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Nairaland Forum / Nairaland / General / Politics / Foreign Affairs / US and EU Officially Lift Nuclear Related Sanctions On Iran (28814 Views)
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Re: US and EU Officially Lift Nuclear Related Sanctions On Iran by Nobody: 7:53pm On Jan 17, 2016 |
omenka: Even if we saved....at best we would have reached $70-100bn. Last year....Saudi Arabia spent $124bn to prop up their currency. We would have just postponed matters by a year. The Saudis that have $600bn left are over-worried. 2 Likes |
Re: US and EU Officially Lift Nuclear Related Sanctions On Iran by DonBobes(m): 7:56pm On Jan 17, 2016 |
Seun: Oga Seun wetin we go do nw? because walai me i don tire o! |
Re: US and EU Officially Lift Nuclear Related Sanctions On Iran by poseidon12: 7:58pm On Jan 17, 2016 |
smitez:Shake oil is not an alternative to crude oil. Shale oil is also crude oil. Shale just refers to the new technology they are using to extract more crude oil which is different from the conventional drilling method. 3 Likes |
Re: US and EU Officially Lift Nuclear Related Sanctions On Iran by Nobody: 7:58pm On Jan 17, 2016 |
ladyF:it's not actually driving them out of business, alot are still drilling, some smaller ones merged, and giants like Mobil, Chevron e.t.c are taking over smaller ones. Lean business methods are being applied. This has really helped them to stay afloat. Technology also keeps getting better. 3 Likes |
Re: US and EU Officially Lift Nuclear Related Sanctions On Iran by manie(m): 7:58pm On Jan 17, 2016 |
Pidggin: I guess his god is equally after all OPEC member countries and the global economy. 3 Likes |
Re: US and EU Officially Lift Nuclear Related Sanctions On Iran by ttmacoy: 7:59pm On Jan 17, 2016 |
And why would OPEC impose sanctions on the US for production when the US is not a member of OPEC? OPEC is a oil cartel and not a regulator so I don't even see how that will work. I know oil prices are crucial for the likes of Nigeria and other oil producing countries but let's take a step back and look at it from a global economic perspective. Lower oil prices is beneficial to the many non oil producing countries e.g. China, India etc and the oil producing countries had their fun during the oil boom. The high oil price of the last few years have made us feel entitled in Nigeria like it is our right for oil prices to be high. No it is not our right. Oil is a commodity and will rise and fall based on demand and supply. I don't recall the oil importing countries shouting when prices rose over the last few years. mazeltov: 7 Likes |
Re: US and EU Officially Lift Nuclear Related Sanctions On Iran by Nobody: 8:00pm On Jan 17, 2016 |
omenka: AT the bolded.....OPEC is no longer powerful. Period Everybody and his mother is discovering oil. Too bad Nigerians....not just the governments past and present ....cannot see life beyond oil. 4 Likes |
Re: US and EU Officially Lift Nuclear Related Sanctions On Iran by Nobody: 8:01pm On Jan 17, 2016 |
buJu234:you are right. I watched on CNN yesterday that the US now has more workers in the solar energy industry than the oil industry. 3 Likes |
Re: US and EU Officially Lift Nuclear Related Sanctions On Iran by omenka(m): 8:04pm On Jan 17, 2016 |
Kikero112:They could be worried because their financial obligations far outweigh that of Nigeria. The same way a country like US would be worried if they had $10trillion only in their reserve. Understand?? Our needs are unique to us, hence our divergent responses to situations. If Nigeria could lay hands on such an amount today (), our problems would be solved overnight literally. 1 Like |
Re: US and EU Officially Lift Nuclear Related Sanctions On Iran by Bollinger(m): 8:04pm On Jan 17, 2016 |
smitez: So, how does using common sense become "mad". You think everyone thinks like Nigerians. They don't want to depend on oil producers anymore and they stepped up their oil production. How is that a bad thing? 2 Likes |
Re: US and EU Officially Lift Nuclear Related Sanctions On Iran by phlamy(m): 8:07pm On Jan 17, 2016 |
snailspeed: No vex abeg, please forgive whatever PMB has done to you. we need to keep this thread sane and lets see what can come out of it Bitterness is not good for the heart Abeg, no vex 4 Likes |
Re: US and EU Officially Lift Nuclear Related Sanctions On Iran by Lighthouseman: 8:08pm On Jan 17, 2016 |
omenka:Commodity prices are down because of the slow down of the Chinese economy. We can only farm to feed but for trade..... Forget it until 2020. International Agric business are done years ahead based on orders and I don't think we have such for now. Agric Wil continue to sleep until marketing boards are brought back so that farmers would know before the commence production the guaranteed market price. Secondly, our use of land would have to be reviewed because agricultural lands are shrinking. Where u currently built ur house was most probably a farm land due to massive urbanization. Residential areas should be well mapped out, encourage the building if sky scrapers or high rise buildings to minimize land use Agric has gone through modernization so lot of know how is involved. Let's do lot of research on hybridization, short duration crops & extension services with private sector involvement. My doubt Is apc is a socialist oriented government which would have its hands tied. 6 Likes |
Re: US and EU Officially Lift Nuclear Related Sanctions On Iran by galadima77(m): 8:08pm On Jan 17, 2016 |
omenka: No thanks to those pot bellied governors that won't allow the previous administration save our excess crude earnings! Sad... 1 Like |
Re: US and EU Officially Lift Nuclear Related Sanctions On Iran by Nobody: 8:13pm On Jan 17, 2016 |
omenka: All true...but still if we had $600bn in our account.....and I was the finance minister....I would still be worried. Because....I am not being paid to be happy about the good times in the present...I am paid to worry about future worst case scenarios and how to deal with them. And then there is the fact that oil prices are going to stay low. The optimists say that it would shoot up by 2017. Me? I am prophesying that oil is not going to shoot up again. The US is now the world's largest producer of oil(SHE who used to be the world's largest net importer)....and it is not in OPEC.And no matter what the Saudis do...the Americans are not going to give up on their dream of self sufficiency in energy. (That is why I really hope the corruption war continues. The theives are stealing from a tiny treasury ). All in all....beyond saving....Nigeria needs to diversify. Oil is not going to go up again. 4 Likes |
Re: US and EU Officially Lift Nuclear Related Sanctions On Iran by Academicwizman(m): 8:14pm On Jan 17, 2016 |
hahn: It's very simple my brother, Strength (value) of Nigeria Naira is dependent on price of crude oil in the international market. The fall in the international oil price that we would have enjoyed, being importer of refined oil, has been eroded by fall in the value of Naira. For instance, if Naira value has not fallen (assuming Naira is not only relying on prize of crude), there would have been drastic reduction in the pump price. |
Re: US and EU Officially Lift Nuclear Related Sanctions On Iran by Nobody: 8:17pm On Jan 17, 2016 |
Lighthouseman: Exactly. Anytime i hear someone sing ''Agric will save us''....I always get the feeling the chap is still in the 1960's....when we had guaranteed markets.Not anymore. And then there are the African countries that do rely on agric...most of them are heavily reliant on loans to fund their budgets. And your point about modernisation?....Fully taken. Anyone who thinks we can be a major agric exporter on the backs of subsistence farming..with 10% of our farming done on not so modern mega farms is just dreaming. 6 Likes |
Re: US and EU Officially Lift Nuclear Related Sanctions On Iran by bayonino: 8:21pm On Jan 17, 2016 |
Bishops10:if it was don jazzy and olamide news you go rent house for the page dey read dey go,.... Grow up kid!..i doubt if you know the implication on Nigeria crashing economy. 1 Like |
Re: US and EU Officially Lift Nuclear Related Sanctions On Iran by tempest01(m): 8:23pm On Jan 17, 2016 |
omenka:it won't reach 10...What is the cost of production? Oil has an inelasticity of demand effect, meaning that the price is not affected much by quantity supplied. If opec (which Nigeria and iran are part of) wants to increase oil price tomorrow, they will. The problem with the oil price is with US and their shale oil. 1 Like |
Re: US and EU Officially Lift Nuclear Related Sanctions On Iran by smitez(m): 8:26pm On Jan 17, 2016 |
poseidon12: You totally missed my point.. which was and still that America would try its best to reduce the cost of production of its oil, then reduce the price, oil importing countries should have no choice than to buy from them thereby increasing their economy.. As at when last I checked, America was the largest producer of oil. |
Re: US and EU Officially Lift Nuclear Related Sanctions On Iran by emzila(m): 8:26pm On Jan 17, 2016 |
ONE THING MANY FAIL TO UNDERSTAND IS THE FACT THAT SOME WORLD POWER NATIONS LIKE USA, RUSSIA, JAPAN, CHINA ARE BEING TREATED BY BRIGHT FUTURE OF THE LIKE OF NIGERIA, SOUTH AFRICA ETC AND WILL DO ANYTHING POSSIBLE TO MINIMIZE THEIR FEAR. UNFORTUNATELY WE HAD A PRESIDENT WHO SOLD OIL AT $110 AND ABOVE PER BARREL, YET LEFT AN EMPTY TREASURY BEHIND. TYPICAL OF EDUCATED ILLITERATES, NIGERIANS WILL EXPECT THE MAN WHO MAY END UP SELLING OIL AT $20 OR LESS PER BARREL TO SOLVE THEIR PROBLEMS IN ONE DAY. THIS IS NOT A GOOD TIME TO HOLD CASH. 2 Likes |
Re: US and EU Officially Lift Nuclear Related Sanctions On Iran by snailspeed: 8:28pm On Jan 17, 2016 |
phlamy: I no vex bro. I just responded to Omenka's claim that the last government did not save and Buhari would have saved the planet. You know he and his kind have a fixed answer to everything: the last government! This thread can be informative at best. It isn't going to come up with a solution to the oil crisis. The prices will keep going down and the consequences will be far worse than many might imagine. There will be another global recession. Many countries in Europe and the mideast will go burst like Greece. The only thing that can give us a little succour if we act now is true federalism. The Nigerian structure as it is is flawed and can never produce a 21st century robust country 3 Likes |
Re: US and EU Officially Lift Nuclear Related Sanctions On Iran by Lighthouseman: 8:30pm On Jan 17, 2016 |
Kikero112:With the buhari budget where communication and propaganda ministry gets 10 billion more than Agric then we are in for a long thing because it means the government will feed us more with propaganda and less food |
Re: US and EU Officially Lift Nuclear Related Sanctions On Iran by Nobody: 8:32pm On Jan 17, 2016 |
my understanding of it is as follows: Oil companies within the United states are producing oil domestically [shale oil] this has reduced the US demand from foreign countries Saudi Arabia is trying to destroy the shale oil industry by flooding the market with oil, thus forcing the price down, until shale oil exploration is not profitable the aim of this is to return to the status quo. Saudi Arabia has the reserves to take the long view. unless more technology that can further reduce the cost of shale oil prospecting is developed, exploiting shale oil may not be economically viable at $30 or less. so saudi will continue to flood the market until shale oil is dead by doing so, they are also fking with iran's earnings nigeria , venezuela, and oil companies in general are collateral damage but even if Saudi effectively kills shale oil, Elon Musk has disrupted the industry. Tesla is a raging success, and everyone is developing electric cars. unless theres some other major source of energy that oil provides, the demand for oil will die within the next 2 decades if nothing else, properly harnessed agriculture will lead to some form of self sufficiency we import too much. the cost of dollars means that we are importing processed foods from countries other than us/uk. i am seeing jam and ketchup made in pakistan in supermarkets. if ketchup can be made in Pakistan, why not nigeria? 3 Likes |
Re: US and EU Officially Lift Nuclear Related Sanctions On Iran by ttmacoy: 8:32pm On Jan 17, 2016 |
It's not going to rise soon an definitely not going back to the $100 + anytime soon. ladyF: 2 Likes |
Re: US and EU Officially Lift Nuclear Related Sanctions On Iran by allcomage: 8:32pm On Jan 17, 2016 |
Observant: You took it out of my mind. I am most elated by this development. I have been beaming with smiles. My parents worked hard to earn their living and here I am working so hard and diligently to earn mine too but some people are sitting idly in offices stealing our common wealth. They make those working look stupid.the day of reckoning has finally caught up with Nigeria. Thank God its happening in my time but it is never too late for lazy bones and looters only that they will be dazed with the challenges they will meet while starting afresh. Una ntorrrr |
Re: US and EU Officially Lift Nuclear Related Sanctions On Iran by ttmacoy: 8:35pm On Jan 17, 2016 |
Actually Iran selling oil benefits the world economy, it's oil producing nations that are suffering especially those who depend on oil revenue. Oil importing countries like China India and many others are loving the low oil prices in fact India dictates conditions to buy your oil. Gas prices very low in the US so benefits consumers and other sectors who need to use fuel as it reduces costs. ViktorMartins: 4 Likes |
Re: US and EU Officially Lift Nuclear Related Sanctions On Iran by smitez(m): 8:35pm On Jan 17, 2016 |
Bollinger: Who said that was a bad thing? I appreciate smartness when I see one.. America is Smart.. not only are they driving countries like Russia that depend on oil to some extent economy down, they are also alleviating their own. |
Re: US and EU Officially Lift Nuclear Related Sanctions On Iran by Cheechy(f): 8:38pm On Jan 17, 2016 |
Bishops10: ALL the more reason "TO READ ALL THOSE THINGS UP THERE" 1 Like |
Re: US and EU Officially Lift Nuclear Related Sanctions On Iran by silverr(f): 8:39pm On Jan 17, 2016 |
Akathriel: Listen to yourself. Nigeria is about to be smitten by poverty and you are happy that it also means Israel MAY be levelled by a nuclear warhead. Israel has anticipated this and has been working towards it for years now. Knowing how intelligent they are, I daresay Iran will be shocked if they try anything funny. |
Re: US and EU Officially Lift Nuclear Related Sanctions On Iran by Bollinger(m): 8:40pm On Jan 17, 2016 |
smitez: Sorry. I misunderstood. 1 Like |
Re: US and EU Officially Lift Nuclear Related Sanctions On Iran by PBundles(m): 8:43pm On Jan 17, 2016 |
That is the expecttion, but I think that the actual amount maybe smaller. You see the Iranians were selling their oil, via trucks within their region, yes even during the sanctions. This is well documented. Thus the actuam impact may not be that much. The main issue are the reserves and most importantly the Saudi standpoint. You see the Saudis wanted to destroy the Shale oil production but making it costly. The hoped that buy over supplying and pushing the price down they would drive Shale producers out of business. That has backfired a bit. Also note that US has started to become a net oil exporter for the first time in many years and China growth is slowing so less use. Yes we could see as low as $25. As for the Naira, this will fall further and I see a N/$ at 400-450 at year end. I would explain how I go to that, but will spare you my boring calculations. Seun: |
Re: US and EU Officially Lift Nuclear Related Sanctions On Iran by hahn(m): 8:43pm On Jan 17, 2016 |
Academicwizman: Thanks for your response. The thing is, this explanation sounds too obvious. I appreciate your reply though |
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