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OPEC+ Announces Cut In Oil Production - Business (4) - Nairaland

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OPEC: Nigeria Regains Africa Top Spot As Oil Production Rises By 47,000 BPD / Oil Production: $4 Per Barrel In Saudi Arabia, $3 In Russia, $21.2 In Nigeria / Donald Trump Set To Tackle Nigeria And Other OPEC Countries (2) (3) (4)

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Re: OPEC+ Announces Cut In Oil Production by Elvis2kay: 1:58am On Apr 03, 2023
God1000:
I think Saudi Arabia and Russia are purposely doing this to spite Washington, Biden should withdraw all US troops from Saudi Arabia and place sanctions on them

This is a political move

Who care about America sanction😔

3 Likes

Re: OPEC+ Announces Cut In Oil Production by Politicalziggy: 2:23am On Apr 03, 2023
christejames:
A relief for Nigerian 🇳🇬 government because they are not even meeting the quota alloted to them by OPEC... undecided



Useless government, always good at punishing the masses!
That will make things worst for america. They don't want to lose Saudi Arabia as a partner. Washington is at cross roads .

1 Like

Re: OPEC+ Announces Cut In Oil Production by Lionstep: 2:29am On Apr 03, 2023
Judolisco:
hunger go jst wire ur head iswr

Okay
Re: OPEC+ Announces Cut In Oil Production by BidenDTrounced: 2:44am On Apr 03, 2023
"The effect on the dollar is positive. This simply means that the market need more dollars (increase demand for dollar) which will consequently hike the exchange rate as buyers compete for more dollar"

It's noteworthy to mention that the fluctuations in the exchange rate of the dollar is not exclusive to the oil market.
In addition to the hikes occasioned by the irresponsible fiscal policies of the US, there's a massive dump of the dollar for prudent reasons.


China trims US Treasury bond holdings
By SHI JING in Shanghai | CHINA DAILY | Updated: 2023-01-20 06:47

$870b figure in Nov lowest since June 2010, shows financial management

China continued to lower its holdings of US Treasury bonds as the US Federal Reserve is expected to maintain its hawkish stance over the following months, market observers said on Thursday.

According to Treasury International Capital data released by the US Department of Treasury on Wednesday, China decreased its holdings of US Treasury bonds by $7.8 billion in November, marking the third consecutive month of selling. With this, China holds about $870 billion worth of US Treasury bonds, the lowest amount since June 2010.

In October, China cut its holdings of US Treasury bonds by $24 billion, according to TIC data.

Yu Yongding, a member of the Academic Divisions of the Chinese Academy of Social Sciences, said China's reduction in its holdings of US Treasury bonds is a measure to adjust the country's balance sheet of overseas assets, which can enhance the security of its overseas assets and increase the net returns on overseas investment.

In November, foreign official institutions sold $12.2 billion of medium-and long-term US securities like Treasury notes and bonds, according to the latest TIC numbers.

Past TIC data show that several central banks sold US Treasury bonds for 49 months since October 2017. Analysts from China International Capital Corp interpreted such selling as a worldwide trend of "de-dollarization".

While the US dollar used to be a global safe haven, economies have been reducing their US Treasury bond holdings over the past few years to lower their over-reliance on the greenback. Such risks of over-reliance became apparent last year during the geopolitical tensions in Europe that were followed by Western financial sanctions on Russia. Diversification of foreign exchange reserves has been more widely adopted by central banks, said CICC experts.

https://www.chinadaily.com.cn/a/202301/20/WS63c9c892a31057c47ebaab84.html

Also countries have succesfully developed mechanisms to carry out trade using other mediums that attenuates the need to posses the USD.

Re: OPEC+ Announces Cut In Oil Production by BidenDTrounced: 2:50am On Apr 03, 2023
Politicalziggy:

That will make things worst for america. They don't want to lose Saudi Arabia as a partner. Washington is at cross roads .
No lectures on democracy or religious freedom that those Americans kept for the rest of the world are directed towards Saudi Arabia. grin grin
Re: OPEC+ Announces Cut In Oil Production by BidenDTrounced: 2:53am On Apr 03, 2023
pansophist:
There are decades where nothing happens, and there are weeks where decades happen” – Vladimir Ilyich Lenin

The above quote by the ex-soviet leader, Vladimir Lenin is a perfect illustration of what is happening to the US and the dollars.

After weaponizing the USD for decades, nothing happened. But just last year, the US weaponized the USD against Russia, then boom, everybody starts moving away from it.

The US hegemony that uncle sam has built for centuries, has suddenly been dismantled jointly by members of the international community. And as usual, Russia always emerges as the savior.

These Russians saved the world from Hitler and paid the cost of losing at least 20M men dead, just to prevent most of Europe and the world from speaking German. Now they are saving the world from US hegemony.

They took the biggest blow. From sanctions to soldiers dying in Ukraine to restrictions and seizing of their foreign reserves, still, they are still punching. If this is not strength, then please, what is strength?

One country taking on the whole western nato machine, and still, they haven't declared war. If not for Russia, the world would be an evil place than it is.

I just imagined what the world would look like if the soviet union under Stalin didn't assist China during its civil war before modern China was founded in 1949.

If Stalin didn't give Mao security assurances, and warned the US that if they ever use nukes against China, they will also use nukes on South Korea. Russia protected China and then, gave them weapons to fight off the western puppet led by Chiang Kai-shek, who fled to Taiwan when they lost and are still there today.

Who also helped China in its nuclear program, making them a superpower and strong as a sovereign country. If Russia didn't pay these heavy sacrifices, I just imagined how the world will look like. If you are wondering why the Chinese respect the Russians, this is why.

Russia always pays heavy prices for the world. And if you love true freedom, sovereignty, and anti-hegemony, you must appreciate the prices Russia has paid to a world who are mostly ignorant and thankless about it.

5 Likes 1 Share

Re: OPEC+ Announces Cut In Oil Production by jaxxy(m): 3:37am On Apr 03, 2023
God1000:
I think Saudi Arabia and Russia are purposely doing this to spite Washington, Biden should withdraw all US troops from Saudi Arabia and place sanctions on them

This is a political move

U can't do that..Saudi is a strategic partner with the US and they maintain strong ties even when they disagree on issues.

Russia is only trying to create division to gain economic power and survive sanctions.

China is looking for away to avoid the economic sanctions scenario of Russian incase they want to abuse international laws against humanity or their neighbours like Russia.

My problem with these people isn't the disaffection with the US bt the fact that they hold their own people hostage with autocratic style of governance and u want other people to trust u?

3 Likes 1 Share

Re: OPEC+ Announces Cut In Oil Production by seguno2: 3:51am On Apr 03, 2023
christejames:
A relief for Nigerian 🇳🇬 government because they are not even meeting the quota alloted to them by OPEC... undecided

Useless government, always good at punishing the masses!

And why do the masses always want a useless government to be in charge of the country? Do you know

1 Like 1 Share

Re: OPEC+ Announces Cut In Oil Production by seguno2: 3:52am On Apr 03, 2023
atheistandproud:
Lol

More suffering loading

More money for these criminals to steal

Who allows these criminals to steal, apart from the people who they steal from
Re: OPEC+ Announces Cut In Oil Production by Babastrong(m): 3:53am On Apr 03, 2023
[quote author=Reinaldo post=122253883]APC is bad for Nigeria[ LP would have been the worst. But thank God we dodged the bullet.]
Re: OPEC+ Announces Cut In Oil Production by Oniks001(m): 3:55am On Apr 03, 2023
BidenDTrounced:


Man, I got goosebumps reading this, everything the dude said is all true. Keep it up bro.The truth must be said and they won’t stop us

1 Like

Re: OPEC+ Announces Cut In Oil Production by CodeTemplar: 3:57am On Apr 03, 2023
Under fair circumstances, Nigeria should step up and fill that gap because oil is being discovered everywhere. Bauchi, Gombe, Nasarawa, Lagos and Anambra. Audio oil.
Re: OPEC+ Announces Cut In Oil Production by seguno2: 4:02am On Apr 03, 2023
ecolime:
Whether they reduce or increase quota, nothing dey favour an unserious nation like Nigeria.

Our biggest problem is not having functional refinery. Dangote refinery that they are waiting for doesn't want to commence production until subsidy is removed so he can cash out more.

The subsidy that Buhari called a fraud before Tinubu alone made him president in 2015, and which was removed a year later?
What other subsidy are you talking about

Subsidy removal: Tinubu backs Buhari, Falana condemns price hike

13th May 2016

A former Lagos State Governor and National Leader of the All Progressives Congress, Asiwaju Bola Tinubu, has described the decision of the President Buhari-led Federal Government to remove petrol subsidy as courageous.

The government, through the Minister of State for Petroleum Resources, Dr. Ibe Kachikwu, on Wednesday, announced the removal of the subsidy on petrol, pegging the upper limit at N145 per litre from N86.50k.

In a statement in Lagos on Thursday, Tinubu said though the decision was a difficult one, it would ultimately become beneficial to the generality of the people instead of enriching the pockets of a few Nigerians, who enjoyed the fraud of the subsidy regime.

https://punchng.com/subsidy-removal-tinubu-backs-buhari-falana-condemns-price-hike/?amp
Re: OPEC+ Announces Cut In Oil Production by grandstar(m): 4:12am On Apr 03, 2023
ecolime:
Whether they reduce or increase quota, nothing dey favour an unserious nation like Nigeria.

Our biggest problem is not having functional refinery. Dangote refinery that they are waiting for doesn't want to commence production until subsidy is removed so he can cash out more.

The loans he borrowed to build the refinery, do you think they are a charity?

Simply deregulate the price which is the right step.

3 Likes

Re: OPEC+ Announces Cut In Oil Production by seguno2: 4:23am On Apr 03, 2023
Ireportlive:
cool
What will Nigeria do with these new increase in oil price revenue, since we are stopping subsidy and Dangote Refinery starts soon

Tinubu is about to become one of the most financially luckiest President after Yakub Gowon and Jonathan and he has experience as former ExxonMobil treasurer, .

Oil prices were highest in 2009 under Yar’Adua at $140, and started falling thereafter with a sharp drop from 2013, which made Buhari promise to stabilise oil prices, based on his previous experience as military petroleum minister under Obasanjo.
Re: OPEC+ Announces Cut In Oil Production by seguno2: 4:30am On Apr 03, 2023
grandstar:
The loans he borrowed to build the refinery, do you think they are a charity?

Simply deregulate the price which is the right step.

Was the deregulation by Jonathan in 2012, which Pastor Tunde Bakare, Utomi, Falana, Femi Kuti and others protested against as #OccupyNigeria, the policy initiative that inspired Dangote refinery

Can you imagine how much fuel price would have crashed with no more scarcity, after 11 years just as we witnessed in the telecom sector after it was deregulated 23 years ago? How many years before Glo came into the market and scattered the duopolies of MTN and Econet (now Airtel)
Re: OPEC+ Announces Cut In Oil Production by Lovenorth: 5:09am On Apr 03, 2023
God1000:
I think Saudi Arabia and Russia are purposely doing this to spite Washington, Biden should withdraw all US troops from Saudi Arabia and place sanctions on them

This is a political move
US love Saudi more than they love you and your pastors
Re: OPEC+ Announces Cut In Oil Production by AbdulHakeem44(m): 5:19am On Apr 03, 2023
God1000:
I think Saudi Arabia and Russia are purposely doing this to spite Washington, Biden should withdraw all US troops from Saudi Arabia and place sanctions on them

This is a political move
Lol, and you think Saudi don't have plan B? Saudi and Iran are gradually aligning politically, and Russia gaining ground small small in gulf, it's a win win for Russia if you know. Only USA and Israel will feel the pain mostly.

Are you aware some countries like India, Brazil, china, no longer wants to trade in US dollars, south Africa may soon join.

Government around the world are getting sense small small.

1 Like

Re: OPEC+ Announces Cut In Oil Production by Timoleon(m): 5:42am On Apr 03, 2023
Which year be that? undecided
Flier:
If not because of Democrats green revolution, a barrel of oil won’t be more than 30$,America has capacity to produce 25 million barrels a day but won’t do it because of environmental problems
Donald Trump pumped just 13 million barrels a day and oil crashed to minus -10$
Re: OPEC+ Announces Cut In Oil Production by Masculity(m): 5:58am On Apr 03, 2023
God1000:
I think Saudi Arabia and Russia are purposely doing this to spite Washington, Biden should withdraw all US troops from Saudi Arabia and place sanctions on them

This is a political move

That would further isolate the US. Oga US need more allies now. Believe me China will be very happy and replace any vacuum created by the US.
Re: OPEC+ Announces Cut In Oil Production by Masculity(m): 6:00am On Apr 03, 2023
Ireportlive:
cool



What will Nigeria do with these new increase in oil price revenue, since we are stopping subsidy and Dangote Refinery starts soon

Tinubu is about to become one of the most financially luckiest President after Yakub Gowon and Jonathan and he has experience as former ExxonMobil treasurer,

*No more subsidy means keeping atleast $16 billion USD in our foreign reserves annually strenghtning Naira value
This means Dollar to Naira might go back to atleast N350 to _$1

*Using Tompolo and Asari Dokubo as pipeline security, Nigeria might reach 2.3 million Barrels per day this multiplied by new global Oil price , oil royalty from NNPC is about to increase drastically with all arms of government FG State and LGA sharing larger FAAC allocation, Abia State, Kogi State and Benue State won't have a reason to owe workers



.



God bless you Sir.

2 Likes 1 Share

Re: OPEC+ Announces Cut In Oil Production by BABAawoo47: 6:02am On Apr 03, 2023
God1000:
I think Saudi Arabia and Russia are purposely doing this to spite Washington, Biden should withdraw all US troops from Saudi Arabia and place sanctions on them

This is a political move
grin grin
Placing sanctions on saudi...
It's not today saudi don dey spite Washington...If you place sanctions on them, then they will kill off petrodollar
Re: OPEC+ Announces Cut In Oil Production by Regex: 6:03am On Apr 03, 2023
Upworkwriter007:
Saudi Arabia is the most influential Muslim dominated nation in the world. They're also the most influential in the OPEC block. There's nothing, including in defence that US is currently offering Saudi Arabia that China can't. For example, China is Saudi Arabia's largest trading partner. China has the largest Naval Force (Warships and Men) in the world. If Saudi Arabia successfully influences OPEC nation pricing their commodity in Yuan instead of Dollars. It'll sink the US Dollars. This is exactly why China has been Cozying up to Saudi in the past year.

Thank you very much. This is what I want to hear. Anything to distablisethe dollar. Now Russia is joining the OPEC, omo American empire is fallen.

3 Likes

Re: OPEC+ Announces Cut In Oil Production by johnjose68: 6:06am On Apr 03, 2023
ecolime:
Whether they reduce or increase quota, nothing dey favour an unserious nation like Nigeria.

Our biggest problem is not having functional refinery. Dangote refinery that they are waiting for doesn't want to commence production until subsidy is removed so he can cash out more.

Okay daddy grin
Re: OPEC+ Announces Cut In Oil Production by Regex: 6:19am On Apr 03, 2023
Upworkwriter007:
Consider this, Russia's economy, that's under Western Sanctions is poised to grow by 0.5% this year. UK's economy is expected to shrink this year. You know why Russia is growing despite 27,000 sanctions by the west? China. There FX is now priced in Yuan.
Russia helped China when she was in need. Today, China is showing gratitude. Russia helped India when the tide was against them, today and Indian will rather die for Russia than die for India.

2 Likes 1 Share

Re: OPEC+ Announces Cut In Oil Production by BluelightHotel: 6:28am On Apr 03, 2023
De-dollarisation agenda and they’re trying to manipulate the oil price with that scheme.

I hope Africans are buying up gold and bitcoin and other commodities now as reserves instead of holding their reserves in dollars atm,a serious change and challenge is inevitable.

1 Like

Re: OPEC+ Announces Cut In Oil Production by oyichi: 6:30am On Apr 03, 2023
This will be bad news for us if fuel subsidy is totally removed, it means price will shoot up
Re: OPEC+ Announces Cut In Oil Production by zico530(m): 6:38am On Apr 03, 2023
Kayyus09:
How much is Nigeria cutting grin
Nigeria is not meeting her daily production so has nothing to cut. It's a plus and more money for Nigeria.

1 Like

Re: OPEC+ Announces Cut In Oil Production by Purity1st: 6:45am On Apr 03, 2023
Ireportlive:
cool



What will Nigeria do with these new increase in oil price revenue, since we are stopping subsidy and Dangote Refinery starts soon

Tinubu is about to become one of the most financially luckiest President after Yakub Gowon and Jonathan and he has experience as former ExxonMobil treasurer,

*No more subsidy means keeping atleast $16 billion USD in our foreign reserves annually strenghtning Naira value
This means Dollar to Naira might go back to atleast N350 to _$1

*Using Tompolo and Asari Dokubo as pipeline security, Nigeria might reach 2.3 million Barrels per day this multiplied by new global Oil price , oil royalty from NNPC is about to increase drastically with all arms of government FG State and LGA sharing larger FAAC allocation, Abia State, Kogi State and Benue State won't have a reason to owe workers



.


Keep living in this delusional prediction
Re: OPEC+ Announces Cut In Oil Production by Purity1st: 6:47am On Apr 03, 2023
nlfpmod:


https://www.reuters.com/business/energy/sarabia-other-opec-producers-announce-voluntary-oil-output-cuts-2023-04-02/

Next topics
Re: OPEC+ Announces Cut In Oil Production by BigYash: 7:11am On Apr 03, 2023
Lionstep:
Ok....how I wish oil can just dry up in Nigeria
You think it will affects the elites? Dey play.. Just like that new naira notes time,that's how it will be.. Na the masses go still suffer am..

1 Like

Re: OPEC+ Announces Cut In Oil Production by Lionstep: 7:13am On Apr 03, 2023
BigYash:
You think it will affects the elites? Dey play.. Just like that new naira notes time,that's how it will be.. Na the masses go still suffer am..

That's to say they don milk your country dry ?

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