Thanks God.

Finally, some positive news has come.

Until saint Buhari make $1=N1

Weather we like it or not....oil can't get to $100 dollar per barrel again...those days are done and gone forever



We as a country with idiotic leaders over the years bungled that opportunity


We have to start producing


We can't even refine the damn oil God gave us

Shame on us as a nation. .Nigeria is a big disappointment

Dahveydson:
Oil price will sure increase as soon as all oil producing countries agree to cut production. The only problem is USA might decide to shore up its production of shale oil and flood the market with it.

This will not happen because shale oil cannot be profitably produced below $30.

Nicepoker:
Some people are funny. Praying for oil to dry. Same people will be happy and glad to comment when prize goes up. hypocrites. The country will crumble on it's knees without oil from south south.

If oyel from south south dries oil from Lagos would take over.

dandoki:


If oyel from south south dries oil from Lagos would take over.

palm oil I guess.

Dahveydson:
Oil price will sure increase as soon as all oil producing countries agree to cut production. The only problem is USA might decide to shore up its production of shale oil and flood the market with it.

US and Iraq will be a problem. I am glad that Saudi Arabia is having a second thought.

Dahveydson:


Of course I know that

That's a million dollar question. Anyway, If backed by Political will, I believe they'll go another round of lending to edge out Russia (which is unlikely).

But again, when two elephants fight, it's the ants and tortoise that get injured. That's where Nigeria's woes come in.

and what give u the impression that energy company in the US are in support of Obama sanctions on Russia. To the companies it is all about bussiness. Most shale exploration and bussiness are at a halt at the moment. North dakota and and most southern state are struggling. Major oil companies are laying off workers in droves. Students are refusing to graduate because the job market are freezed up, thereby resulting in spike in school loans. You think oil companies are fan of a guy that shout to high heaven for creating 150k low imcome jobs(macdonald jobs) when over 50k upper income earners afe loosing jobs. If this situation persist even America will slip into recession before end of 2016. People are defaulting on their motgages just like in 2007

Dahveydson:
Oil price will sure increase as soon as all oil producing countries agree to cut production. The only problem is USA might decide to shore up its production of shale oil and flood the market with it.

Iran and Canada would also fill in the gap too.

Dahveydson:
Oil price will sure increase as soon as all oil producing countries agree to cut production. The only problem is USA might decide to shore up its production of shale oil and flood the market with it.

US would behave. Cheap oil is not favourabe for shale oil production.

Well, this is an important step in a right direction. Russia the world's largest oil producer and Saudi Arabia (OPEC-cabal most influential producer) are in talks. Great indeed.

But one thing we should all know is that for d last 3-4 years, Saudi deliberately increased its production to cripple US shale oil (cost of producing a barrel of oil in Saudi is around $10 and because of the technologies used in producing shale + environmental concerns, shale is still expensive. But at the rate US shale exploration was going, 2 years might just be enough to develop sustainable and cheaper technologies, Saudis foresaw this and they acted (of course they would lose US, being their biggest buyer). Today, many shale exploration companies are folding up. Gbam.... Saudi wins.

Another thing is that, many oil buyers of yesterday i.e countries are now discovering oil (e.g china) + a deeper energy source mix (solar, wind, geothermal etc), as a rule of thumb, oil prices has to come down. Slow economic growth in heavily industrialised china, India, Japan also contributed to the falling oil price.

Now..lets see the bigger picture....
OPEC is not the only oil producing nations, if they decide to cut production levels, they will only lose their market share i.e if they couldn't meet their buyers demand, they will lose them to non-opec countries e.g Russia, Brazil, etc.
Also, the kind of politics, competition that goes on within OPEC is appalling. There are no measures to ensure faithfulness among members i.e they all cheat the OPEC body. If Saudi decides to cut down production, will Venezuela and nigeria (who dearly needs this oil money) cut productions too, will Iran (who hates Saudis and really need money now that the sanctions have been lifted) comply? Now we see that there is more to oil prices than meets the eye.

Good thing, speculations about a possible production cut pushed Brent price $2 upward, but will they ever agree to cut production? Remember, the oil producing Arabs (minus Iran) have stable economies despite a 70% fall in oil price. They can still service their budgets and have little or no deficits.

It is nigeria, Venezuela, Libya that will benefit most from this production cut; only if they themselves cheat OPEC by not cutting theirs

So let's see where this heads to...

It is well... Kddd

@ NICEPOKER, what is South-South matter is this discussion? Na wao

femiholla:
@ NICEPOKER, what is South-South matter is this discussion? Na wao

why ask