we spend 15% on an average to import refined products..
There is no corruption in the imports of fuel...since we don't produce it ..we have to import it.. There is only MASSIVE corruption in subsidizing the product many of which ends up smuggled..

Iran had poor refining capacity few years ago. The US capitalised on that and aggressively placed sanctions on imports of refined petroleum products as well as parts for refinaries. Iran took that as a challenge.
Iran currently is a net exporter of refined petroleum products as well as servicing parts. All within 5 years!
Meanwhile naija is still battling with fuel imports and subsidy.

Cognitivereason:
Our increased amounts of importation is also another crucial factors...which is why we need to ban fuel which sucks majority of our forex...secondly. Nigeria needs high production and high oil prices in order for naira to gain value... U can't compare Jonathan and yar adua times where we produced over 2 million barrels per day and a barrel sold above $100 to...about 1.3million barrels today and each barrel going for $80 ....u do the math

Hmm. U try.

My points. You can get the info via google search too

1. Average Oil price was above $100 dollars in 3 out of the 8 Jonathan/Yaradua term

2. Oil production output was at an annual averagevof 1.6m bpd over 2015b to 2020

3. Over 2007 to 2014, it was averaging 1.9m bpd

4. The fall in output of crude oil and refining capacity is solely the responsibility of the current administration.

5. While there were more cash available from crude during the Jonathan Era, they also kept price stable, did not borrow extensively and naira was kept at a decent rate.

6. The fall in revenue is not proportionate with the free fall of the naira, rising cost of goods, unemployment amid massive borrowing. If you borrow, your Output should reflect this in terms of increase in production, forex earnings,

7. GDP in naira has been rising but GDP at constant prices has not. All you need do is convert the GDP to dollars to get a rough idea. Example. If your earned 170k in 2014, thats 1k dollars. If today your salary has doubled to 340k, dnt deceive yourself that you have moved up. You earn just above 600 dollars today or 800 dollars at CBN rate. Either way, you spent 7 years going backward.

GDP in naira terms does not tell the whole story.

JackDaAlienz:


Electric Cars will be the death of Oil

Elon Musk may God keep you alive

Electric cars were in existence since 1980 but still yet to circulate the uk market..

Buhari's excuse of price of crude has been thrown out of the window.

Clueless is clueless regardless of price of crude oil.

Diversification is the way forward

inoki247:
Another Excuse loading the oil don rise but why we can't see the impact is because our production is low laik someone who gt a low sperm count...

The herd of swine defending them will quickly buy into their narrative.

IF IT LIKES IT IT BE $1000 PER BARREL THINGS WOULD NOT GET BETTER IN NAIJA