₦airaland Forum

MAROC:
[s]Picture of the MRI machine or you know... You can shove it up your ***!

This government will soon say they found a humans making machine in Jonathan's Ex-wife's closet!

Lie Mohammed-grade lies![/s]

Like he can identify an MRI machine if shown one.

These kids sha . . .

ogsly:
pple who didn't have a choice where they were born r here massaging their ego. Esp those who contributed close to ntn in d development of d domain they so proudly claim to come from.

Is your tongue split? Today you're pro-biafra, tomorrow you want to discuss one Nigeria.
You sound confused.
Why won't you rock Yoruba attire? Who hasn't? Who wouldn't?

Mortiple:
Agreed! Lagos is a state and not a tribe. He didnt say "I am more Yoruba than Igbo". Ibe Kachikwu for Governor 2019!

Like if you agree with me.

modath:
989900B, oya join Mo..

I see 50$ in the not so distant future...

omenka:
I don't understand why some people feel so damn hurt when they hear news of this nature- I mean, they didn't benefit squat from these largesse yet ....

I simply don't get it.

omonnakoda:
Where are we going with this? It does not seem to me like there is any purpose to this really......

omonnakoda:
What percentage of world oil output is situated in OPEC= 40%

Even within OPEC do countries have the same objectives needs or priorities? The reality is OPEC is and has been a toothless bulldog for a long time. At any rate Saudi is the largest producer in OPEC and they havee very different agenda from Iran ,from Venezuela or Nigeria. Nigeria would like to produce all it can and still enjoy higher prices expecting that to come from reduced Saudi production.Is that not funny? The reality is they are competitors.

ApexTitan:
That 998 guy appears to be stuck in a fantasy land where appeals to 'reasonableness ' in a competitive market is a thing. Let him be, his naivety which is on display here is of no consequence, thankfully he doesn't work or set policy for those who have to engage in this market in real life.

omonnakoda:
Wages is not really a relevant variable. At any rate there is more variation in wages among countries that produce oil than in one country comparing 1986 -2016. You keep introducing all kinds of irrelevancies to what is a simple issue. Oil is a commodity and its price will depend on demand and supply. Asking a major supplier to cut production so everyone can enjoy "higher" prices is unrealistic and unsustainable. Countries will COMPETE and not Collaborate for market share and the weaker producers will edge out.
The world lived with low prices for much of the 80s and 90s so there is nothing new there. Not all oil producers are countries .Many are just companies and they will produce if there is profit to be made and the moment oil prices rise they will reenter the market. From that perspective the Saudi strategy is the right one

omonnakoda:
I live in the real world where there has never been an outbreak of such Naive reasonableness. I have observed oil prices for more than 30 years and from 1984 till 2000 at least they remained consistently low except for a spike in 1991. Reasonablesss has never been a factor in the oil markets and never will be so let us come back down to earth. Saudi Arabia has about the lowest price of production and their current behaviour might prove painful in the short term but it is completely rational.The market will sort itself out it always has and always will

omonnakoda:
[s]I find these statements naive and unrealistic. There is a real world and what drives price is supply and demand.
Not all oil producing countries are exporters or require oil revenues to run their government or extract equal amounts of rent from the commodity. All oil producing countries do not have the same interests and not all interests are economic. With respect your assertions are meaningless in a real world scenario because oil producers are competitors and would take measure to drive out competitors or discourage production. The term "HIGHER PRICES" has no meaning or definition. Perhaps a more sensible term is OPTIMAL and for some that would not necessarily be the highest price but a price that keeps their competitors out of business [/s]

omonnakoda:
I am really struggling to understand what your point is exactly,honestly.
My point is a simple one the question of expecting any player in the market to be "reasonable" is naive.The players are COMPETITORS and are jostling for market share ultimately the market will find an equilibrium that does not depend on "reasonableness"
[s]Now your claim that oil is consumed in billions and billions of dollars is irrelevant but not only that it is EXAGGERATED[/s]. How many commodities are liquids i just do not get it/ We consume a lot of cement Iron ore and millions of tonnes of other commodities.SO WHAT?
Suggesting SAUDI should be reasonable is simply suggesting they should give up market share to their competitors which makes no rational sense

Even if it were true I do not see the relevance to whatever obscure point you might be makin

omonnakoda:
not sure what you mean by reasonable.the behaviour of Saudi Arabia is normal and rational ditto for Iran . Oil needs to find an equilibrium price. There is no other commodity where producers are being asked to be "reasonable" .What needs to happen is for those countries that rely so much on oil to diversify. hope we learn our lessons. we had years of plenty and wasted them foolishly. The reality is if prices rise everyone will try to produce as much as they can. It is a cyclical phenomenon and we must adapt to this