andyanders:


Good on what you expatiated heren. Yes it is the demand and supply at play. But they doing that for the future of their children. The pipe America is laying from canada to texas is for the interest of their own country.
our own leaders cannot think for the future, but for selfish reasons- stealing

It's not just stealing from the present but also stealing from the future.

codemaniacs:


the problem is not just the "leaders". its their goals..

they (in this case the fulanis) want to own and control all sectors of the economy, they have the "If its not owned by someone from my ethnicity then no one should own it" mentality.

meanwhile, if the ijaws, efiks, igbos, yorubas e.t.c... were allowed to extract oil in their oil producing states and the FG takes a percentage Nigeria will have been better. they want one person to control agriculture, politics, economics e.t.c..

nothing can reset their empty heads... it is also in the interests of some foreign countries that Nigeria remains a "corrupt country" so that they proudly say Nigeria is a fastastic corrupt country and other stereotypes they can think of.

even this covid19 will be used to stereotype Africans... All the foreigners that they interview on international news always say Africa will be the hardest hit.

its not just the leaders its also the external interests they are working for..

Is Angola or Eq Guinea any better than Nigeria today, they are both majority Christian countries with an oil rental economy and both fantastically corrupt and backward like Nigeria.

Remove the Fulani's and Hausa from Nigeria and Nigeria will still remain poor and backward as long as it operates an oil rental economic, the rental economy is the reason why we have many useless states and government departments.

Why didn't OBJ sort out the energy issues in his eight years in government, I will cut OBJ some slack as he left close to £100 billion in reserve and low external debts.

GEJ was an Ijaw, he had an Ijaw as minister of petroleum resources and an Igbo finance minister, how many power plants did they build despite $62 billion in reserve , oil price at $100.00 p/b and $36 billion in reserve. $15 billion would add 15GW to Nigeria electric grid.

sulaak:


The likes of Ngozi and Barth Nnaji are the academic that Nigeria must avoid, to much hot air and no substance, Iweala wasted her good record under OBJ to become a rubber stamp minister that tolerated GEJ excesses. Barth Nnaji was brilliant academically but greedy, a minister responsible for Nigeria power resources also involved in building his own utility company. I am interested in Nigerians that are Chief Architect, Chief Engineers, COO, CEO and Directors in private sector organisations.

In addition to what you wrote.. I have always believed that the people who steal more money are the brilliant and academically sound politicians.. They steal and know how to cover them up

Wetin concern me
I follow chop am?

salford1:

Good to read that it has been reviewed.

So in short we now operate a yo-yo budget.

Corporate2020:


Save oil till later? Europe, America, Australia and Asia are moving to electric cars, that means very soon car manufacturers will stop producing petrol and diesel cars. Countries are also moving to alternate power supply including solar and wind. So, when is the later day that oil price will go up? When Jesus comes?

Guy... Forget. Nothing comes close or is coming close to the energy density of hydrocarbons, so oil will still be with us for the foreseeable future.

Yes. Oil will eventually come to an end but not anytime soon.

babyfaceafrica:


In addition to what you wrote.. I have always believed that the people who steal more money are the brilliant and academically sound politicians.. They steal and know how to cover them up

.

The perfect coverup strategy is to setup NGOs, write audio books, promote motivational talks and entrepreneurship academies.
Honestly our heavenly father truly is a loving and patient God...

right now Oil is 1 dollar.. wahala

salford1:

It's not just stealing from the present but also stealing from the future.

thank you noting about the corruption leven with our leaders. Stealing is just an epidemic in our system. That is our problem. The billions donated as palliative to the poor by multinational companies and foriegn bodies will end up in their individual pockets. We blacks- Nigeria and her likes in Africa are cursed.

miltonchux:

Oga you can't do without oil, if they don't use it as energy to power the Car, there are lubricating part that needs lubricant an greese. Our abundant Gas is also needed to Generate electricity. So leave all those electrical car story

hydro electric cars will destroy oil once and for all.. hydro electric cars will either use Veggie oil/palm oil as lubricant or use a powerful rotor(mostly rotor)..

I'm working a research project on hydro electricity and how it can be implemented for cars and drones(oil must die!)

/
Wrong!

USOil for May delivery ended -$37. Yes it is not a typo. It is negative $37. Brent is holding up well.

In a perfect world, it means US oil companies will beg and pay countries to come and take oil for free. Carry 1 barrel, get 10 barrels free. But then, the world is not perfect. If it were Brent oil, the whole world would have shaken by now.

\

Are you in Qatar

salford1:

No refinery now.
Let me give you an example. My country of residence is one of the largest producer of crude oil in the world, but our crude oil (heavy crude) is very difficult to refine, so we export to countries that have the refinery capacity majorly the USA.
However, oil for consumption in the country is imported majorly from Saudi Arabia becuase the refineries in the country were designed to refine light crude.
As a result, cost of buying petrol at stations is not cheap even though we are the number 2 or 3 with the largest reserve in the world.

haywire07:
It's hightime Nigeria stopped international sales of oil in full capacity.
Let us channel ample amount of the oil to a reservoir and save up for a better day.
Cut deals with some African countries and use their reservoirs if ours is filled

When we save enough, the Government should declare our refineries ''out of service".
Luckily, Dangote refinery is near completion.

After this Covid -19 pandemic, we begin to sell from our reservoirs for the main time, while the refineries will be under renovation.

And also very importantly is the need to diversify.

but my bro, sense will not allow them to, because they like OIL.........

Seems some people will finally agree to letting everyone go their different ways since oil money is taking a hit now, thinking out loud.

Oil bunkering doesn't pay anymore.so let's all rest for now.

Dtribeless:


What does Trump have to do with Shale oil. The issue with Shale is that oil prices have to be above a certain price to be viable. What has Trump got to do with that? Park well abeg!

The incompetent dear leader has everything to do with it from ceding protected lands to them for drilling and relaxing environmental pollution rules so they can keep on their failed drilling. Same format he used for steel workers, coal workers etc, do you still hear about coal anymore? trump is an inept failure

haywire07:


https://www.google.com/amp/s/www.channelstv.com/2020/04/20/oil-price-collapses-to-11-per-barrel-amid-covid-19-pandemic/amp/

What does this mean for Nigeria? @OP, be analytical and stop doing copy and paste

$11.00.Are you sure? In the us, it's going for -$40.00 per barrel. Sellers now paying buyers to come and lift crude oil. In fact, oil price has now fallen below zero for the first time in history

SOURCE
https://www.ft.com/content/a5292644-958d-4065-92e8-ace55d766654

Dtribeless:


Big Mumu, out of Buhari's savings? Or the money he met in the Treasury. Slow Africans!

Dolt, GEJ had savings in treasury but he was Owing federal workers salaries and actually borrowing to pay as well.

[s]

PassingShot:

Dolt, GEJ had savings in treasury but he was Owing federal workers salaries and actually borrowing to pay as well.

[/s]

salford1:


I wonder how NLNG is doing these days. I don't even hear much about them again. Nigeria/Africa has huge potential but mehn..i do not understand.

Brain.

quickly:
right now Oil is 1 dollar.. wahala

As at present, it’s in the negative. They are paying others to help them store the excessive oil since shutting down the rigs is very expensive.

levite247:

and you think a country like Nigeria fit your analysis. What happened to the post biafran war? Can you truly say we've recovered? Or we've lost our freedom of regionalism?

We shouldn't forget that there was extensive damage. If however Economists decide to crunch their data, it would show a significant Spike in economic activity. There's going to be a massive difference in economic difference in a place that functions 2 times a week and now functions 5 times.

zz

haywire07:
It's hightime Nigeria stopped international sales of oil in full capacity.
Let us channel ample amount of the oil to a reservoir and save up for a better day.
Cut deals with some African countries and use their reservoirs if ours is filled

When we save enough, the Government should declare our refineries ''out of service".
Luckily, Dangote refinery is near completion.

After this Covid -19 pandemic, we begin to sell from our reservoirs for the main time, while the refineries will be under renovation.

And also very importantly is the need to diversify.

who are those mad people liking this post...
Nothing technical.

For the first time in the history of trading US crude, West Texas Intermediate, its benchmark, is trading in negative territory.

As of 8:22pm on Monday, US WTI was trading at $-37.45 per barrel according to prices displayed on Bloomberg energy terminal.

While this is not good news for oil-producing countries, here are a few questions to help you better understand the situation.

Q: What does trading in negative territory mean?

A: A simple way of explaining it is that traders will pay their customers for patronising them

Q: Is this a good thing?

A: No, it is not. Traders and oil exploring companies are running at a loss. It also means that there is no storage space to store excess production.

Q: Will this price be the same across the entire industry?

A: No, the negative price is only for US crude. Also, it only applies to May futures as the contract for June delivery is still at $22/barrel and July is at $27/barrel.

Q: Futures? What does that mean?

A: In the crude oil industry, refiners and other buyers can pay ahead for crude that would be delivered at a later date. Thus, some of the May futures would have been sold earlier in the year for as high as $50 or $60 if the customers negotiated or paid in January.

Q: So oil is not valueless yet?

A: No, it isn’t

Q: So how does this affect other producers?

A: This would serve as a warning for the Organisation of Petroleum Exporting Countries (OPEC) of how bad the demand problem has gotten.

Q: So what about the price of Nigeria’s crude oil?

A: Nigeria’s crude oil is benchmarked against the Brent crude. At present, the price of a barrel of Brent crude is $25. Although traders in the market said Nigeria’s Bonny Light was sold for between $13 and $15 recently, the price is not yet in negative territory.

Q: Will this blow over?

A: It is expected that the global economy will rebound gradually once coronavirus-induced lockdowns are lifted and activities resume.


Sourc: http://petrobarometer.thecable.ng/2020/04/20/explainer-what-negative-oil-price-means-how-it-affects-nigeria/

At least our politicians won't have much to steal again, farmers becomes better paid than oyel companies workers and the north practicing farming can now allow the south to go

OPEC AND NIGERIA SHOULD DEMAND THEIR LOSSES FROM CHINA

sulaak:


Is Angola or Eq Guinea any better than Nigeria today, they are both majority Christian countries with an oil rental economy and both fantastically corrupt and backward like Nigeria.

Remove the Fulani's and Hausa from Nigeria and Nigeria will still remain poor and backward as long as it operates an oil rental economic, the rental economy is the reason why we have many useless states and government departments.

Why didn't OBJ sort out the energy issues in his eight years in government, I will cut OBJ some slack as he left close to £100 billion in reserve and low external debts.

GEJ was an Ijaw, he had an Ijaw as minister of petroleum resources and an Igbo finance minister, how many power plants did they build despite $62 billion in reserve , oil price at $100.00 p/b and $36 billion in reserve. $15 billion would add 15GW to Nigeria electric grid.

You are either ignorant or deliberately trying to be mischievous! In the history of Nigeria no one has built as many power plants as Jonathan did in 5 years.

Oil legislation is passed by parliament and not the president or petroleum minister. That is the area the Fulani and their lookalike core Northern brethren come to fore. Diezani tried all she could to make them see the benefit of passing the PIB, all to no avail because of Fulani short sightedness.

You fail to also add the fact that oil output was down by a 3rd when GEJ took over. Politicians like Amaechi, Oshimole and Fashola sued Jonathan to court for his attempts to create financial buffers.

If the core North wasn't part of Nigeria, Nigeria would have been, at the very least, a middle income country like Ghana or Kenya.

codemaniacs:


Angola and Eq Guinea have the same problem with Nigeria, one person or one family wanted to control all sectors of the country.

if Fulani's and Hausa are removed from Nigeria then Nigeria's population is cut by half which means southern Nigeria Per Capita income will be over $6000 annually compared to the over $2000 it currently stands out. plus the other investments southern Nigeria will invest into.

OBJ left close to £100 billion and low external debts, it was left to yardua and gej to boost the economy and infrastructure. Obj's goal was to steady Nigeria's economy after years of military rule, he didn't invest heavily in infrastructural projects.

the Ijaws and Igbos according to history, always squander opportunities that can boost the economy and infrastructure of their regions, but if you remove Fulani's and Hausa and Yoruba they will have much more to spend on their regions.

most of Nigeria's money comes from the oil rich eastern Nigeria, revenues that will be spent for a population of over 140m people will now be spent for a population less than 50m and those revenues will remain the same.

with or without the Fulani's and Hausa and Yoruba, eastern Nigeria will still have at least a £300 - £400 billion economy, they just need to learn to squandering opportunities.

Chief,

If Yoruba's, Igbo's and Ijaw's have their own nation, one family will control all the wealth just look at Lagos state and Tinubu.

The best time to demonstrate that the South will be better without the North is now with the North as the opposition, but I have not seen any evidence that they will be better off without the North.

Regional Southern leaders have failed to mobilise their regions to improve roads, rails and power construction despite being blessed with the majority of Nigerians in the diaspora. Ethiopia was able to build the $4 billion Millennium II dam by issuing bonds to Ethiopian in Europe and USA, Eritrea entire economy is based on direct remittance to their government.

The Lagos state government cannot even finish the Blue rail line without a loan from the federal government, yet Tinubu has three private jets valued at close to $200 million

zz