₦airaland Forum

The price of US oil has turned negative for the first time in history.

That means oil producers are paying buyers to take the commodity off their hands over fears that storage capacity could run out in May.

Demand for oil has all but dried up as lockdowns across the world have kept people inside.

As a result, oil firms have resorted to renting tankers to store the surplus supply and that has forced the price of US oil into negative territory.

The price of a barrel of West Texas Intermediate (WTI), the benchmark for US oil, fell as low as minus $37.63 a barrel.

The severe drop on Monday was driven in part by a technicality of the global oil market. Oil is traded on its future price and May futures contracts are due to expire on Tuesday. Traders were keen to offload those holdings to avoid having to take delivery of the oil and incur storage costs.

June prices for WTI were also down, but trading at above $20 per barrel. Meanwhile, Brent Crude - the benchmark used by Europe and the rest of the world - was also weaker, down 8.9% at less than $26 a barrel.

The oil industry has been struggling with both tumbling demand and in-fighting among producers about reducing output.

Earlier this month, Opec members and its allies finally agreed a record deal to slash global output by about 10%. The deal was the largest cut in oil production ever to have been agreed.

But some analysts said the cuts were not big enough to make a difference.

"It hasn't taken long for the market to recognise that the Opec+ deal will not, in its present form, be enough to balance oil markets," said Stephen Innes, chief global market strategist at Axicorp.

The leading exporters - Opec and allies such as Russia - have already agreed to cut production by a record amount.

In the United States and elsewhere, oil-producing businesses have made commercial decisions to cut output. But still the world has more crude oil than it can use.

And it's not just about whether we can use it. It's also about whether we can store it until the lockdowns are eased enough to generate some additional demand for oil products.

Capacity is filling fast on land and at sea. As that process continues it's likely to bear down further on prices.

It will take a recovery in demand to really turn the market round and that will depend on how the health crisis unfolds.

There will be further supply cuts as private sector producers respond to the low prices, but it's hard to see that being on a sufficient scale to have a fundamental impact on the market.

Meanwhile, concern continues to mount that storage facilities in the US will run out of capacity, with stockpiles at Cushing, the main delivery point in the US for oil, rising almost 50% since the start of March, according to ANZ Bank. "We hold some hope for a recovery later this year," the bank said in its research note.

Mr Innes said: "It's a dump at all cost as no one, and I mean no one, wants delivery of oil with Cushing storage facilities filling by the minute."

SOURCE: https://www.bbc.com/news/business-52350082

I have been saying it and keep on saying it, the government needs to build modern maximum prisons it’s important and necessary in any society just the way you invest in roads and hospitals.

Modern prisons needs to be built to accommodate the criminals in our society. People must know there must be a repercussions for every criminal actions.

Most of these criminals will soon be released because of congestion, we cannot as a nation be using prison built since the colonial era that are full to capacity.

This shit is getting real

Chinese again?

When & Where?

How do they decide who is poor or not?

Very commendable.

You calling on a fo.ol to do that, honestly Baba is too daft.

Italy is now the major distributor.

Wonders shall never end

I am surprised he said this....

He was so tired and weak as a fu..ck, the assistant coach did him a favour by throwing in the towel.

He could have died or suffer irreversible brain damage.

Because he couldn’t even defend himself at the 7th round.

What a fool, pride kills.

See doctors all over this thread, as if they are doing surgical operation.....

NUC have spoken, if you are a medical doctor and wants to lecture is the University go and obtain your PhD, it's not by force.

For those medical doctors that are not that smart enough to do PhD or value their fellowship that much, they should continue practising their medicine.

How can you compare fellowship to PhD (known and Unknown)

We not talking about "equivalence". The question is that is it PhD degree? Simple! If you like do fellowship for 50 years.

@1StopRudeness Are all these justifications really coming from our medical doctors!!!

Sabadon:
wats the full meaning of MBBS after answering that the read your comment again

Nothing there to read again.

MMBS - Bachelor of Medicine, Bachelor of Surgery, or in Latin: Medicinae Baccalaureus Baccalaureus Chirurgiae

Next?

CSTR2:
So their ordinary residency = Msc +PhD?

Doctors in Nigeria are mad. No wonder they don't know anything.

I support them when they are fighting for salary increase, but not for this.

Why earn salary without the required training?

I tire o....My brother.

One of them have been ranting all over this thread.

Nobody is downgrading residency, but is it a PhD?

If its not who cares, its the policy.

Gassa007:
So you mean after all the years that a doctor would spend in school.. spend doing his residency before becoming a consultant... you still want him to spend more years chasing a phD degree that can be bought .

My dear, it is what it is, that's the policy.

This is not about years, or equivalence, its the requirement and POLICY.

If they don't want to have a PhD then they can simply practice medicine and not lecture.

arthorjnr:
You have a point about PhD increasing your level of understanding.
But you must be really dumb if you think the residency programme that makes one a consultant does not qualify one to be a lecturer, then you are gravely mistaken.
Google doctor's residency programmes that makes one a consultant. When you're done, go appreciate your family doctor or a consultant.

I saw your response but I don't dignify nitwits with explanations.

If confused read my comments.

Dave233:
see this mumu... do you know what it takes to get a basic medical/Dental degree not to talk of becoming a Consultant?? The courses i did in final year medical school alone was 96 credit units. Thats more than 2 Masters degrees in only final year

That's very good, brilliant.

But is it a Masters?

Let's be objective here, and call a Spade a Spade.

This is not about equivalence.

worworbabe:
That's where your foolishness lies. So it's not about the value it brings but the certificate. You are an educated illiterate. This Country won't grow with your likes having a say

I won't join issues with an illiterate person like you, which is obvious in your abusive tone.

Its obvious you can't comprehend the PhD requirement to lecture which is a policy.

No one is downgrading medical residency. It's about do you have a PhD or you don't?

worworbabe:
You are dumb. What does pHD entail that residency does not entail? I am sure you don't know what you are talking about.

Please stop exposing your ignorance.

It's not about subjectively equating residency to PhD, it's about is it a PhD?

If it's not and you want to lecture, go earn your PhD, it's not a must.

Else, do your residency and practice alone without lecturing.

What a bunch of illiterate medical doctors saying "PhD is cosmetics"

All over the world, a PhD or equivalent is required as a minimum qualification to join academic positions at lecturer level and above at any University.

A PhD exposes one to a narrower field but at greater depth and understanding.

Most medical doctors that are teaching our medical students are just holders of MBBS which is a Bachelors degree equivalent to having BTech or BSc in Engineering. However, with residency periods, we can subjectively agree/disagree its equivalent (but not) to Masters.

Irrespective of the aforementioned, to be a lecturer in a proper University you need to have a PhD, there is no shortcut about it.

What’s the total number of the invalid votes?

Because this just a difference of less than 200 votes

Please kindly wake up.

After Supreme Court ruling nothing else, and they will never revise their ruling which was unanimous by the 7 justices.

.

juman:
The judgment was not sound, it appear partial.
The Supreme Court should look into the case again.

An unanimous judgement by 7 judges of the Supreme Court is not sound?

Do some of you people even remember the judgement is unanimous?

My lords have made the pronouncement AND it’s FINAL.

Nice one

I personally have no reason to question or doubt unanimous decisions by 7 Justices of the Supreme Court, all seven can’t be compromised.

The ruling of my lords on this Imo Guber is final and can’t be overturn.

They’ve also forgotten it’s an unanimous decisions by the 7 judges.

No questions if that’s the case.

It is not a residential house or building, it’s just a shed for political gatherings.

Don’t be confused by the interpretation of the name to be Old Peoples House