Has Buhari's Trip To The U.S.A Caused A Slide In Oil Prices? - Politics - Nairaland
Nairaland Forum / Nairaland / General / Politics / Has Buhari's Trip To The U.S.A Caused A Slide In Oil Prices? (1099 Views)
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| Has Buhari's Trip To The U.S.A Caused A Slide In Oil Prices? by NavierStokes(m): 8:55am On Apr 05, 2016 |
Only a few weeks ago, President Buhari had visited the Kingdom of Saudi Arabia, a period which coincided with negotiations for a production freeze among some producer nations, instigated by Venezuela (Russia, Saudi Arabia, Qatar and Venezuela) of which Nigeria was not chiefly a part of, at initiation of these arrangements. The period also coincided with the shut down of the Forcados line in Nigeria, taking off the global market an estimated, 250KBOPD to 350KBOPD, these events plus some "dollar-matics" together saw the price of the Oil tilting upwards without any fundamentals backing it. Much to our chagrin here in Nigeria and especially on our own Nairaland, we saw some "supporters" begin to attribute this upward movement in price to Mr Presidents junketing, it will interest us to note that even the propounders of the freeze agreement-Venezuela never came out to claim victory, knowing fully well that they are mere price takers in the oil market, no industry newsletter or financial journal attributed this to the Nigerian President's visit to the middle east, but our own Nairaland saw some experts of " Buharinomics " put up threads, listing rise of Crude price to $40/bbl as an achievement of the President. Considering the skepticism surrounding the anticipated meeting of 15 producers this April, with Saudi Arabia and Bahrain banning tankers loading Iranian crude from entering their waters, with Russia pumping at an all time high, with the USA increasing imports for storage at Cushing Oklahoma, with China set to increase her oil imports for storage, with Iran already increased production of 250KBOPD and still aiming higher, please can these Mr President's supporters kindly tell us when Mr President will move the crude price to $45/bbl, $50/bbl, $60/bbl and then $90/bbl. Moreover I noticed the President just returned from the USA and the price of Oil dipped below $38, why is Buhari working against us, he has gone to support the American shale producers in dropping the price of "OYEL" abi. cc: Lalasticlala OAM4J Mynd44 coolscott, Firefire, onatisi, PhockPhockman, SeverusSnape, OZAOEKPE, Francizy, baralatie, mizmycoli, tonyebarcanista, firefire, TippyTop Teryfik Sdindan Roob ChappyChase Ishiamu gunuvi Truckpusher rozayx5 bomsilaga, erunz dunsman Nigerianvenom PRYCE Phockphockman, nwadiuko1, ibokUtoroh, Koded, iPrinz20 Aprokoman, OcheJoseph, Dearpreye, Firefire, Tomakint , Temitemi1, Hinwazaka, Dumkem21 Biafranqueen, Mogidi, IsraeliAirforce, Candyrain, Ambivert, Rose2014, Opiaoku, Anonimi, Engineerboat, Talktimi, ahaika23, coolestrogue APCSucks Emperortj93 DebateNigeria Chukwudi44 APCHaram |
| Re: Has Buhari's Trip To The U.S.A Caused A Slide In Oil Prices? by fulanimafia: 9:00am On Apr 05, 2016 |
1. Buhari traveled to Saudi Arabia specifically to discuss with King Salman on how oil prices can be stabilized. He then flew to Doha, Qatar, to discuss the same oil price stability with their ruler. Hence the attribution of the rise to his efforts. "Ongoing efforts by Nigeria and other members of the Organisation of Petroleum Exporting Countries to achieve greater stability in the price of crude oil exports are expected to be high on the agenda of discussions,” the presidency said before the trip later this week. Nigeria’s oil minister, Emmanuel Ibe Kachikwu, met his Qatari counterpart Mohammed al-Sada on Sunday, the Qatari Oil Ministry said in a statement. Qatar holds the current OPEC presidency. Russia, Saudi Arabia, Qatar and Venezuela said last week after talks in Doha that they were ready to freeze production at January levels if other producers do the same. Iran welcomed the deal but stopped short of saying it would itself freeze production at January levels and its deputy oil minister said on Saturday it would increase production soon. http://www.euronews.com/business-newswires/3150129-opec-members-increasingly-keen-to-end-oil-glut-nigeria-oil-minister/ 2. The Presidents trip to the U.S. was specifically for the U.S. Summit, not for any oil related negotiation. This means your argument and assertion is completely baseless and lacks logic. Your thread is dead on arrival. 2 Likes |
| Re: Has Buhari's Trip To The U.S.A Caused A Slide In Oil Prices? by gragraboy: 9:06am On Apr 05, 2016 |
Why is your brain working against you? 1 Like |
| Re: Has Buhari's Trip To The U.S.A Caused A Slide In Oil Prices? by NavierStokes(m): 9:25am On Apr 05, 2016 |
fulanimafia: To question 1 above would you agree with me that it was very silly to attribute the rise in price within that period to President Buhari's junket especially when there was no fundamental backing that rise. secondly if the president travels and an oil price increase is attributed to his trip, in the same way a price decrease should be attributed to him.  5 Likes |
| Re: Has Buhari's Trip To The U.S.A Caused A Slide In Oil Prices? by NavierStokes(m): 9:25am On Apr 05, 2016 |
gragraboy: Talking to yourself? 1 Like |
| Re: Has Buhari's Trip To The U.S.A Caused A Slide In Oil Prices? by TANTUMERGO007(m): 9:28am On Apr 05, 2016 |
Buhari is the last plague sent by God to punish his people(descendants of ISRAEL in Nigeria) 3 Likes |
| Re: Has Buhari's Trip To The U.S.A Caused A Slide In Oil Prices? by SleekMallam: 10:00am On Apr 05, 2016 |
The baboon president will ultimately travel to Iran and negotiate stabilization of prices. but, considering how he massacred the Shiites back home Iranians might likely kidnap and hold him as prisoner of war to which Nigerians back home will troop to the streets and celebrate while thanking Iran for the kind gesture. 3 Likes |
| Re: Has Buhari's Trip To The U.S.A Caused A Slide In Oil Prices? by SleekMallam: 10:03am On Apr 05, 2016 |
fulanimafia:When is Mr Buhari visiting Iran after the massacre of Shiites? 3 Likes |
| Re: Has Buhari's Trip To The U.S.A Caused A Slide In Oil Prices? by Opinedecandid(m): 10:05am On Apr 05, 2016 |
They know better. They know the truth. They are merely economical about the truth. Their aim is to launder the already terribly tainted image of President Buhari. 1 Like |
| Re: Has Buhari's Trip To The U.S.A Caused A Slide In Oil Prices? by LadyExcellency: 10:12am On Apr 05, 2016 |
fulanimafia: You mean Buhari's discussions with Arab Princes without any commensurate action ever know to affect market caused a rise in oil price? I don't understand the brand of sycophancy inherent in APC supporters. 1 Like |
| Re: Has Buhari's Trip To The U.S.A Caused A Slide In Oil Prices? by porka: 10:28am On Apr 05, 2016 |
They will attribute even rainfall in the rainy season to Buhari. That's what 'worshipers' do for their gods. Meanwhile, recall that it was in that trip and in desperation of 'stabilizing World Oil Price' that he pledged Nigeria to an Islamic Countries Coalition Against Terrorism, and also promised the Palestinians to make Jerusalem the capital of the Palestinian State. Two key promises they extracted from him as part of the so-called negotiations for his wishful 'World Oil Price Stability'. 3 Likes |
| Re: Has Buhari's Trip To The U.S.A Caused A Slide In Oil Prices? by NavierStokes(m): 10:38am On Apr 05, 2016 |
porka: Brother I "tire", it was a case of riding on the back of the tiger, oil prices will rise but the sychophants should understand that Nigeria is also a price taker in the global oil market. Even kachikwu that was running his mouth about $50 oil by April should know by now that we are already in April. People who matter at the moment in the oil market are Iran and Iraq and Libya, so if he wants to stabilize prices he should go negotiate a freeze with Iran. The Ayatollah and crew will be very happy to receive him. |
| Re: Has Buhari's Trip To The U.S.A Caused A Slide In Oil Prices? by NavierStokes(m): 10:58am On Apr 05, 2016 |
Mods, lalasticlala, OAM4J, Mynd44, when an oil price rise coincided with Buhari's trip to the mid east we had it on front page, now he has visited the "wild west" and there is a drop in prices, can we also have this on front page. Thanks 1 Like |
| Re: Has Buhari's Trip To The U.S.A Caused A Slide In Oil Prices? by fulanimafia: 11:07am On Apr 05, 2016 |
LadyExcellency: NavierStokes: What would be very silly is PRETENDING you did not see where the report said Russia, Venezuela, Qatar and Saudi Arabia agreed they would freeze production at January levels after talks, which included Buhari's meeting with the Arabian and Qatari rulers. The effect of freezing production levels, if you don't understand the link to the rise in oil price, is that the excess supply which caused the glut that sunk the oil prices, would stop and things would become more stable. Iran's welcoming of the idea also had a positive effect, considering that news about its resumption of production had earlier caused the prices to dip. That is the fundamental basis for the rise that you were asking for. Furthermore, the U.S. trip was for a NUCLEAR summit and nothing oil related, hence only a dunce would expect it to have any effect on oil prices. |
| Re: Has Buhari's Trip To The U.S.A Caused A Slide In Oil Prices? by TippyTop(m): 11:16am On Apr 05, 2016 |
Buhari's trip had the opposite effect, trust the dullard to put square pegs in round holes. |
| Re: Has Buhari's Trip To The U.S.A Caused A Slide In Oil Prices? by TippyTop(m): 11:21am On Apr 05, 2016 |
1. Buhari traveled to Saudi Arabia specifically to discuss with King Salman on how oil prices can be stabilized. He then flew to Doha, Qatar, to discuss the same oil price stability with their ruler. Hence the attribution of the rise to his efforts. Thought it was for us to sign up to the war against ISIS? Where do you get your news, I presume BBC Hausa. How about buying a Nigerian newspaper? |
| Re: Has Buhari's Trip To The U.S.A Caused A Slide In Oil Prices? by NavierStokes(m): 11:28am On Apr 05, 2016 |
fulanimafia: The deal to freeze output had been decided before Buhari's trip, http://www.bloomberg.com/news/articles/2016-02-16/saudi-arabia-and-russia-agree-oil-output-freeze-in-qatar-talks, the forcados line had been shut in as well with a removal of 350KBOPD from the intl market at the time, and it was being claimed by your likes that Mr Presidents travels stabilize the oil priced so he deserved to travel more, why absolving him from this last trip. And if you still don't get the point I am trying to correct with this article, then you must be really "smart". |
| Re: Has Buhari's Trip To The U.S.A Caused A Slide In Oil Prices? by fulanimafia: 11:43am On Apr 05, 2016 |
NavierStokes: No you're the one that's really "smart" for comparing a trip whose purpose was clearly to negotiate for a stability in oil prices, with a trip whose purpose was for talks during a NUCLEAR summit. I wonder what they put in the water in your wailer meetings. |
| Re: Has Buhari's Trip To The U.S.A Caused A Slide In Oil Prices? by NavierStokes(m): 11:52am On Apr 05, 2016 |
fulanimafia: Or the rice in your zombie meetings. My friend, a trip without any actions taken is same as attending a nuclear summit. Moreover you are trying to tell me that BABA can stabilize oil prices and we have been suffering all this while, with a current half in the recent rally. |
| Re: Has Buhari's Trip To The U.S.A Caused A Slide In Oil Prices? by coolscott(m): 12:12pm On Apr 05, 2016 |
fulanimafia:[size=13pt]The question is P Buhari's journey to Saudi Arabia coincided with a mild increase in oil prices and that increase was attributed to him by his supporters who say he travels to influence the price of oil downwards. Now he has just gone to America and the price has slumped again. Is there any reason for which we should not attribute this slump to him?[/size][/i] This kind of reminds me how Buhari supporters were allocating credit for improved power last year to Buhari. Meanwhile he had done nothing at the time because he had just inherited the administration from his predecessors. Now the power situation has grievously deteriorated and they are not quick to place the responsibility on the president. Unfortunately, originally claiming credit for what they inherited on the ground eliminates the possibility of escaping responsibility for the record breaking deterioration we have recently recorded (zero megawatts) |
| Re: Has Buhari's Trip To The U.S.A Caused A Slide In Oil Prices? by LadyExcellency: 12:44pm On Apr 05, 2016 |
fulanimafia: Stop sugarcoating your zombiesm. Buhari's visit to Saudi Arabia and Qarta has no correlation to what the circle-of-oil-cabals agreed to implement. The commitment to cut has been agreed before Buhari's visit. Pray tell me what commitment Nigeria agree to implement as to see a rise in Crude Oil price? Why wasn't Buhari in Russia and Venezuela? 1 Like |
| Re: Has Buhari's Trip To The U.S.A Caused A Slide In Oil Prices? by NavierStokes(m): 12:31pm On Apr 13, 2016 |
Buhari's trip to China increases oil prices. Seriously speaking this man is always gallivanting so every event worth mentioning will coincide with his trips. |
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