Jpphilips's Posts
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Molebs:Incompetence? Almighty Bloomberg predicted above $40 for January and here we are, some of you are irredeemable block heads. Kachikwu should exercise patience, Saudi cannot cut production because US at the time has not, if they do, US will not only increase production but will likely take Saudi's or any other OPEC member's market share. The war has gone beyond price to market shares due to less demand. US just cut down production by 80,000bopd so the Saudi's might as well respond through OPEC, blame game will not help anyone here because every country is looking out for their national interest. Another thing Kachikwu must know is that Saudi though stock piled some savings for the rainy day is being affected by the recent development, they have cut down subsidies in the 2016 budget at the same time running on budget deficit. Kachikwu should rally other non OPEC members to join, if OPEC can control 65% of the world's output, they will become a formidable cartel once again. If that doesn't happen, they will remain at the mercy of the US. |
[quote author=Ariani post=41940853] You never had problem with SE voting OBJ, even though OBJ remain a corrupt ruler who never repaired the SE pipeline, the SE still voted for him, and the North( Atiku brothers) and Yorubas( OBJ) brothers were happy with the whole scenario, no one cajoled the Igbos for voting OBJ and PDP that had done next to nothing for the region.The Chinese man said " Fool me once then you are a f00l, but fool me twice then I am the f00l". If OBJ did nothing for the SE like you claimed, what Justified Voting Jonathan twice on the same platform that enthroned Obj? does it make sense to you? In 2007, Igbos still voted for PDP and Yaradua, despite the fact that PDP continued to ignore the region, never did any Yoruba or Northerner demand that Igbos should dump PDP, even though you all knew PDP was of no use to Igbos, you could care less about the sufferings of Igbos as long as they were voting for a PDP controlled by either a Yoruba president or A Northern president.Igbos never gave yar'adua over 90% of their votes in all 5 states get your facts straight before typing, Jonathan was the first to enjoy it twice at a time elections seems to be fairly credible. Yar'adua's election statistics and OBJ's are marred with errors as such such statistics count for nothing. However we trade words on the internet, for every action, there is an equal and opposite reaction, if the Igbos like, they can vote in a lizard in the next election, I don't give a damn!! |
mamagee3:Who wants to stalk a morgue attendant? |
The unfavorable price has forced the US to cut production that will stabilize the price around the $30 margin for a while. My greatest concern lies with the fact that most oil exporting countries are running on budget deficit which may likely force them to seek for loans. It is high time these countries form a union to determine collectively their loan destination. It makes no sense that the US shale oil saturates the market with antecedent drop in crude price, then affected countries will run to the US financial institutions to make up for their budget deficit. All the affected oil producing countries need to seek for Loans in Asia not World bank and IMF. |
New York (AFP) - US crude prices fell below $30 a barrel for the first time in 12 years on Tuesday as OPEC member Nigeria called for an emergency meeting to address collapsing prices. New York's benchmark West Texas Intermediate (WTI) for February delivery fell to $29.93 a barrel, a level last seen in December 2003. Prices pulled back slightly at the end of trade to end 97 cents lower at $30.44 a barrel. In London prices plunged as well, with the benchmark Brent North Sea crude for February ending down 69 cents at $30.86 a barrel. The continued plunge in prices, with some analysts now seeing a $20 price in sight, spurred more turmoil in exporters, many feeling a deep squeeze on revenues from the collapse of the market. The Nigerian petroleum resources minister, Emmanuel Ibe Kachikwu, declared that he expects an extraordinary meeting of the oil cartel in "early March" to discuss nosediving crude prices. "We did say that if it hits the $35 (per barrel level), we will begin to look (at)... an extraordinary meeting," Kachikwu said at the Gulf Intelligence UAE Energy Forum. Nigeria, Africa's largest economy and foremost oil producer, has been ravaged by collapsing oil prices because crude accounts for 90 percent of the nation's export earnings and 70 percent of overall government revenue. Still, with Saudi Arabia and Gulf allies like the United Arab Emirates set on keeping prices down to run competitors -- especially in the United States -- out of the market, there remained doubts about whether the Organization of the Petroleum Exporting Countries could act. "Nigeria’s call for an early OPEC meeting would be a constructive factor if it were to lead to an actual meeting and shift in policy," said Tim Evans at Citi Futures. "But it's far from clear that Saudi Arabia and its nearest allies like the UAE are open to even talking about it." View galleryBP said it will axe more than 4,000 jobs worldwide … BP said it will axe more than 4,000 jobs worldwide over the next two years, and the cutbacks will in … Andy Lipow of Lipow Oil Associates noted that a UAE representative at the oil conference quickly had dismissed the idea of an OPEC meeting. "As a result the market continues to look for something to support the prices, but actually there's nothing out there right at the moment." - More oil company cutbacks - The carnage in the crude trade saw Britain's BP and Brazil's Petrobras both announcing more cutbacks. BP said it would axe 4,000 jobs globally and Petrobras slashed its five-year investment plan by 24.5 percent. Mark Thomas, regional president for BP North Sea, said that "given the well-documented challenges of operating in this maturing region and in toughening market conditions, we need to take specific steps to ensure our business remains competitive and robust." Analysts saw continued downward pressure on crude prices. The markets will be eyeing this week the status of US stockpiles, which have remained at near-record levels in part because of a late onset of winter that kept demand down for heating oil. For those hoping for a rebound, the US Energy Information Agency forecast that US crude production would fall to an average 8.7 million barrels a day this year from 9.4 million in 2015. It estimated output fell by 80,000 barrels a day in December, a sign that low prices are hurting some drillers. |
bigiyaro:No sane person will fault your assessment but if you want to fix culpability rightly, it is wise to start from the fundamental which is the failure of the same government they so cherish. Now speaking of which, at PH & Warri depots, Buhari's PMS sell for 77naira and the marketer is expected to sell for 87naira with a margin of 10naira. in that line of business, 10 naira equals 330,000 or 450,000naira depending on truck capacity, so from this money, you are expected to hire a truck and other sundry expenses. the guys from Kaduna will come to the same depot, use their 450k and hire truck of 250-300k and still sell at 87naira but igbos will hire truck of 120k and still sell at 130, increasing their profit margin by another 50% after expenses. They will still adjust their dispenser such that 1 liter is dispensed as 0.5l increasing their profit margin by another 50%. In the end Alahaji's business gives just 40% ROI, while his Igbo counterpart makes 150% ROI. The answer to the OP's question lies with poor political choice and greed!! |
99100:Because Igbos are politically dumb. read here https://www.nairaland.com/2166883/president-jonathan-south-east-orchestra Excerpt: [b]"Since 2004, no South Easterner can boast of buying any petroleum product at the government approved rate always, while the Govt approved rate is 97naira, south easterners buy between 110-115 naira, have you guys bothered to ask why? Ans; Enugu Depot is not working. This is how it works, Petrol used in Enugu, Ebonyi, and Anambra come from either Portharcourt or Warri, if the right thing is done, it is supposed to be coming from the Enugu depot, the increased transport fare (tanker hire) will be added to the products so it hardly sells for the Govt approved rate. Now you know, for a pretty long time, you guys have suffered this and Govt after Govt including Jonathan your beloved didn't care as much as OBJ never cared, do you know what the problem is ? There is a pipeline section at Okigwe, it is not like the whole pipeline have to be replaced but just the Okigwe section, that is the Genesis of your suffering. I am yet to understand the zombie follower ship Jonathan has in the South East, South- South his father land has already dropped him like a hot object (Rivers and Bayelsa), what is the SE waiting for? Since 2011, jonathan refused to fix it for you thereby leaving you guys at perpetual high energy cost, is that what you guys really want? According to Patrick Obahiagbon " there is no reason for Nigerians to pontificate the faucet origo of a presidential aspirant" whatever that means" [/b] So young man, a problem that Jonathan your political ally refused to fix despite all my warnings, do you expect your political rival Buhari to fix it? I don't think so? |
Unsafe acts & conditions |
HighIQ:Ministry of communication is a private agency? have you taken your morning dose? |
gohome:A block head is an individual who fail to realize when a superior opinion torpedoes his inferior one, on the thread in question, you were battered so badly that people actually mistook you for a goat, please don't vent your frustrations on me, vent it on the free education that landed you in this mess. Below was the verdict you got from Vulcan after exposing your emptiness, sleep over it and make yourself a better person, ranting all over the internet will not help you. [b]I want to congratulate jpphillips, 989900 and others who have some REAL knowledge of what happens behind the scenes in the Nigerian downstream oil and gas sector. You have responded well to the OP's weak attempt to convince us of the need to "immediately" remove The Subsidy.With a verdict like this, you should be having a sober reflection and trimming the rough edges of your failed education. |
Anticabal:You are a m0r0n to believe any of such report, that is my point, hope you will read it very slowly this time. |
Metuh at his age should know that statements and confessions are extracted during interrogation not in the courts, he will talk very soon |
The right question Nigerians should ask is this; why should corruption charge be bailable offence when Manslaughter is not? Dasuki diverted funds meant for arms procurement and soldiers died for it, no sane country in the world will try dasuki for embezzlement or breach of public trust rather he will be facing charges of involuntary manslaughter which is not a bailable offence I guess. A manslaughter charge is enough to put him out for good, while EFCC pursues embezzlement for funds recovery. I don't know if the law is weak or the DSS is just incompetent, I pray I am wrong though. |
Anticabal:You must be a hypnotized goat to believe that Naira existed alongside the Biafran pounds. Nigerian naira came into existence in 1973 while Biafran pounds went extinct in 1970, how could your yoruba Journalist friend compare an existing and nonexistent currencies? Is it lack of Education or you guys are born without brains by default? |
Aba, Onitsha, Alaba traders .com. |
Jonathan, Guard your tongue, buhari has been merciiful not stup!d. he is only respecting the office of the president not that he doesnt know you ran an Alibaba government. |
DelGardo:It is actually form A please don't be misinformed, i have checked with my bankers and edited my post. Don't waste your time with dull brains, Nairaland have them a lot. |
gohome:I remember that subsidy thread where you were disgraced for lacking the potential to be smart. You actually recommended for Nigerians to park their vehicles if they can not afford to buy PMS at $1.1/liter. I hope you have charged your brain after all, see you around!! |
HighIQ:The fact that you don't understand the direction of Government does not mean the govt has no plans, from your text, you are only worried that power was not given a separate ministry as we all agree that it deserves some special attention. The fact is this; the FG has no plans to run the Three arms of the power sector (Generation, transmission and distribution). It will be controlled by the private sector hence there is no need for a separate ministry rather a monitoring agency, like DPR, NCC etc. It will amount to a total waste of public funds to run a regulatory agency as a full ministry. Weather the agency is alive, well i can confidently tell you that the ministry of power just scrapped the evil fixed charge. hitherto, Power companies don't necessarily need to supply you electricity yet you are under obligation to pay, if you have a failed substation (bad transformer). the power company will not bother to fix it because at the end of the month, they will make between 735-750naira monthly. Imagine a Power company like EEDC controlling, Abia, Anambra, Imo, Ebonyi and Enugu states, if these states have 50m flats, EEDC by that fraudulent policy makes 37.5b naira monthly for sleeping. Someone who makes that much in a month will not bother to repair or replace a transformer. The ministry of power recently increased electricity tariff, the reason is that the companies need to make huge capital investments in the sector to become efficient, but every kobo from the new tariff must be earned by the power companies, that is in the interest of the consumers. With this result so far, I can assure you that Fashola has plans for the power sector. |
hammerT:I thought GIV is a local product, so Igbos can not produce ordinary soap abi? shame on you |
Slaves were human beings with number, forced to labour against their will. Between 1933 (permit me to borrow your statistics) and today, the population growth is in Geometric progression, so no doubt the issue of number is still plausible. As a matter of fact, the Almajiri population will out swell whatever number of slaves that built the former pyramids if you consider the population we have amassed so far. Now the remaining issue is forced labor, well, in a society with hungry youths, Labor doesn't need to be forced because very low incentives will be motivation enough. Don't ask me where the incentives will come from, the slaves were traded not stolen, hence the same money used to buy slaves at the time can as well be used to pay the Almajiris for the same labor output. With these I can conviniently tell you that your analogy is baseless!! |
Oz4realsss:There is no argument between us, I only advised you to go and study comprehension to avoid further embarrassments. Have you done that? Brain storm with someone who can not understand a simple sentence? Yea!! I will pass. |
[quote author=ichuka post=34879497][/quote]Village man! you just show? |
chiefobdk:You earn Naira then go to dubai to spend dollars from their ATM and still claim its your legitimate earning? Nigerians and their ojuelegba mentality. The portrait on the $ bill does it look like anyone that is legitimately inhabiting your kindred? |
[quote author=Oz4realsss Let us learn to say things the way they are. According to you, Government suddenly stops the usage of naira denominated debit cards for foreign transactions so that trade can be balanced. How does this really guarantee balance of trade? Is it by the capital flight to neighbouring countries like Ghana and Benin for dollars that it will encourage or the possible strangulation of small scale enterprises that need hard currency and are unable to afford it?I am aware that the quality of education in Nigeria is at its ebb, I am also aware that a lot of Nairalanders are comprehension deficient, now compare what i said "It is a two way traffic you either improve on inflow (like you rightly suggested) or you control your outflow, at this stage, it seems the government is controlling outflow which is not bad from all parameters." After reading the above you said this "According to you, Government suddenly stops the usage of naira denominated debit cards for foreign transactions so that trade can be balanced" How am i supposed to help you when you could not understand just two sentences put together? How does a stop in debit card usage compensate largely for the fall in foreign earnings or foreign savings most especially when this significantly stops mainly the activities of small scale businesses whose demand for hard currency is in small proportion? I expect you to be more discerning than this.This question will only arise when you miss the opening statement, the issue is no longer about your expectations of me but your clear inability to understand what I wrote, you see young man, I can not help you!! Which parameters associated with the sudden stop in the use of Naira ATM cards for foreign trade are you talking about? Are they economical or otherwise? I really need you to provide details on your claim.What is the need when you understand nothing? What is difficult for you to understand that Nigeria did not begin to earn foreign currency from the Government of Jonathan? Why have you not asked Gowon, Shagari, Buhari (1983), IBB, Shonekan, Abdulsalam, Abacha and OBJ what they have done with our foreign earnings during their Governments? Oh, they have all become saints overnight, afterall, your messaiah, Buhari, claimed that Abacha never stole a dime. So much for a "realistic mind" like yours!I can see the direction of your argument, the usual Nairaland bickering of childish proportions bereft of history, logic nor common sense. I recommend thus; Take time to study, while at it, you will understand that the post in your quote did not mention "balance of trade", the moment you realize that, then you take some history lessons to understand why sane people don't go beyond OBJ in present economic analysis, by the time you come up to speed, then you may have an opinion worthy of public consumption. |
Damage control!! The money was not paid to PDP but it depicts the moral compass of the men who make up the so called political party. |
opey25:Bros you are the one who is ignorant, Ojukwu joined the army as an NCO, he wrote and spoke about it over a million times. Stop embarrassing yourself. Nobody knew Ojukwu was a graduate at the point of entry, it was a Briton who knew him from oxford that exposed him, however ojukwu denied knowledge of meeting the Briton which led historians to believe that the drama that led to his promotion was orchestrated by his Billionaire father. Now go and apologise to that guy you misquoted! |
APCLyingBastard:That incident is known in History as the "Abagana massacre", the narrow route was the old road that presently leads from onitsha to Enugu, funny enough, the Abagana/Abba Axis of that road is still narrow till date .The Biafran hit man that pulled the hit on Murtala was Col. Achuzie (hannibal/Air raid). After the the failure of operation hiroshima to reclaim Onitsha from Murtala, with Biafra losing a lot of mercenaries who defended the onitsha sector, "Air raid" opted not to make a direct confrontation with a more equipped Murtala rather he opted to ambush him at a narrower Abagana. History has it that murtala mohammed was moving from Onitsha to Enugu to Assist Yaradua who was coming down from Nsukka, both were meant to rendezvous at Enugu from opposite ends to bomb Enugu the biafran capital at the time to submission. Murtala's approved route for that mission is the present day Enugu-Onitsha express road which was bushy with cliffs at the time, will take longer but minimal risk, Murtala did otherwise. His failure across the Niger was partly due to the ingenuity of Rosteiner the Biafran mercenary who bombed the Niger bridge, with the bridge down, It was difficult for muritalar to move troops and supplies across the River Niger. Also the blockade on the River Niger coast and absence of a long range artillery, made his job a lot difficult. I will not put the blame on him solely because if the defence HQ had approved the strategy of operation Tiger claw for the onitsha invasion, i believe the result would be different, the fall of calabar and the lengthy battle of Onitsha painted a heroic picture of Adekunle aka Black scorpion better than Mauritala, my opinion though. |
APCLyingBastard:Crap!! |
How about balkanizing the National grid |
Igbo man!! I hail ooo, Take my life but leave my money |
jusRadical:At the time oil revenue was high during OBJ, the god of Economics Soludo advised for a savings account called, ECA. that was what saved our economy during the meltdown, which is worse than falling crude prices. When oil sold higher under Jonathan, can you tell us how he saved the excess for times like this? That is why people blame him. But that time has passed, because even countries who saved are gradually sliding into recession, however, if Jonathan did the right thing, this restriction may be coming around 2017 or so unlike what we have now. Nigerians will always spend their money no doubt about that, what matters is what our economic managers did to save us from times like this, as far as I am concerned, Jonathan did absolutely nothing. |
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