Ofunaofu:
That's some Bold step

some boot step taken to produce more oil for less revenue ,no be mumu decision be that

Best decision ever.

HappyPagan:

How oil don help us? Make our revenue kukuma finish, so hunger go force us to dig our grounds and our brains. Since na only oil we wan use prosper... Country of over 200 million disjointed fellows.

No matter how you feel about things, oil unfortunaely is our main earner because you guys won't vote for parties who would diversify our economy away from oil. So, for now, oil is where we make our living from. An oil price crash would make today's crisis look like the good old days.

That is why you guys have to start putting pressure on government to diversify and industrialize. APC and PDP, and LP all of them.

nairalanda1:
Anyone hailing Angola on leaving OPEC...should know it is bad news for Nigeria.

Oil prices fell on the news. Know what that means? It means Angola is free to produce and pump as much oil as it wants without any pesky OPEC quota...which means lower oil prices long term because of the resultant glut.

Angola is also free to sell crude at a lower price than the OPEC benchmark if it wants...especially if it needs the money now. (That's part of how Russia survives US sanctions, sports fans).

This weakens our revenue stream drastically, meaning we have to take more and more loans, or the government would have to raise your taxes well well, in the short term at least.

So, don't rejoice.

To worsen it for OPEC members, neighbouring Namibia and faraway Guyana would begin gushing oil by the end of the decade and I doubt any or both would love to join the cartel. But if the price continues to dwindle, Angola and new kids on the rigs might collaborate with the body to create an OPEC+, just as Russia did when prices plunged few years ago.

Nigeria need to pull out as well,how can you produce 12 million barrels per day and still cut those who are producing 2 million barrels even when they have larger population to cater for

SweetVibe:
Joao Lorenco is just clueless, This man has been destroying the Legacy of Dos Santos with nothing to show for it.
Angola oil industry was better off when Isabel dos Santos was in charge.

oGa dey read before ranting like a Bleep...
brent that we selling for US regulated prices a that one we dey fan ourselves?

or abi na the export and buy back we dey do?
shamelesss people...

Angola get sense pass una abeg

Africa go get sense by force.

How can Saudi Arabia be producing 10mbpd daily while you reduce production quota for a poor african country that produce barely 1 million barrel daily?

Where is thr fairness?
Nigeria shoulf also exit OPEC.

HonNL:


SOURCE

pipnator00:
I wouldn't blame them. OPEC seem to have outlived its usefulness.
Saudi Arabia with less oil than they claim to have keep manipulating the organization to their benefit.
I'm yet to see the benefit of that Organization especially to Nigeria!
Russia is not a member but benefits more from it and also, exacts more influence over that organization than Nigeria.
All Nigeria needs to do is, solve the problems with oil theft, stop the oil banditry in the Niger delta region to increase production.
To hell with OPEC! In the end is all about National interest as Angola rightly put it.

I agree with you 100%. organizations like OPEC & African Union have outlived their usefulness. These organizations are tools of the colonial masters to keep influencing African decisions

Good one on Angola. It's the Arab cabal that's controlling OPEC.

OPEC helps maintain good price and profit margin

The oil regime is gone

nairalanda1:


No matter how you feel about things, oil unfortunaely is our main earner because you guys won't vote for parties who would diversify our economy away from oil.

Lol. You guys? Na wa. Be like you pack full bag of assumptions come this thread. Drop your load and be enLightened.

Correct country with big balls unlike the poverty capital of the world!

HappyPagan:

Lol. You guys? Na wa. Be like you pack full bag of assumptions come this thread. Drop your load and be enLightened.

Whatever you think about my lack or amount of wisdom, it remains that a low oil price is still disastrous for your country.

Gerrard59:


To worsen it for OPEC members, neighbouring Namibia and faraway Guyana would begin gushing oil by the end of the decade and I doubt any or both would love to join the cartel. But if the price continues to dwindle, Angola and new kids on the rigs might collaborate with the body to create an OPEC+, just as Russia did when prices plunged few years ago.

It's possible. After all, people still like to make money eventually, and falling oil prices don't do everyone...OPEC and non OPEC good.

nairalanda1:
Anyone hailing Angola on leaving OPEC...should know it is bad news for Nigeria.

Oil prices fell on the news. Know what that means? It means Angola is free to produce and pump as much oil as it wants without any pesky OPEC quota...which means lower oil prices long term because of the resultant glut.

Angola is also free to sell crude at a lower price than the OPEC benchmark if it wants...especially if it needs the money now. (That's part of how Russia survives US sanctions, sports fans).

This weakens our revenue stream drastically, meaning we have to take more and more loans, or the government would have to raise your taxes well well, in the short term at least.

So, don't rejoice.

As usual I was expecting your half baked, ill thought analysis on issues. Why should Angola's foreign policy affect Nigeria if Nigeria is a functional country? Angola's oil reserve is not as much as Nigeria and both Angola and Nigeria were given lower quota. Angola had the nerve to pull out and sell oil at her own terms but Nigeria with more oil reserve than Angola cannot take such bold step.
Should that be the fault of Angola or Nigerian citizens? Why should that burden now be passed to innocent citizens in the name of excessive borrowing and excess taxation as stated by your ill thought analysis. If the government is bereft of ideas and cannot take bold decisions then according to you they should borrow or tax the citizens more abi.
You are always coming online to give ignorant and ill thought out analysis.

coleon:

As usual I was expecting your half baked, ill thought analysis on issues. Why should Angola's foreign policy affect Nigeria if Nigeria is a functional country? Angola's oil reserve is not as much as Nigeria and both Angola and Nigeria were given lower quota. Angola had the nerve to pull out and sell oil at her own terms but Nigeria with more oil reserve than Angola cannot take such bold step.
Should that be the fault of Angola or Nigerian citizens? Why should that burden now be passed to innocent citizens in the name of excessive borrowing and excess taxation as stated by your ill thought analysis. If the government is bereft of ideas and cannot take bold decisions then according to you they should borrow or tax the citizens more abi.
You are always coming online to give ignorant and ill thought out analysis.

No matter what you think about me, it remains that an Angola outside OPEC is iminical to our interests.

Also, the palaver is, more and more nations are discovering oil. OPEC in a way is on its way to becoming irrelevant. The more and more oil gets pumped out , the more oil prices fall.

That's why long term, we need to diversify our economy away from oil. It is that simple.

Some ignoramus will always hail what they don't understand just to make Nigeria look like its not working.

nairalanda1:
Anyone hailing Angola on leaving OPEC...should know it is bad news for Nigeria.

Oil prices fell on the news. Know what that means? It means Angola is free to produce and pump as much oil as it wants without any pesky OPEC quota...which means lower oil prices long term because of the resultant glut.

Angola is also free to sell crude at a lower price than the OPEC benchmark if it wants...especially if it needs the money now. (That's part of how Russia survives US sanctions, sports fans).

This weakens our revenue stream drastically, meaning we have to take more and more loans, or the government would have to raise your taxes well well, in the short term at least.

So, don't rejoice.

What has nigeria done with the revenue of oil in the last 20 years? How has nigeria prevented oil theft and unaccountability ?
Let them push the oil. Let every country start making bold steps for self development. Niger has pushed france away while usa is still there.

OPEC is an Arabian fraud created to put African and Middle Eastern oil producers under Saudi Arabia's grip. Nice one, Angola.

Nigerfine3:

What has nigeria done with the revenue of oil in the last 20 years? How has nigeria prevented oil theft and unaccountability ?
Let them push the oil. Let every country start making bold steps for self development. Niger has pushed france away while usa is still there.

1.That is a question you should be asking your leaders, not me

2.OPEC membership, when OPEC was the majority of oil producers, meant that OPEC set prices at levels that Nigeria could enjoy. As seen in 1973-82 and 2008-14.

3. Angola pumping more oil way above its OPEC quota is going to negatively impact prices. And since your leaders over the years have not diversifed our economy, (and people like me have been screaming about it)....we are oil hooked. 80% of our revenue. So, until we get sense, oil prices is our concern.

Kobicove:
Flooding the market with crude oil will lead to a glut which will not help anyone whether or not you're a member of OPEC

It's is a move that may work or not.
If Angola leaves and all OPEC members stays with no reaction, Angola benefits by setting its own output to help its budget.
If OPEC decides to go to war, then Angola's 2024 budget will be in ruins.

nairalanda1:
Anyone hailing Angola on leaving OPEC...should know it is bad news for Nigeria.

Oil prices fell on the news. Know what that means? It means Angola is free to produce and pump as much oil as it wants without any pesky OPEC quota...which means lower oil prices long term because of the resultant glut.

Angola is also free to sell crude at a lower price than the OPEC benchmark if it wants...especially if it needs the money now. (That's part of how Russia survives US sanctions, sports fans).

This weakens our revenue stream drastically, meaning we have to take more and more loans, or the government would have to raise your taxes well well, in the short term at least.

So, don't rejoice.

Modified

The thing that even scares me is the fact that eveyrone is discovering oil. Zambia, Uganda and even Benin have all found oil. Yes, it is not as high as Nigeria, but more oil in the market means lower prices for oil...which means lower revenue.

Only the people in government enjoyed high oil price, what of us who are not in government, nothing for us, let them sell enough crud oil.

correctyourself:


Only the people in government enjoyed high oil price, what of us who are not in government, nothing for us, let them sell enough crud oil.

Yes, but low crude oil prices, while inconvinent to those in government would be disastrous to those of us who are not in it.

Think you are suffering now?...think of how it would be if oil went below 50 dollars a barrel.

Flier:
Nigeria need to pull out as well,how can you produce 12 million barrels per day and still cut those who are producing 2 million barrels even when they have larger population to cater for

Nigeria that's not even meeting up with the daily output allorted to us

Codes151:
oGa dey read before ranting like a Bleep...
brent that we selling for US regulated prices a that one we dey fan ourselves?

or abi na the export and buy back we dey do?
shamelesss people...

Angola get sense pass una abeg

The USA doesn't regulate oil price,
OPEC Nations produce 85% of oil, they are the ones who regulate oil price.
Especially the big boys Saudi Arabia and Russia
Angola leaving OPEC will be good for non oil producing states, as they can leverage on the increase in production from Angola, who have one of the largest deposit of oil in Africa

nairalanda1:


Yes, but low crude oil prices, while inconvinent to those in government would be disastrous to those of us who are not in it.

Think you are suffering now?...think of how it would be if oil went below 50 dollars a barrel.

This your believe does not hold water, let them sell enough oil, i am not buying things in Dollar.