nairalanda1:


We saw what happened when Saudi overpumped in 2014....oil prices crashed and put our economy in serious issues by Jan 2015

And that was because Saudi overpumped in response to the US oil industry improving production...to the point that the US no longer needed Saudi oil.

Anyway, OPEC is even becoming more irrelevant because it accounts for one third of oil production now. EVERYONE is producing oil, and EVERYONE IS pumping out oil.

You skipped the question.

loswhite:
You skipped the question.

No, I answered it.

We don't benefit when OPEC and non OPEC members pump excess oil into the market

We benefit when everyone don't over pump

As for the rest, hold your leaders to account. Simple. I'm not in government, and I am even angry with them even. Especially since they haven't diversified our economy which might even lead to us not being so reliant on oil.

nairalanda1:
Anyone hailing Angola on leaving OPEC...should know it is bad news for Nigeria.

Oil prices fell on the news. Know what that means? It means Angola is free to produce and pump as much oil as it wants without any pesky OPEC quota...which means lower oil prices long term because of the resultant glut.

Angola is also free to sell crude at a lower price than the OPEC benchmark if it wants...especially if it needs the money now. (That's part of how Russia survives US sanctions, sports fans).

This weakens our revenue stream drastically, meaning we have to take more and more loans, or the government would have to raise your taxes well well, in the short term at least.

So, don't rejoice.

Modified

The thing that even scares me is the fact that everyone is discovering oil. Zambia, Uganda and even Benin have all found oil. Yes, it is not as high as Nigeria, but more oil in the market means lower prices for oil...which means lower revenue.

Modified 2

Know who benefits from a glut induced low crude price? Europe and the USA. It enables fuel prices there to fall, and their governments benefit as a result.

Gas is the future.

And South East (Anambra and Imo states) holds 1,200 TCF of has.

OfficialAPCNig:

Gas is the future.

And South East (Anambra and Imo states) holds 1,200 TCF of has.

1.The same oil producers are also gas producers.

2.Nigeria needs to do more than just sell gas or oil. When the price of gas crashes, there would be poor revenue. That is why we got to diversify and we got to have an economy that produces and exports manufactured goods and services.

HonNL:


SOURCE

People with sense will Always mean well for their people. They will take decisions that favours their people. Not all these old block heads we send on errands from Africa. They go and sit in a meeting and come home with consensus to cut oil outs that only favours others

Chicagograduate:
We as Nigerians are not enjoying the crude oil gift from God.
Tinubu passed a 2trillion naira supplementary budget last 2 months as palliatives for lawmakers to purchase 409 SUV for each lawmaker at 150m each.
His wife got 150b Naira in her first lady office.
Tinubu bought 5b yatcht for himself. He gave Nigerians nothing.We are sacrificing for them.

No
You lie
Federal workers got 35k wage award from September.
State governors got 2billions for palliative and most of them have shared it

The thing about palliative people don't get is this ...... it's not everyone that needs it and should get it
So it's amusing when I see people that don't need and shouldn't get it making noise on social media. Just like japarians making it seem like it's 5k they used to japa.....those japaing are those that already have more than most of us....they are the rich ones among us

Difrent:


No
You lie
Federal workers got 35k wage award from September.
State governors got 2billions for palliative and most of them have shared it

The thing about palliative people don't get is this ...... it's not everyone that needs it and should get it
So it's amusing when I see people that don't need and shouldn't get it making noise on social media. Just like japarians making it seem like it's 5k they used to japa.....those japaing are those that already have more than most of us....they are the rich ones among us

the 35k wage award he could not sustain it for 6months as agreed with labour union