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Nairaland Forum / Nairaland / General / Business / Oil Surpasses $81, Nigerian Production Drops By 130,000 Barrels (10858 Views)
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Re: Oil Surpasses $81, Nigerian Production Drops By 130,000 Barrels by yahmohy27: 3:12pm On Oct 05, 2021 |
inoki247:you may be right |
Re: Oil Surpasses $81, Nigerian Production Drops By 130,000 Barrels by Cognitivereason: 3:13pm On Oct 05, 2021 |
Our increased amounts of importation is also another crucial factors...which is why we need to ban fuel which sucks majority of our forex...secondly. Nigeria needs high production and high oil prices in order for naira to gain value... U can't compare Jonathan and yar adua times where we produced over 2 million barrels per day and a barrel sold above $100 to...about 1.3million barrels today and each barrel going for $80 ....u do the math tutudesz: |
Re: Oil Surpasses $81, Nigerian Production Drops By 130,000 Barrels by BruncleZuma: 3:13pm On Oct 05, 2021 |
OPEC Basket is 78$ |
Re: Oil Surpasses $81, Nigerian Production Drops By 130,000 Barrels by tutudesz: 3:14pm On Oct 05, 2021 |
greatiyk4u:It's traded at $77.79 yesterday and the change in price should affect your currency overnight But the opposite is the case for Nigeria, the more we earn foreign exchange from oil, the more Naira falls |
Re: Oil Surpasses $81, Nigerian Production Drops By 130,000 Barrels by adioolayi(m): 3:15pm On Oct 05, 2021 |
Remove subsidy ...make we kukuma suffer all the suffers once and for all. Afterall...The acclaimed subsidy na scam being enjoyed by the few...according to Malam Sanusi 2 Likes |
Re: Oil Surpasses $81, Nigerian Production Drops By 130,000 Barrels by BruncleZuma: 3:15pm On Oct 05, 2021 |
Cognitivereason:That is a huge and dirty lie my gee stop peddling beer parlour figures. |
Re: Oil Surpasses $81, Nigerian Production Drops By 130,000 Barrels by insidenaijasblog: 3:16pm On Oct 05, 2021 |
inoki247: |
Re: Oil Surpasses $81, Nigerian Production Drops By 130,000 Barrels by Olatunde10(m): 3:17pm On Oct 05, 2021 |
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Re: Oil Surpasses $81, Nigerian Production Drops By 130,000 Barrels by valentineuwakwe(m): 3:18pm On Oct 05, 2021 |
Even if oil increase to 100 USD, MIT still won't make sense or add any meaningful value to Nigeria as a nation since it still import its crude and its refeneries are down. Another issue is this scam THEY call petrol subsidy...when oil price increases, marketers smile and gain more. Nigeria should fix its refeneries and then talk of a new price regime for petroleum products! |
Re: Oil Surpasses $81, Nigerian Production Drops By 130,000 Barrels by tutudesz: 3:19pm On Oct 05, 2021 |
Cognitivereason:We should be feeling the effects of oil price rise a little, even if it's mean dollars falling by 10-5%. The corruption in Importation of fuel will never allow Government stop it. Even the total amount of fuel importation is unknown |
Re: Oil Surpasses $81, Nigerian Production Drops By 130,000 Barrels by kafeii123: 3:19pm On Oct 05, 2021 |
JackDaAlienz: There's plenty of use cases for Oil....apart from vehicles/transportation....EVs may lower demand for crude...but they can't halt it....plus other more sustainable uses may emerge for oil .. even by then |
Re: Oil Surpasses $81, Nigerian Production Drops By 130,000 Barrels by gurunlocker: 3:21pm On Oct 05, 2021 |
Under Bubu administration, increase in international oil price automatically means increase in fuel pump price here.... Wonder how we bought petrol at #65-97 even with the so called subsidy scam when a barrel was $100. |
Re: Oil Surpasses $81, Nigerian Production Drops By 130,000 Barrels by Cognitivereason: 3:26pm On Oct 05, 2021 |
My bad ..above $100 BruncleZuma: |
Re: Oil Surpasses $81, Nigerian Production Drops By 130,000 Barrels by greatiyk4u(m): 3:26pm On Oct 05, 2021 |
tutudesz: Crude trading dey like forex trading ni? |
Re: Oil Surpasses $81, Nigerian Production Drops By 130,000 Barrels by EndBuhariNow(m): 3:28pm On Oct 05, 2021 |
Buhari now oil price don go up abeg make 1 dollar equal to useless Naira , or are you looking for another excuses to give 1 Like |
Re: Oil Surpasses $81, Nigerian Production Drops By 130,000 Barrels by Cognitivereason: 3:29pm On Oct 05, 2021 |
NNPC give data about it..try researching... What I do know is DAT..we spend 15% on an average to import refined products.. There is no corruption in the imports of fuel...since we don't produce it ..we have to import it.. There is only MASSIVE corruption in subsidizing the product many of which ends up smuggled.. tutudesz: 1 Like |
Re: Oil Surpasses $81, Nigerian Production Drops By 130,000 Barrels by InvertedHammer: 3:30pm On Oct 05, 2021 |
/ Nothing to celebrate. Low oil price == decrease revenue to FGN High oil price == high subsidy payment. It is just a revolving door of inefficiency and loss. In other words, oil price has no positive impact on Nigeria. The only solution is to have Nigerian refineries up and working. / 1 Like |
Re: Oil Surpasses $81, Nigerian Production Drops By 130,000 Barrels by MATEX30: 3:31pm On Oct 05, 2021 |
JackDaAlienz: Did you know i predicted this Oil price increase about 2 weeks ago, check it out here; https://sportafriq.com/crude-oil-price-increase-globally/ |
Re: Oil Surpasses $81, Nigerian Production Drops By 130,000 Barrels by tutudesz: 3:31pm On Oct 05, 2021 |
greatiyk4u:Yes! Stock exchange trading has a direct effect on forex trading, while forex doesn't not. Since our economy depends on Oil (foreign exchange) we should at least feel a little impact on dollars price, since this is Nigeria anything can happen |
Re: Oil Surpasses $81, Nigerian Production Drops By 130,000 Barrels by Coldie(m): 3:34pm On Oct 05, 2021 |
If not for the south what’s the business of them them up there with oil |
Re: Oil Surpasses $81, Nigerian Production Drops By 130,000 Barrels by tutudesz: 3:34pm On Oct 05, 2021 |
Cognitivereason:Sorry was referring to the fuel subsidy corruption. |
Re: Oil Surpasses $81, Nigerian Production Drops By 130,000 Barrels by HIGHESTPOPORI(m): 3:43pm On Oct 05, 2021 |
post=106472521:List the things been done now despite the billions of dollars been borrowed? Was Nigeria not better back then compared to now? 3 Likes 3 Shares |
Re: Oil Surpasses $81, Nigerian Production Drops By 130,000 Barrels by od501: 3:45pm On Oct 05, 2021 |
SmartPolician: Did you read the part that says that production decreased? |
Re: Oil Surpasses $81, Nigerian Production Drops By 130,000 Barrels by eventainment(m): 3:50pm On Oct 05, 2021 |
JackDaAlienz: De there de pray make your nation become poor country |
Re: Oil Surpasses $81, Nigerian Production Drops By 130,000 Barrels by nedekid: 3:51pm On Oct 05, 2021 |
Mossadd:He will blame it on the "middleman" |
Re: Oil Surpasses $81, Nigerian Production Drops By 130,000 Barrels by nedekid: 3:57pm On Oct 05, 2021 |
Cognitivereason:Iran had poor refining capacity few years ago. The US capitalised on that and aggressively placed sanctions on imports of refined petroleum products as well as parts for refinaries. Iran took that as a challenge. Iran currently is a net exporter of refined petroleum products as well as servicing parts. All within 5 years! Meanwhile naija is still battling with fuel imports and subsidy. |
Re: Oil Surpasses $81, Nigerian Production Drops By 130,000 Barrels by venabili: 3:59pm On Oct 05, 2021 |
Cognitivereason: Hmm. U try. My points. You can get the info via google search too 1. Average Oil price was above $100 dollars in 3 out of the 8 Jonathan/Yaradua term 2. Oil production output was at an annual averagevof 1.6m bpd over 2015b to 2020 3. Over 2007 to 2014, it was averaging 1.9m bpd 4. The fall in output of crude oil and refining capacity is solely the responsibility of the current administration. 5. While there were more cash available from crude during the Jonathan Era, they also kept price stable, did not borrow extensively and naira was kept at a decent rate. 6. The fall in revenue is not proportionate with the free fall of the naira, rising cost of goods, unemployment amid massive borrowing. If you borrow, your Output should reflect this in terms of increase in production, forex earnings, 7. GDP in naira has been rising but GDP at constant prices has not. All you need do is convert the GDP to dollars to get a rough idea. Example. If your earned 170k in 2014, thats 1k dollars. If today your salary has doubled to 340k, dnt deceive yourself that you have moved up. You earn just above 600 dollars today or 800 dollars at CBN rate. Either way, you spent 7 years going backward. GDP in naira terms does not tell the whole story. 1 Like |
Re: Oil Surpasses $81, Nigerian Production Drops By 130,000 Barrels by htdot: 4:02pm On Oct 05, 2021 |
JackDaAlienz:Electric cars were in existence since 1980 but still yet to circulate the uk market.. 1 Like |
Re: Oil Surpasses $81, Nigerian Production Drops By 130,000 Barrels by Franking: 4:05pm On Oct 05, 2021 |
Buhari's excuse of price of crude has been thrown out of the window. Clueless is clueless regardless of price of crude oil. |
Re: Oil Surpasses $81, Nigerian Production Drops By 130,000 Barrels by WestAfricaan: 4:09pm On Oct 05, 2021 |
Diversification is the way forward |
Re: Oil Surpasses $81, Nigerian Production Drops By 130,000 Barrels by Trentee4eva: 4:13pm On Oct 05, 2021 |
inoki247:The herd of swine defending them will quickly buy into their narrative. |
Re: Oil Surpasses $81, Nigerian Production Drops By 130,000 Barrels by chaloskyx: 4:14pm On Oct 05, 2021 |
IF IT LIKES IT IT BE $1000 PER BARREL THINGS WOULD NOT GET BETTER IN NAIJA 1 Like 1 Share |
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