₦airaland Forum

Theconglomerate:
Lies.
It is impossible to unite all refiners and buyers of crude and make them stop buying crude at once.
There is no conspiracy here,however there is now room for refiners to control prices of crude for a very long time by ration buying.
No one will let their storage empty before refilling again.
Once it's down by 15%,they refill their storage.
That way,they will control crude pricing for a very long time which in itself Is impossible as well.

chloedogie:
The ships have always sailed through the stormy seas to deliver our goods. No matter how stormy it will be, we will come out of it and we will not be overwhelmed by the storms. It is everywhere and most of the western countries feeding us news like they are not perturbed by the static economy, they will hear it after the whole pandemic. Just late last month, USA has recorded a number above 30million citizens that have filled for unemployment. And the government must assist them till the economy balances. They too will spend their foreign reserves as well. This is a global issue and we should wish our dear country good.

Kekereekun123:
All those saying diversify. Diversify to what na

blackmantis:
I think the government will now start thinking of how to help small business grow.
If you start a Small business you face an uphill task.

Right from the registration
Then you have to cough out incredible amount for rent ...
Due to unstable power you have to factor in the cost of running a generator.

The state and local government will tax you multiple times. Environment, sanitation, development, signboard etc.

You will have to pay vigilante for security etc.. All of this without you even making a profit.

If you had wanted to employ 7 staff, you will reduce to 2.

This country really needs to wake up.

okoloemmalex:
and somewhere in Zamfara and Osun state, the Chinese are collaborating with some of our looters to mine our gold.


had it been that Nigeria is not as richly blessed the way we 're coupled with bad leadership overtime, we would have been worse than Somalia

sayso:
No matter what, the world need oil and gas without it everything will come to a halt. It is the only available, sustainable, less expensive source of energy. China, india,parkistan etc opens their industries boom oil spikes. Winter will swallow half the worlds oil to heat uq. The satellite in orbit need the fuel not minding the suns energy. Try nuclear and see the world burn. Try renewable and see your forest empty. Try fossil , i don't want to go there. So no resourse can rival oil in terms of fuel the world needs. 65% of industrial raw materials are from oil and gas but Nigeria is selling the raw form.?

Arobiooduu:
I can't imagine the implication of this

Well you have to and start planning right now on how to survive. Na those returnees from yankee and other countries I pity for pass. They walked into a Landmine field.

B3sty:
Nigeria don Enter One Chance...Diversify, dem no gree, Na to Use our Scare Resources go Find Oil for North them Sabi.

Racoon:
Brace for impact Nigeria.Oil is totally useless.Diversify the economy, no they wont.

Esseite:
Proper preparation prevents poor performance...

brace up is proper preparation..

Okechukwu Nnodim, Abuja

Crude oil in the Organisation of Petroleum Exporting Countries reference basket dropped for the second consecutive month in April, shedding 48 per cent of its worth, as cargoes of unsold oil continued to accumulate, OPEC has said.

In its just released Monthly Oil Market Report for May 2020, which was obtained in Abuja on Thursday, OPEC explained that oil in its reference basket crashed in price to the lowest monthly point since December 2001.

Nigeria is a strong member of OPEC. However, Brent, the crude against which Nigeria’s oil is priced, moved up marginally in price on Thursday.

It traded for $30.40 per barrel as at 9:13am Central Standard Time, after gaining $1.21 when compared to the previous day’s price.

Explaining movements in crude oil price, OPEC said, “The OPEC Reference Basket dropped by $16.26, or 48.0 per cent, month-on-month, to stand at $17.66/barrel, the lowest monthly point since December 2001.

“Crude oil spot prices recorded a second sharp monthly drop in April amid an ongoing rise in the oil surplus in the spot market and accumulating unsold cargoes, as refiners heavily cut runs due to plunging oil demand and rising global oil stocks, both onshore and offshore.”

The organisation said crude oil futures prices extended sharp declines in April amid a strong contraction in both the global economy and oil demand due to the impact of the COVID-19 pandemic.

It stated that Brent declined by $7.10, or 21 per cent, to average $26.63/barrel, adding that the commodity was $20.94, or 31.8 per cent lower and averaged $44.84/barrel.

It observed that speculators had bet on a recovery in prices after Brent hit 18-year lows.

OPEC stated that the collapse of oil demand, refinery run cuts and rising global oil supply resulted in a large surplus in the oil market along with massive oil stock builds, both onshore and offshore.
“However, the contango structure flattened in late April and early May on signs of a tender recovery in market fundamentals,” it stated.

It said crude oil sellers continued to heavily discount their unsold crude oil cargoes for April and May delivery to find buyers, which resulted in swift declines in crude differentials in all regions.

The organisation stated that crude spot prices in the Atlantic Basin were under heavy pressure due to a sharp decline in crude demand for May loadings, while crude availability continued to increase, resulting in a significant rise in floating oil storage.

It noted that growing demand for floating storage pushed freight rates firmly higher, which added downward pressure to spot prices and crude oil differentials and limited arbitrage to Asian markets.

https://punchng.com/oil-records-second-monthly-drop-unsold-cargoes-increase/

Ginomel:
No matter how awful it May sound, oil is very critical no matter how much diversification we do.

It moves the economy and other sectors indirectly rely on energy to progress.


No matter how lucrative Infotech and financial business is(Forex trading stocks etc) Oil sector moves them all till the last drop of oil is produced.


To diversify is good but special consideration must be given to oil sector until the new game changer. Funny enough the new energy game changer is gas, which is still oil sector related.

wink2015:
Let this your statement not wrongly mislead northerners.

Let them go and face Agriculture.

Niger delta region need true federalism.

Enough of northern exploitation and feeding bottle federalism.

gidjah:
We need this oil price to get to zero and then totally useless then regionals system of leadership Will come up then each region would wake up and become responsible.our leaders won't get to this unless the fuel becomes totally useless