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Nairaland Forum / Nairaland / General / Politics / Foreign Affairs / Angola Exits OPEC (18071 Views)
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Re: Angola Exits OPEC by legba1(m): 4:49pm On Dec 21, 2023 |
I just hope those "shouting country with balls" understand the long term effect of this move by Angola. If everyone chooses to pump crude into the market anyhow, i hope you know this will eventually result into glut that will inadvertently bring price crashing down. 1 Like |
Re: Angola Exits OPEC by LeonSaab: 4:49pm On Dec 21, 2023 |
nairalanda1:you're right but there will always be a market for OPEC, BRENT, and WTI....yes prices will fall but not so much to push below 65$ in the next 3-5 years.....whatever Angola does they alone cannot supply the entire world and will need to stay within a certain price point if it's to make sense for them....I think rhe country is need of money and would most likely start dealing in Futures contracts to try and get as much upfront cash as they can......also they would be limited based on the quality of oil they can supply, they are all graded and have specific markets that can use which grade. |
Re: Angola Exits OPEC by sukkot: 4:50pm On Dec 21, 2023 |
nairalanda1:brother , respect does not put food on my table but I would hope we can be cordial and see eye to eye on this non-issue |
Re: Angola Exits OPEC by nairalanda1(m): 4:50pm On Dec 21, 2023 |
tojahh: Na you wey bring government into matter by talking about looting. So I gave you my advice in these matters. But no matter how we all feel about it, Angola leaving OPEC, means another nation that is free to pump more oil...meaning a glut, meaning lower oil prices, meaning we all suffer. And yes, my advice still stands because both APC and PDP which you and most here on this site support have not taken us off oil and diversified our economy. You can't see that though. You just want your side to win. |
Re: Angola Exits OPEC by nairalanda1(m): 4:51pm On Dec 21, 2023 |
sukkot: Go away, myopic man. (Not an insult, remember)? Next time, be careful with your speech. 1 Like |
Re: Angola Exits OPEC by enemyofprogress: 4:51pm On Dec 21, 2023 |
Very good Bag of rice is ₦65k Flight tickets to and fro ₦450k 1 kilo of Turkey is ₦6k Road transportation is nearly ₦49,500k Fuel price is now ₦680/litre Cash is gradually becoming scarce Na this Christmas una go really understand the meaning of 'SILENT NIGHT' |
Re: Angola Exits OPEC by LeonSaab: 4:52pm On Dec 21, 2023 |
Kingmadiba2:that's what some don't understand, the market needs control otherwise it's all chaos..... 1 Like |
Re: Angola Exits OPEC by nairalanda1(m): 4:53pm On Dec 21, 2023 |
LeonSaab: My worry is even beyond Angola...it's everyone else who is announcing 'I have found oil' But the thing is, Angola leaving is significant. If oil is falling on JUST THE NEWS that they left opec, wahala dey. It probably gets worse if they start pumping like crazy...like the Saudis do sometimes. But we shall see. |
Re: Angola Exits OPEC by sukkot: 4:54pm On Dec 21, 2023 |
nairalanda1:myopic is not an insult. Get over your feelings of persecution. You are not been persecuted here, the truth is that it’s great that everybody is discovering oil while we have the biggest oil refinery in the world. We are about to be rich |
Re: Angola Exits OPEC by tojahh(m): 4:54pm On Dec 21, 2023 |
nairalanda1: E no concern me who win... Angola did the right thing period. Let them pump and manage their oil way they like just as we dey pump and syphon the proceed wey we like over here in Nigeria and OPEC is handicap about it. Let Nigeria stay with OPEC and keep enjoying their ADVANTAGE 1 Like |
Re: Angola Exits OPEC by Idaytesj29(m): 4:54pm On Dec 21, 2023 |
nairalanda1: Nigeria needs to go back to heavily mechanized Agriculture and technology, over dependent on oil is no longer helping her growth. 2 Likes 1 Share |
Re: Angola Exits OPEC by Moniya4Real(m): 4:55pm On Dec 21, 2023 |
What is their petroleum global market share sef as far as crude-oil is concerned |
Re: Angola Exits OPEC by Watcharena: 4:55pm On Dec 21, 2023 |
4ward4:Angola alone can't put opec in tight corner,opec can crash the oil prices such that Angola can not make any profit from output,they can also place embago on Angola's oil,since most opec members are geographically located along international shipping route. 1 Like |
Re: Angola Exits OPEC by LeonSaab: 4:57pm On Dec 21, 2023 |
oladipupo2234:lol have you checked your production capacity? If you could produce more you think they won't increase your quota? Or it's the kaduna refinery that did not work for one year you want to be using to produce 10 million barrels....dey play 1 Like 1 Share |
Re: Angola Exits OPEC by LeonSaab: 4:58pm On Dec 21, 2023 |
nairalanda1:many things have happened in the Oil market in the last two days, Angola is just a small part of it..... |
Re: Angola Exits OPEC by nairalanda1(m): 4:59pm On Dec 21, 2023 |
sukkot: Myopic man, stop disturbing me. (Just complimenting you.). ![]() 1 Like |
Re: Angola Exits OPEC by sukkot: 5:00pm On Dec 21, 2023 |
Re: Angola Exits OPEC by Sevenworldpower(m): 5:03pm On Dec 21, 2023 |
Re: Angola Exits OPEC by Sevenworldpower(m): 5:07pm On Dec 21, 2023 |
LeonSaab: Production of crude oil is different from refining it. Nigeria need to be producing at least 4M bpd. Saudi quota is too much. |
Re: Angola Exits OPEC by michlins(m): 5:08pm On Dec 21, 2023 |
nairalanda1:you Sabi book and brains like your own is one of the reasons I missed nairaland when it went down 1 Like |
Re: Angola Exits OPEC by siant: 5:19pm On Dec 21, 2023 |
israelmao:You these people sha. Try to learn nah. OPEC has nothing to do with west. At least if you didn't do govt, economics in secondary school, you did social studies. All members of OPEC are developing countries that rely on crude oil for survival. The developed nations are not members, they are the major consumers of your crude. |
Re: Angola Exits OPEC by Watcharena: 5:22pm On Dec 21, 2023 |
Sevenworldpower:even the production not refining , Nigeria can't meet the current quota allotted to it |
Re: Angola Exits OPEC by Sevenworldpower(m): 5:33pm On Dec 21, 2023 |
Watcharena: Oil theft is a big problem. Most of oils are being sold in black market. If we fix that we should exit OPEC |
Re: Angola Exits OPEC by coleon(m): 5:34pm On Dec 21, 2023 |
4ward4:Defender of the universe, even your own submission is contradicting his own position. While he stated OPEC influence is waning as more and more countries produce oil. You are stating OPEC is even more influential. Fyi OPEC is only as influential as any country makes them to be, Russia has never been in OPEC but theyake the world sneeze on any of her oil policy. OPEC is only beneficial to Saudi Arabia and the other gulf nations, every other country there is just doing follow follow. |
Re: Angola Exits OPEC by Gucciswaz: 5:34pm On Dec 21, 2023 |
nairalanda1:even if oil should sell for 300$ per barrel with still have any positive impact in the lives of Nigerians Rather our politicians will have enough to loot. 1 Like |
Re: Angola Exits OPEC by coleon(m): 5:39pm On Dec 21, 2023 |
nairalanda1:Thank God we are both aligned that OPEC influence is waning and more and more countries will seek pull out and state her own oil terms. If that's the case why was your earlier submission then centred on it affecting Nigeria to the extent of more borrowings or more taxes on the people. Why are you not stating for Nigeria to dictate her own terms as well. If glut will reduce the price then let is be, what you will do is to increase supply to earn more revenue. This has been Russia's approach to stay afloat since God knows when. |
Re: Angola Exits OPEC by Pootle: 5:52pm On Dec 21, 2023 |
nigeria need to quit opec,ecowas,au cos no significance at all |
Re: Angola Exits OPEC by khattab02: 6:27pm On Dec 21, 2023 |
Oil high we(poor mases) no benefit e low we still no benefit. I no wan say this oil na curse. Countries no dey wey Dem no get oyel?? Dem don die?? The answer is Capital NO. Surviving very strong. But we wey get am, na like eternal suffering. God help us!! God help our leaders!! God save us from our leaders!!! |
Re: Angola Exits OPEC by Watcharena: 6:41pm On Dec 21, 2023 |
Pootle:no only ecowas and au,add UN join since you want to Isolate |
Re: Angola Exits OPEC by khattab02: 6:42pm On Dec 21, 2023 |
legba1: If the price go down. We no suppose buy fuel cheap?? But for naijas the reverse is the case whether e go up or down. The bottom line is to diversify the economy Tay Tay. But our greedy and senseless leaders think the manner is forever. Now we bear the brunt every now and then. I hope we get out of this mess! |
Re: Angola Exits OPEC by Pootle: 6:42pm On Dec 21, 2023 |
Watcharena: uk no dey isolated since them leave EU |
Re: Angola Exits OPEC by infofta(m): 6:42pm On Dec 21, 2023 |
The World is moving completely away from fossil fuel by 2050 to renewable energy yet Nigeria and other African countries are still depending on oil for their revenue waiting for 2050 to come first. African countries should boost their agricultural and manufacturing sectors now or become a failed states in 2050. |
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