OPEC Refusal To Cut Supplies, Finally Affecting Shale Oil Production - Politics (2) - Nairaland
Nairaland Forum › Nairaland General › Politics › OPEC Refusal To Cut Supplies, Finally Affecting Shale Oil Production (5173 Views)
| Re: OPEC Refusal To Cut Supplies, Finally Affecting Shale Oil Production by atlwireles(op): 10:03pm On Dec 13, 2014 |
saxywale:Canada is pretty much over its head already. They have some of the most expensive production cost on earth. |
| Re: OPEC Refusal To Cut Supplies, Finally Affecting Shale Oil Production by atlwireles(op): 10:04pm On Dec 13, 2014 |
2 Likes |
| Re: OPEC Refusal To Cut Supplies, Finally Affecting Shale Oil Production by Nobody: 10:04pm On Dec 13, 2014*. Modified: 10:32pm On Dec 13, 2014 |
Obiagelli Berem sincerenigeria ikengawo gbawe aresa collnyzo9 nigerianvenom phockphockman genbuhari blackfire Barcanista Oya oooooo Time to talk intellectually 2 Likes |
| Re: OPEC Refusal To Cut Supplies, Finally Affecting Shale Oil Production by CyberWolf: 10:09pm On Dec 13, 2014 |
WhiteTechnology:except sincere9gerian,collynzo, phokery, etc., what others know only is sai Buhari  ..btw I always enjoy you guys intelligent analysis especially you, backdatassup and atlwirless..keep it up.. 1 Like 1 Share |
| Re: OPEC Refusal To Cut Supplies, Finally Affecting Shale Oil Production by Nobody: 10:17pm On Dec 13, 2014 |
CyberWolf:Don't mind them APC fans are like zombie soldiers Just support Buhari without critical reasoning 2 Likes |
| Re: OPEC Refusal To Cut Supplies, Finally Affecting Shale Oil Production by atlwireles(op): 10:24pm On Dec 13, 2014 |
WhiteTechnology:This is the problem when our society and politics care more about sharing, than creating wealth 2 Likes |
| Re: OPEC Refusal To Cut Supplies, Finally Affecting Shale Oil Production by lobell: 10:29pm On Dec 13, 2014 |
BackDatAssUp: |
| Re: OPEC Refusal To Cut Supplies, Finally Affecting Shale Oil Production by Nobody: 10:34pm On Dec 13, 2014 |
atlwireles:This unitary system we call federal system should be discarded This unitary system has converted our states to almajiri states. Our states have become beggars instead of creators 3 Likes |
| Re: OPEC Refusal To Cut Supplies, Finally Affecting Shale Oil Production by superstar1(m): 11:05pm On Dec 13, 2014 |
we have been talking of diversification of our economy since when i was in primary school, i hope the plunging oil price will make us to ''do the needful''. It will take the special Grace of God,,for us to have a President that will be magnanimous enough to throw away the concentrated power at the centre in Unitary system, to embrace true federalism. 1 Like |
| Re: OPEC Refusal To Cut Supplies, Finally Affecting Shale Oil Production by papaejima1: 11:43pm On Dec 13, 2014 |
Intelligent discussions. But where are the rag-tag Janjasters? The befuddled SAI Army! 2 Likes |
| Re: OPEC Refusal To Cut Supplies, Finally Affecting Shale Oil Production by Nobody: 11:48pm On Dec 13, 2014*. Modified: 1:42am On Dec 14, 2014 |
superstar1:Only a constructional amendment can change the status quo back to what it was before the civil war. The recently concluded National Confrence was filibustered by the northerners and the current crop of representa-a-thieves in the house are more interested in their allowances and kickbacks to bother about any true meaningful debate towards correcting the useless constitution we have. |
| Re: OPEC Refusal To Cut Supplies, Finally Affecting Shale Oil Production by superstar1(m): 12:06am On Dec 14, 2014 |
BackDatAssUp:The best way to correct this anomaly of pseudo-unitary system we are practising is to go back to regionalism or confederacy. The states as they are today, can never be self sufficient, if oil is still coming out of the ground. What I expected from SS at the National Confab, was a proposal for regionalism, with a work plan in phases, in gradual increase in resource control over 5-10years. |
| Re: OPEC Refusal To Cut Supplies, Finally Affecting Shale Oil Production by tit(f): 12:25am On Dec 14, 2014 |
BackDatAssUp:She should have slammed the door shut! Can you imagine an Awolowo caving in to rapacious governors like a pussy? (not any kitt-cat, i said puss-y! a wet one!!!) renumeration of political office holders should be revisited immediately! if the low oil prices are sustained, the renumeration of civil servants should be on the chopping block. I is sorry for university lectiurers wrt government funding of the recent agreements. they may have to go home for a long time if they do not reconsider. for the oil-men, i am sorry. the oil companies will get the backing of the government and the public, (who will get the benefit of any cost savings) to slash your fat salaries! i hope y'all enjoyed the ride. |
| Re: OPEC Refusal To Cut Supplies, Finally Affecting Shale Oil Production by imhomoh(m): 12:41am On Dec 14, 2014 |
BackDatAssUp:THIS IS WHERE THE PETROLEUM INDUSTRIAL BILL COMES TO PLAY 2 Likes |
| Re: OPEC Refusal To Cut Supplies, Finally Affecting Shale Oil Production by Nobody: 1:01am On Dec 14, 2014*. Modified: 1:34am On Dec 14, 2014 |
superstar1:The oil producing areas agitated for 100% towards paying corporate taxes to the central govt but that was opposed by the north and southwest delegation. They came down to 50% but were still opposed. Some northern representatives to the confab even suggested a lowering of the current 13 % deprivation to that which will give more to the north citing population grievances. In all honesty, the southwest and north are not ready for a return to true federalism even though they will cite their golden ages of. Groundnut pyramids and cocoa production. 1 Like |
| Re: OPEC Refusal To Cut Supplies, Finally Affecting Shale Oil Production by Nobody: 1:26am On Dec 14, 2014 |
tit:Political holders and appointees ( cabinet officers) are the ones who need a pay cut. Civil servants barely make a living. Cutting their salaries will be very inhuman. Rather downsizing of the civil service by get ridding of useless govt MDAs and retrenchment of fallow staff should be the solution. Over time I have criticized the civil service as being both a functional govt administrative arm and a welfare board. Professionalism, productivity and renumeration are very poor owing to both the bogus structure and unqualified personnel that abound. The FG needs to make a clear distinction between operating a functional civil service and a welfare board as the current civil service seems to operate within this duality. The National Assembly is by far the most wasteful institution we have today. A situation whereby our legislators are the highest paid in the world in the midst of abject poverty and with very poor legislative output is not enough for this greedy set of crooks but they had to illegally give themselves executive roles which are not in their scheldule by appropriating constituency allowance. This allowance, according to them, is to carry out infrastructural projects within their consituencies. Nobody monitors these projects if they were even commissioned or if they represent the value to which they were quoted. Then there are other frivoulous expenses they incur as a result of holding endless sessions and hearings, duty tour allowances for visiting and inspecting ongoing govt projects and institutions within their oversight purvey which they never do, abroad trips, vehicle allowances, etc. We should also not concentrate only on the National level as the State govts are highly wasteful and corrupt. State governors appropriate huge sums in the name of security votes into their personnel accounts, borrow money from banks to fund projects that are inflated and not meant to provide any meaningful dividends to their citizens such that most states are saddled with debts that future generations will have to pay off without anything on ground to show for. The governors have also given themselves not only life pensions at the current rate but in the case of Lagos State, made provisions for themselves through their rubber stamp respective houses, to change vehicles every 5 years and provide choice properties in Abuja and Lagos. There is also the case of useless traditional rulers who get in some instances 5% of the LGA allocations under their domain. The Emir of Kano is the prominent traditional tittle holder for Kano as this is the only emirate in Kano State as a whole. The entire 44 LGA chairmen in Kano are expected to remit 5% of their monthly allocations from the federal purse to the Emir. The Emir also gets salary and palace upkeep allowance from the State and Federal govt to manage his office. In short, the waste in our country is so much that if you hear the trillions of naira being budgeted each year hardly any of this filters down to the masses. Our problem is not wealth generation but distribution. |
| Re: OPEC Refusal To Cut Supplies, Finally Affecting Shale Oil Production by SamIkenna: 1:41am On Dec 14, 2014 |
atlwireles:How long can OPEC wait? The truth is that genie is out. The earlier OPEC countries intensely engage in meaningful economic activities the better for them. Waiting for Shale oil boom to stall is akin to bandaging a hemorrhaging organ. Its only a curmudgeonly and pathologically skeptical individual that would dismiss the breakthrough in US' quest for full energy independence. OPEC countries, if at all they're serious, must move towards economic diversification immediately, not tomorrow, but yesterday. They're already late for it so its imperative they make up for the lost time by hastening economic diversification before the whole bottom falls out. I remember attending a good number of energy seminars after leaving school. And even when I was in school I took classes in which several energy contractors and decision makers in Washington, most of whom were both in business and academia, came and delivered lectures on US' road-map to energy independence. These speakers never for once hid their motive and that motive is two layered: (1) get America off foreign oil by any means necessary, and (2) reduce the billions of dollars going in the purse of American adversaries and their terrorist networks. These fellas were open about it and my gut feeling is that, somehow and somewhere along the line, US administration figured if America is going to succeed in taming Russia, Iran, and many other Middle Eastern Nation then it must tone down its green energy policy and dramatically look towards 'dirty' energy. Today we all see shale oil boom and my question to OPEC dimwits is: did you guys not see it coming? I would be shell shocked if those OPEC potbellies saw the whole effort and resource America was throwing into shale RMD and yet chose to benchmark their budgets on over 80dpb. If they really wanted to freeze shale oil from going rogue, I think they should have done it by oversupplying the market at the onset. Now their grandstanding is a little too late as oil is likely to remain under 75dpb for a long time. Nigeria and her OPEC friends have, for the past 5 decades, consumed finished products with their oil money without investing in meaning developments especially in RMD. Today, that bubble is about to burst and their only answer is 'stay the course, oil price will soon bounce back.' Ok, what if it bounces back then what? Your guess is good - they'll all go back to their buffoonery and stupid over consumption. 3 Likes |
| Re: OPEC Refusal To Cut Supplies, Finally Affecting Shale Oil Production by Truckpusher(m): 2:40am On Dec 14, 2014 |
atlwireles:The US wouldn't do that when the whole idea was to punish Russia and at the same time arm twist Isil in the middle east to drop their dream of a caliphate in Iraq and Syria but like someone rightly said this is the time for countries like Nigeria to wake up and do the needful. Shale gas has no resin that are used as other derivatives, hence the US won't hesitate in coming back to their senses once shale gas investors starts feeling the pinch ,with countries Nigeria producing and refining 70% of her crude at home the economy won't be that bad after all more jobs would be created and the wealth remains in the country. 2 Likes |
| Re: OPEC Refusal To Cut Supplies, Finally Affecting Shale Oil Production by Nobody: 7:21am On Dec 14, 2014 |
Jonathan has to make the 2015 budget at 30USD per barrel. My issue is that the next government led by GMB would not have the right budgetary backing to stimulate the economy. Jonathan must account for every penny earned by ha government within the first three months of GMB in office. They have stolen us dry...... |
| Re: OPEC Refusal To Cut Supplies, Finally Affecting Shale Oil Production by Nobody: 7:37am On Dec 14, 2014 |
tit: Not only NASS but the executive also. Jonathan should slash his cabinet. So many useless ministers, advisers and assistants. For instance what does the drunkard use ambassador at large for? Also Jonathan salary must also be slashed significantly and this must go down to all political appointees in the executive. Why on earth must the fool be paid more than the US president and yet Nigerians continue to die in hundreds. First lady office must be scrapped. Official cars must be slashed. Some presidential aircrafts must be sold. What does the drunkard need 10 aircraft for? Etc. So u see, the waste is even more on the executive than the NASS. If executive doesn't cut theirs, any effort to cut the NASS will rightfully fail. 1 Like |
| Re: OPEC Refusal To Cut Supplies, Finally Affecting Shale Oil Production by Nobody: 7:49am On Dec 14, 2014 |
deemdeem:J You don finish ? 1 Like |
| Re: OPEC Refusal To Cut Supplies, Finally Affecting Shale Oil Production by ResourceMan(m): 7:49am On Dec 14, 2014 |
Where are the rag heads, janjaweeeds, sai bohari goons. You can never ever see them in an intellectual thread/discussion. Well back to the topic, this is the greatest news ever to come out of 2014. The budget benchmark needs to be cut to $25 per barrel and must remain so for at least the next five years. Since the parasites refused to pass the P.I.B let the country face the very harsh reality together, Ngeria's lazy and unproductive public service will reap the brunt of their docility and non-creativity. The dollar will still continue to plummet to rocket high levels amidst an unstable/ailing USA economy led by the noise making, rabble rousing, hypocrite Obama. 2015 is definitely going to be a decisive year for Nigeria and the country must pay for its stupidity over the years. Head or tail the true progressives win, A buhari presidency without any economic innovation or ideas will only lead to an economic doom for Nigeria, the grand-pa is only interested in fighting and jailing perceived corrupt enemies while his goons will be all out to loot the remnants of the economy blind. We will pay for the sins of been cowards, the sins of not fighting the politicians, the sins of allowing the North to decide for us and the sin of fighting the wrong battle ="Fightng G.E.J" 1 Like |
| Re: OPEC Refusal To Cut Supplies, Finally Affecting Shale Oil Production by Nobody: 7:50am On Dec 14, 2014 |
BackDatAssUp: U didnt make sense. The bottom line of that post u qouted is all waste be it in NASS and also executive all in federal and states levels must be curtailed. |
| Re: OPEC Refusal To Cut Supplies, Finally Affecting Shale Oil Production by ResourceMan(m): 8:03am On Dec 14, 2014 |
WhiteTechnology:That character is having having the scare of his life, he is monitoring the price of crude oil by "per seconds billing" and this is someone who do not have a tiny drop of crude in his entire region. He knows his/his folks time of reaping where they did not sow is up. See him ranting here https://www.nairaland.com/1943294/latest-oil-price-64.75-per/4#28864598 |
| Re: OPEC Refusal To Cut Supplies, Finally Affecting Shale Oil Production by Nobody: 8:06am On Dec 14, 2014 |
deemdeem:You don finish? |
| Re: OPEC Refusal To Cut Supplies, Finally Affecting Shale Oil Production by Nobody: 8:07am On Dec 14, 2014 |
BackDatAssUp: deemdeem: |
| Re: OPEC Refusal To Cut Supplies, Finally Affecting Shale Oil Production by fr3do(m): 8:24am On Dec 14, 2014 |
BackDatAssUp:stop entirely? we can only cut down exports by reducing output while we sort things out, but to stop, it will be a disaster |
| Re: OPEC Refusal To Cut Supplies, Finally Affecting Shale Oil Production by Nobody: 8:28am On Dec 14, 2014 |
fr3do:Bear in mind that crude is a finite resource, one day it will eventually dry up. We have been exporting for 50 yrs straight with little or no benefit to the society at large. The weaning process must be immediate in order to prepeare us for the inevitable. |
| Re: OPEC Refusal To Cut Supplies, Finally Affecting Shale Oil Production by superstar1(m): 8:43am On Dec 14, 2014 |
BackDatAssUp:In your agitation for resource control, I believe SS needs to be more strategic. The argument has always been, embrace regionalism, with that resource control, state or regional policing, more devolution of power to LGS, weakening of the centre/FG and bringing governance closer to the people, will automatically follow. In as much as you keep advocating for resource control under this present arrangement, you are on a long thing. Mind you, no Nigerian President do not want to have the exclusive power that his predecessors had. That is while the National Jamboree report will never see the light of day. I strongly doubt, whether Oil price will recover again, if and only if, there is no other major war, that can stimulate the price again. The future of Nigeria is very bleak, if we do not act first. One day we will wake up to find our reserve being at sub zero. The Executives, the Legislators and Governors need to come to their sense and realise it cannot be business as usual again. A projection even indicates that oil price will go as low as 20-25dollars. How will this sustain our culture of wanton corruption? |
| Re: OPEC Refusal To Cut Supplies, Finally Affecting Shale Oil Production by Nobody: 8:45am On Dec 14, 2014 |
40% reduction in Osun’s federal allocation unjustifiable – Aregbesola APRIL 18, 2014 BY ADE ADESOMOJU Governor Rauf Aregbesola of Osun State has described as unjustifiable a 40 per cent reduction in the federal allocation being received by the state since July 2013. Aregbesola spoke in Lagos on Thursday during the launching of a book, ‘Yoruba Elites and Ethnic Politics in Nigeria: Obafemi Awolowo and Corporate Agency.’ The book was written by an associate professor at the University of California-Davies, Wale Adebanwi. The governor said the reduction had no basis as the nation’s oil revenue did not fall. He said, “If there is anything my state does not have now, it’s money. We are managing with 40 per cent reduction in our allocation from the Federal Government. It is not as if I even enjoy saying I depend on the federal allocation, but the truth is that there is no magic that I would have made to suddenly taken our state out of dependence on the federal allocation. “It is important for us to know that there is no justification for that 40 per cent reduction in our allocation. The price of crude oil has remained almost the same at $108 per barrel, and the benchmark, according to them, is $75 per barrel.” According to the governor, the state is now being forced to source for funds outside the federal allocation in order to meet its responsibilities of paying the entitlements of civil servants and retired workers. He said, “So we are not close to the benchmark of $75 and yet since July of last year, there is a 40 per cent reduction in our allocation. What that translates to I will tell you. “It means I have to get N5.4bn to augment salaries and pension from July to December; N5.4bn extra, outside allocation, to ensure that since civil servants who are still active and those who have retired are paid their entitlements. “What I receive from federation account is not sufficient to pay salaries.” The governor, who represented a former governor of Lagos State and National Leader of the APC at the event, Bola Tinubu, who was the chief presenter of the book, bought copies of the new book at N5m on behalf of the Osun State. He bought copies of the book on behalf of himself with N500,000 and announced N2m for the launching of the book on behalf of Tinubu. |
| Re: OPEC Refusal To Cut Supplies, Finally Affecting Shale Oil Production by abu12: 8:55am On Dec 14, 2014 |
@ops has it started or it is mere speculation? [b]Oil Nears $60 as U.S. Shale Continues Surge By Matthew RoccoPublished December 10, 2014 FOXBusiness Oil prices entered into another free-fall Wednesday after U.S. supplies unexpectedly grew and OPEC dimmed its forecast for demand. West Texas Intermediate crude oil, the U.S. benchmark, slipped under $61 a barrel for the first time since July 2009. Oil for January delivery traded as low as $60.43 a barrel. The contract was down $2.88, or 4.5%, at $60.94 a barrel in recent trading. The latest report on domestic crude inventories heightened concerns that global production is exceeding demand for oil. With traders eyeing a prolonged oil glut, thanks in large part to U.S. shale oil, futures have tumbled more than 40% since the early summer. According to the Energy Information Administration, U.S. oil inventories ended last week at 380.8 million barrels, an increase of 1.5 million barrels. Industry watchers expected refiners and traders to have less oil on hand. At the current level of stockpiles, American refineries could continue processing oil at the same pace for 23 days. Meanwhile, U.S. oil production averaged 9.1 million barrels a day for the week ended Dec. 5. That reflects a 31-year high. Gasoline supplies also climbed last week, expanding 8.2 million barrels for the largest weekly increase since September 2001. New York Harbor gasoline futures recently dropped eight cents to $1.64 a gallon. AAA said retail gasoline prices averaged roughly $2.64 nationwide Wednesday morning, down 29 cents compared to last month. The selloff in oil futures was kicked off by an updated forecast from the Organization of Petroleum Exporting Countries, which now believes demand for its oil will fall to its weakest level in 12 years. OPEC sees demand retreating to 28.9 million barrels a day in 2015 versus 29.4 million this year. The cartel traditionally scales back production to sustain higher oil prices. However, OPEC spooked the market -- and provided some holiday cheer for drivers-- last month when it decided to maintain output of 30 million barrels a day. The announcement fueled projections that an oversupply of oil would continue into 2015. Earlier this week, Bank of America reacted to the decision by saying WTI oil could fall to $50 a barrel in the first half of 2014, while the international benchmark, Brent crude, may slump below $60. Brent oil was recently trading at $64.40 a barrel. OPEC long downplayed the wide-ranging impact of shale oil development in the U.S. The group first acknowledged that U.S. shale plays could impact demand for OPEC oil in 2013, after referring to shale oil as “a source of marginal additions” in its 2011 World Oil Outlook. In recent weeks, OPEC member Saudi Arabia has twice lowered prices for oil shipped to the U.S. in an effort to regain market share. Shale oil is extracted through a combination of hydraulic fracturing and horizontal drilling. North Dakota, Texas and other states have shown significant production growth, and the U.S. is now the world’s largest producer of oil [/b] |
"Buhari's Refusal To Sign Budget Based On Integrity & Sincerity" -- Ndume. • PR Expert Faults Buhari’s Refusal To Shake Hand With Female Ministers - Vanguard • Why America's Shale Oil Boom Could End Sooner Than You Think • 2 • 3 • 4
Pictures: Ph-Enugu Railway Line Alive Again • Another Disturbing Report Just Coming In From BBC Over Buhari's Health (video) • See What I Saw @ Govt House Enugu Pic