₦airaland Forum

Ibime:
You said it all.

Many Nigerians are fools and just like to rant upandan. Instead of going to hold Fortunato and his colleagues who stole all the reserves when the going was good and left nothing for the rainy day, they will be ranting like uneducated baboons.

MagicBishop:
The man is a stubborn goat.

I never knew one man's foolishness can be so dangerous that it will affect the well being of over 170 million people.

drss:
devaluation is d only solution to free up pressure on d naira, but because buari dullard promised to make N1 = $1, he wont do it. Buari has boxed himself into a corner. dis man no know economics at all.

Hengineer:
oh.. now we are shifting grounds?? It's no longer a matter of the statement being silly, clueless and impossible?? its now a matter of it being too difficult for a country like Nigeria to achieve. I thank God we are now understanding ourselves and defining the issue properly. But you would agree with me that over 95% of the people who laugh at that statement do not even have the slightest idea that it is possible for anyone to stabilize oil prices; most people still assume it was a gaffe by Buhari.

Now if I may ask, since you think it is an impossibility for Buhari to achieve and you think Buhari was just being clueless when he made the 'wild' promise, did you also think it was a clueless statement when Diezani made the EXACT statement roughly within the same period?? I'm sure you didnt think Diezani was clueless but when Buhari made the EXACT same statement, you jumped on the bandwagon and labelled it a clueless statement.

Saudi Arabia hasn't wavered from leading a group of OPEC’s most powerful members to keep producing at full tilt to defend its market share amid competition from Russia, the U.S. and other non-OPEC producers. Before this recent trend, OPEC has traditionally cut output to support prices. Most of the recent comments from within OPEC about an emergency meeting to revive that role have come from members without the power to do it.

grandstar:
Buhari has been in charge ever since he assumed power. The ban of 41products from accessing the CBN was his idea.

The refusal to devalue was also his idea. Before he assumed power, Emefiele had allowed the naira to depreciate.

The CBN is no longer independent and Emefiele is simply s selfish careerist whose career is more important than the economy.

Emefiele was okay until Buhari got there

Buhari won't devalue the currency. He sees those who patronise the black market as unpatriotoc or using his precious forex to buy luxuries. They can buy fx at 600 for all he cares

lionness:
This is a power game between the Oil-Power Players. Saudi is one of the richest nations on earth, and with its staunch American ally, I dont think it will dance to Russia's tune. I think OPEC is just another rubbish controlled by America through their Saudi Puppets. Those royal $hit-heads wont stop twerking to American crap!

vedaxcool:
Anyone who cannot live within his means is heading for disaster whether those who cannot live within our current reality like it or not govt would not pander to their longer throat. Chinese are rich we are not.

vedaxcool:
Unless our foreign appetite is curbed, expecting oil price to rebound soon might be banking on a non existent life line.

oladre:
My sincere apologies, I forgot to delete the offending word.

I still think u were partial sha.

oladre:
The idiot op that pasted this just give Nairalanders just what he wanted, a one side to the gist. How can u b so partial?

Anyone that is educated and can use what is between his ears to really analyse will read the whole talk on http://www.economist.com/news/middle-east-and-africa/21689584-cheap-oil-causing-currency-crisis-nigeria-banning-imports-no

The fact is that Buhari inherited a comatose economy.

Cheers

Hengineer:
You agree that the OPEC president is typically the petroleum minister of a country.

You agree that the petroleum minister is an employee of the president of a country who will typically take orders from his boss.

You agree that an OPEC president (an employee of a country's president) can push to stabilize global oil prices.

But in your wisdom, you think it is a silly idea for the president of a country to say he will push for a stabilization of global oil prices (obviously through his petroleum minister who is an OPEC president).

Don't you think there is something absolutely wrong with your logic?

tsdarkside:
then we shouldnt do it by force.....

let it devalue naturaly...

fact is: we dont have dollars!!...

the naira will devalue anyway....but we must not force it to devalue....

buhari is doing the right thing...let the market will regulate its self....

orisa37:
The topic does not relate to the message. And the message is selfish and a fabrication .

demarc001:
Hope for Buhari

jaybee:
But i thought you wailers said Lai Mohammed wrote the lies and paid the economist to publish it?

babafirst:
SAME ARTICLE BUT DIFFERENT PERSPECTIVES but why you no reframe or remix the place where dem call GEJ INEFFECTUAL BABOON,sorry BUFFOON nau?Na dat one be the koko of the mata ,the knockout punch.If you remix ASHEWO by Flavour and you no change the catchword ASHEWO to OLOSHO or something else you never change any perspective......the ex presido is/was an ineffectual buffoon......PERIOD!!!Thanks for 'merixing/remixing' the article but you have only succeeded in spreading the word BUFFOON, ineffectual one for that matter!!And I was almost forgetting the words before this reminder ohhhhh.

Chitumu:
u copied and pasted the last paragraph from a random comment from the original NL topic. Ineffectual buffon defender u no try all cuz i got you busted

airsaylongcon:
What do you mean they had less than two months to prepare it? They resumed office in May 2015. Did they present the budget I'm August? or didn't they know that a budget was due in December when they were sworn in May? Wasn't it this same government that said as early as September that they will not pay is #our5k because they didn't write the then existing budget and #our5k wasn't part of that budget? So what do you mean they had two months? Oh so because the cow charmer spent his time looking for so-called angels to become noise makers (ministers) we should excuse his delay? Abeg e

MagicBishop:
Saudi Arabia will never cut output now that Iran is back in the game.

Prior to lifting of sanctions on Iran, the Saudis were pumping out more oil that is required in order to compete against US Shale oil. For Shale Oil to be profitable at the current technology being utilised to harness it, conventional crude must be expensive for it to compete.

Now that Iran is back in the game, the Saudis will pump more into the market to stall or slow Iranian economic development.

The Saudis are committing economic suicide to hurt Iran.

At first they pumped more into the market on the behest of the US to hurt Russian mono economy which is by and large dependent on crude exports to Europe.

I don't see the Saudis cutting now given the tensions with Tehran.

The only advantage the Saudis have is their huge external reserves which they are drawing from to offset lower earnings from oil sales.

In 3mths time I expect crude prices to fall well below the $20 mark.

Hengineer:
...And who told you it is not possible to stabilise oil prices?? What do you think is the essence of OPEC??

Below is a link to a highly educated, qualified and experienced Diezani making EXACTLY the same statement in 2014
http://www.frontiersnews.com/opec-presidency-ill-push-to-stabilise-oil-price-%E2%80%8E-diezani-alison-madueke/

benpedro:
bro relax,what Buhari and his economic team are doing is initial gra gra anf the smart investors knows what is the reality in cases like this.Nigeria is BROKE!no dollars,oil is now almost useless.They export crude oil yes but at lost,they get the dollars yes but they spend almost all the dollars refining it outside the country.You get it?.....It's just a matter of time,the dollars in the foreign reserves will exhaust and et voila reality will set in.My advice to anybody in Nigeria is to invest in landed properties and those in diaspora to jejely keep their money in the bank of whatever country they resides or even invest it their until the inevitable happens

Russia Says Saudi Has Proposed Output Cuts, Saudi Denies

Oil prices spiked 5% to near $35/bbl in intraday trading Thursday following reports that Russia’s energy minister was prepared to convene with Saudi-led OPEC to discuss the possibility of an oil output cut. OPEC delegates have reportedly denied that there's a planned meeting. As we explore below, there are very significant obstacles to coordinated action. So far, this is just talk. But because this "talk" involves the world's top 2 oil exporters, the market is responding, and oil prices are rising.

Russia Says There's A Saudi Proposal
On Thursday, Russian Energy Minister Alexander Novak said that Saudi Arabia has proposed to cut oil output by up to 5% per country in order to bolster oil prices which have fallen ~70% since the summer of 2014. This translates to an output cut for Russia of around 500,000 bpd. The Financial Times reports that the two countries have been in discussions for nearly 18 months about the price collapse, but haven't come anywhere near making an agreement.

Saudi Denies
According to a Bloomberg report later Thursday, four OPEC delegates who spoke to the news agency said they had not heard of any planned talks. One Gulf delegate told Bloomberg that Saudi did not propose the 5% output cut. One Gulf delegate told The Wall Street Journal that the production cut was proposed by Venezuela and Algeria, but not Saudi. However, that delegate told the WSJ that Saudi and its Gulf peers "are ready to cooperate with others" to bring stability to the oil market.

Reuters earlier quoted Russia's Novak as saying, "Indeed, these parameters were proposed, to cut production by each country by up to 5 percent...This is a subject for discussions, it's too early to talk about," he said.

Novak also told reporters that a meeting between OPEC and non-OPEC members' oil officials has been proposed for next month to discuss the oil market.

Russia Set For Record Production AGAIN
Even amid this news, Bloomberg is reporting Thursday morning that Russia is set to once again exceed a post-Soviet record in oil production. The country is on a trajectory to hit 10.89 M/bpd for the month of January- representing an increase of 83,000 bpd, according to Bloomberg estimates. That would be the largest monthly rise since September 2014.

Bloomberg reports that Russian industry officials and Novak discussed coordinated action with OPEC Wednesday night. Kremlin spokesperson Dmitry Peskov was quoted as saying, "The issue of oil-market volatility is being actively discussed...It is too early to predict the outcome of these talks.”

Bloomberg reports that Transneft CEO Nikolay Tokarev, who participated in the talks, told the media that need for dialogue with Saudi Arabia about the oil market and the possibility of participating in talks with the Saudi-led, 13-member group were discussed at Wednesday night's meeting.

There Are MANY Barriers To Coordinated Action
Still, OPEC's Gulf states are publicly adhering to the group's market share strategy that it has firmly abided by through the last year-and-a-half. Anas Al-Saleh, Kuwait's acting oil minister, reportedly said Tuesday that OPEC will not curb output unless other producers cooperate. This has been a mantra of Saudi Oil Minister Ali Naimi throughout the downturn as well.

There remain several other significant barriers to coordinated action. Iran is getting ready to boost exports by 500,000-1 M/bpd. Recall also that Saudi and Iran's geopolitical rivalry is now also being expressed by oil production. Iran has been let out of the cage.

As relations between the two countries have further deteriorated, both sides are now fighting in proxy wars in Yemen and Syria. Adding to this geopolitical mess is the fact that Russia has joined Iran in supporting Syrian President Bashar al-Assad.

TippyTop:
Same Nwobodo is now a chieftain of the APC.

benpedro:
The foreign investors will just come, look at the fixed official rate and the parallel price of a dollar to naira and shake their head.what an unserious bunch of black asses.And please all these politicians here including the president himself should abstain from discussing the economy because most of them have little or no clue about basic economics.The VALUE of a currency DOES NOT depend on your emotions or your dreams of an industrialised nigeria but on the DEMAND of the naira in the money market!The true VALUE of the naira is what is obtainable in the parallel market and not the fixed CBN official rate.There are so many people especially those nigerians living in the diaspora who have lots of foreign currencies(of course their host countries must have devalued their own currency to the dollst)to send but sees the cbn official rate as funny and unserious,hence they will keep [b]their money waiting until the naira is OFFICIALLY devalued which is BOUND to happen sooner or later![/b]I am still waiting to see some of you here supporting this policy that are importers of anything including raw materials or cars who have gotten the dollars easily at the official rate.The price of everything has skyrocketed in the market and the president is saying he don't want to suffer the poor masses smh

OgbeifunErom:
ok

Rubbish

When will GEJ and his supporters explain this?