₦airaland Forum

In the escalating duel over oil production between the United States of America and Organisation of Petroleum Exporting Countries (OPEC), few countries’ oil industries have been hit as hard as Nigeria, highlighting a challenge for the petroleum cartel ahead of its meeting on Friday, a report by the Wall Street Journal (WSJ) has shown.

Nigeria has lost business in its main market in the US and struggled to gain footholds elsewhere, raising a question for OPEC over whether its decision to fight for market share may have left behind more vulnerable members.

Once a highly desired, easy-to-refine product, Nigeria’s oil is now hard to sell. In 2014, it fetched over $2 a barrel more than the global benchmark, Brent crude, according to OPEC data. This year, that premium has plunged to 74 cents, on average—the lowest in a decade.

Nigerian cargoes that normally sell a month ahead of delivery have languished without buyers. In early May, at least 80 million barrels of Nigerian and Angolan crude were still seeking buyers, according to Barclays.

“Nigeria is in immense pain,” said Amrita Sen, chief oil analyst at Energy Aspects.
OPEC last year abandoned its traditional role of propping up prices through production cuts, figuring that surging American production would depress prices no matter what it did and opting to fight for market share instead. Within OPEC, Ms. Sen said, Nigeria has been the worst affected by these changes.

Read full story
http://monitor9ja.com/2015/06/nigeria-hit-hardest-in-opec-us-tussle-over-oil-output/

If you dont want Buhari to send soldiers to stabilise oil price click like. If you want Buhari to send soldiers to go and stabilise oil price click share.

This happen when you cant manage your income, spending anyhow

If you dont want Buhari to send BH to go bomb opec and stabilise oil price click like.
If you want Buhari to send BH to go and bomb yans and stabilise oil price click share

I pity baba

When you say go school, dem no go gree. Common Waec he no get. Nigeria needs to make a law making education mandatory and free until after university level to avoid a case where 60% illiterates have a right to vote.

Lack of planning,Mismanagement, corruption. Etc

But I believe the will be won by OPEC at last.

Read nairausd.. com. To keep you informed of the happening on ground consigning OPEC.

woodcook:
I pity baba

Tough time ahead not only for PMB but Nigeria at large.