Welcome, Guest: Register On Nairaland / LOGIN! / Trending / Recent / NewStats: 3,217,922 members, 8,035,922 topics. Date: Tuesday, 24 December 2024 at 01:52 AM |
Nairaland Forum / Nairaland / General / Politics / Nigeria’s Crude Oil Production Up By 252,800bpd (9383 Views)
$600m Jets’ Deal Raises US Imports Of Nigeria’s Crude / "Oloibiri" Where Nigeria's Crude Oil Was 1st Discovered And Drilled(photos) / Foreign Refineries To Stop Buying Nigeria’s Crude Oil Due To NDA Attacks (2) (3) (4)
Re: Nigeria’s Crude Oil Production Up By 252,800bpd by worlexy(m): 11:01am On Feb 12, 2016 |
Boss13: Well, your analysis is typical of the type I expect from a zombie like you, you swallow anything:the hook, line and the sinker, as long as it's from Buhari, the likes of you throw your reasoning faculties away. Was it not the same Buhari that was shouting before the election that he would stabilize global oil price? Now from your dumb analysis, the approach is by increasing output, thereby making oil to be as cheap as water? At a point where Nigeria is finding it difficult to get buyer for our crude oil, is it sane to be increasing output? Next time you want to quote me, make sure your brain is still intact within your skull. |
Re: Nigeria’s Crude Oil Production Up By 252,800bpd by worlexy(m): 11:06am On Feb 12, 2016 |
Boss13:Well, your analysis is typical of the type I expect from a zombie like you, you swallow anything:the hook, line and the sinker, as long as it's from Buhari, the likes of you throw your reasoning faculties away. Was it not the same Buhari that was shouting before the election that he would stabilize global oil price? Now from your dumb analysis, the approach is by increasing output, thereby making oil to be as cheap as water? At a point where Nigeria is finding it difficult to get buyer for our crude oil, is it sane to be increasing output? Next time you want to quote me, make sure your brain is still intact within your skull. 2 Likes |
Re: Nigeria’s Crude Oil Production Up By 252,800bpd by worlexy(m): 11:12am On Feb 12, 2016 |
theorist:LOL, I don't argue with kids. it's glaring that you don't know anything about economics. At a point when a barrel was about $33 they were saying the cost of production was above the selling price, now that it has fallen below $33, if you have functioning brain I won't need to tell you the implications of that 2 Likes |
Re: Nigeria’s Crude Oil Production Up By 252,800bpd by Boss13: 11:15am On Feb 12, 2016 |
989900: Thanks for the correction. OPEC cutting down supply would help, but we have other suppliers. Though it is very expensive crack Shale Oil in the US, but it is still an alternative market. There is Russia too. 1 Like |
Re: Nigeria’s Crude Oil Production Up By 252,800bpd by Adminisher: 11:16am On Feb 12, 2016 |
worlexy: If your parents had average IQ you would have inherited it. ALL producers are increasing supply that is why Nigeria is not reducing supply. It is not just price but MARKET SHARE. This is not container business . We are not selling spare parts here. Nigeria's production reduction alone will not reduce oil price. We will merely lose our market. Nigeria is particularly very strong in the market with our sweet light crude and tight contracts with India, China and many African countries. Even some US refiners are buying our crude occasionally. . It is not by posting rude things about your president and government that will increase your low IQ or solve your tribal inferiority complex or bring back Jonathan. Think and research before you post and for you maybe you need to think harder and longer than other peoplease. 2 Likes 1 Share |
Re: Nigeria’s Crude Oil Production Up By 252,800bpd by tuniski: 11:20am On Feb 12, 2016 |
Boss13:kackukwu is a lawyer not an engineer! All of what u said falls within the very law of demand and supply. Just simply mentioning the various instrument of tweaking doesn't make him off mark in his submission. It is the jargons that are causing problems. |
Re: Nigeria’s Crude Oil Production Up By 252,800bpd by worlexy(m): 11:25am On Feb 12, 2016 |
Adminisher:Another dullard zombie on the loose. I no get your time |
Re: Nigeria’s Crude Oil Production Up By 252,800bpd by Boss13: 11:36am On Feb 12, 2016 |
worlexy: You continue to spill garbage from the nutmeg of a skull you have. Unfortunately for your ego, I do not belong to the category that would not criticise the president on misguided policies. I do not form any alliance rather than that of national interest. I am not myopic or ethnically biased like yourself who would jump into conclusions without logical reasoning. FYI, Nigeria is not meeting its own production quota because of the recent pipeline explosion. Nigeria cannot exceed its rationed quota allotted to it by OPEC. Hence, for folks like you, this publication is an eye-opener. To address your comment, I did not hear or read from the President directly, that he would stabilise oil prices because that it very impossible. Oil prices are determined by market forces and even supply manipulations from OPEC is still part of market forces. The decline in Oil prices, which has been termed as Oil Glut, is as a direct consequence of many suppliers in the market, even the Syria crisis is not sufficient enough to create scarcity. The decline started from the US Shale Oil production and the decline of the United State in its demand for oil. Economies, if you do know it, should let you know that once there is a drop in demand, automatically prices go down, in support of the direct correlation with demand-price theorem. Please read through my comment again, I did not offer any suggestion, but addressed your ignorant comment of criticising the president on issues that he has no control over. Now, even if you cut supply, you have other players in the market who would not want to cut supplies. Iran is undergoing an aggressive market strategy in view of the sanctions recently lifted. They are now requesting for payment in Euros and not in Dollars. China is now slowing down on its oil demand, due to the decrease in consumer demand. India, Nigeria's major buyer, is going to Iran. Except there is a pact agreed by oil countries, nothing would stop the price from not hitting $10 per barrel (my prediction for the end of 2016). At that price, many Oil companies will stop production because it is no longer viable. Saudi Arabia break-even point is $12 per barrel, Nigeria is $20 per barrel for some of its oil wells/blocks. You can see that Nigeria will put out quickly than Saudi Arabia and another reason Saudi Arabia, an influential voice in OPEC is refusing to cut down on supplies because it is still profitable. 1 Like |
Re: Nigeria’s Crude Oil Production Up By 252,800bpd by drnoel: 11:39am On Feb 12, 2016 |
Inception: no guy, its now about increasing production to meet up falling prices |
Re: Nigeria’s Crude Oil Production Up By 252,800bpd by Boss13: 11:48am On Feb 12, 2016 |
worlexy: For christ sake, this man or boy, go and research. Google can help you out. Your comments are just out of point. |
Re: Nigeria’s Crude Oil Production Up By 252,800bpd by worlexy(m): 11:49am On Feb 12, 2016 |
Boss13:I don't join issues with kids bro. Silence is the best answer for a .... FYI stop quoting me |
Re: Nigeria’s Crude Oil Production Up By 252,800bpd by Boss13: 11:50am On Feb 12, 2016 |
tuniski: I have noted this error. |
Re: Nigeria’s Crude Oil Production Up By 252,800bpd by worlexy(m): 11:52am On Feb 12, 2016 |
Boss13:You're pained |
Re: Nigeria’s Crude Oil Production Up By 252,800bpd by chriskosherbal(m): 11:53am On Feb 12, 2016 |
Opec should work more harder to increase price. |
Re: Nigeria’s Crude Oil Production Up By 252,800bpd by Boss13: 11:53am On Feb 12, 2016 |
worlexy: Please go through my timeline, that should assist you to ascertain my age bracket and also the possibility to ascertain what I do for a living. You continue to belong to the category of nairalanders I term Ignorant, Naive and ethnically biased 1 Like |
Re: Nigeria’s Crude Oil Production Up By 252,800bpd by worlexy(m): 12:01pm On Feb 12, 2016 |
Boss13:If your chronological age is 100years and you reason like a one year old, you're still a kid bro. it's not about how far but how well. I checked your timeline and previous post and it only confirmed one thing, you're a zombie. You believe everything said against PDP members, you believe in the media trial and conviction of PDP members but when it comes to anything Buhari, you start sulking and gets defensive and immature in your reasoning. So u see why you're still a kid? Your age doesn't translate to mental maturity 1 Like |
Re: Nigeria’s Crude Oil Production Up By 252,800bpd by Adminisher: 12:18pm On Feb 12, 2016 |
worlexy: It takes a follower of the clueless Goodluck Jonathan to believe that Nigeria's oil production is above selling price. A young impressionable mind that believed Railway revamp, Power sector revamp and Infrastructure revamp will also believe that falsehood. The cost of production is far far below what is quoted. Apart from that Nigerian oil is doldrums at a premium any way. I spent two and a half decades in Nigeria's oil industry. The real cost of production used to be the lowest I'm the world and shot up briefly only due to security issues in 2011 to 2013 but never up to even MENA countries production costs. Most of our fields have recouped all their capital expenditure and there is not much expensive secondary recovery going on in Nigeria . To make things even easier for us the stupid militants of the Niger Delta have just closed in about 5% of our so calked expensive production but the funny thing, the price of oil did not even change by 0.0000001 per cent so that is that for some cold realities . The FG is doing what is right. We have to pally with India and China. India is now in a better position than China. They have an average income per capita of $1500 , China has now gone up to $7000. India has 1.something billion people as well. 300 million people are below the age of 25. Maybe 250 million people are going to be moving from lower class to middie class. That means they will be consuming a lot of energy driven goods - cars, electricity , food etc. . The Buhari government moved fast with meetings and bilateral agreements with Modi. He is also going to China in some days time for finance, energy , transportation and Defence talks. Since we booted the fake PhD holder from office, we have moved pieces on the chess board more astutely even without all the crude oil money that we had in the past. The FG should continuing wrecking the lives of treasury looters and setting international traps for them and their looted funds . Nigeria will change for the better. SURELY. 1 Like |
Re: Nigeria’s Crude Oil Production Up By 252,800bpd by Boss13: 12:35pm On Feb 12, 2016 |
worlexy: This is going to be my last comment to you. You have made claims which have been refuted by many on this thread. You have posted irrational comments which prove you are a demented soul. I am not an APC or PDP member, but a Nigerian. Without Nigeria, there will be no political party, hence, my views will not be divided based on the affiliation to any political party. Wake up from you slumber, you sloth. |
Re: Nigeria’s Crude Oil Production Up By 252,800bpd by worlexy(m): 12:36pm On Feb 12, 2016 |
Adminisher:Gibberish |
Re: Nigeria’s Crude Oil Production Up By 252,800bpd by worlexy(m): 1:02pm On Feb 12, 2016 |
Boss13:It's a child that throws unnecessary tantrum anytime things don't go the way he hopes or when people don't agree with him. It's also childish act to always be quick at throwing insult at others, you've proven yourself to be a child with profound mental retardation, and with the way you constantly repeat same words without applying sense, I guess you're also autistic. You were the first to throw insult at me just because I pointed out the obvious that Buhari your hero had F9 in Economics, why were you crying more than the bereaved? Why didn't you present your point in a civilized way when you quoted me? You claim to be old but all your submission so far have proven otherwise. There are always at least two sides to every issue and we all can't follow the same line of thought. So if you expect me to agree with you, you're wrong. I've checked your previous post and I found out that is how you throw insult at anyone who doesn't agree with your line of thought. Stop quoting me abeg, don't infect me with your craziness |
Re: Nigeria’s Crude Oil Production Up By 252,800bpd by erico2k2(m): 2:40pm On Feb 12, 2016 |
989900:OPEC are no longer relivant in oil production quota since the likes of the USA and Iran began producing crude. |
Re: Nigeria’s Crude Oil Production Up By 252,800bpd by erico2k2(m): 2:45pm On Feb 12, 2016 |
Boss13:Shale oil exploration is way cheaper than conventional drilling of Wells hence therep into oil production by the US and the UK.this is facts. |
Re: Nigeria’s Crude Oil Production Up By 252,800bpd by gungab(m): 2:46pm On Feb 12, 2016 |
I think this crude oil is a curse to Nigeria. #letitdry |
Re: Nigeria’s Crude Oil Production Up By 252,800bpd by ugees(m): 2:53pm On Feb 12, 2016 |
worlexy: did you mean Buhari? your president does not call the shots as to how many barrels are produced and what not. OPEC and the non opec oil exporting countries do. |
Re: Nigeria’s Crude Oil Production Up By 252,800bpd by 989900: 3:01pm On Feb 12, 2016 |
erico2k2: "relevant", in the above ^^ is non-definitive. Saudi Alone cutting production would jerk up prices. A couple of bomb explosions in Abu Dhabi today would spike prices. And of course, low oil prices is neither good for Saudi nor Iran (even though it's dirt-cheap), as we speak, both countries are in talks to cut production already. Even the Russians are planning to do likewise. |
Re: Nigeria’s Crude Oil Production Up By 252,800bpd by ugees(m): 3:03pm On Feb 12, 2016 |
989900: cutting prices has to be a unilateral decision amongst the OPEC and non OPEC producing countries. thats why there was some price increase when the rumour that OPEC was speaking with oman and russia. everybody is fighting for market share these days. Shale has been defeated...for now... but those bugger americans will surely go back to their labs. i guess we just watch and see. and there is no place to store crude oil nowadays.. the world over! oh well |
Re: Nigeria’s Crude Oil Production Up By 252,800bpd by erico2k2(m): 4:52pm On Feb 12, 2016 |
989900:The way the oil trade is now even if Saudi stops all together it will have no effect on prices. There are just too many producers and cost of production is different in different regions. We have venuzuella, Russia. Iran. Who r flooding the mkt |
Re: Nigeria’s Crude Oil Production Up By 252,800bpd by 989900: 5:23pm On Feb 12, 2016 |
erico2k2: LOL . . . if Saudi's petroleum minister says "we will stop production for 2 days", the market reacts . . . even if Nigeria stops production for a week , prices would go up (market will react). It's a 'speculative market', a vulnerable and volatile one BTW -- every information, misinformation, action and inaction, causes . . . |
Re: Nigeria’s Crude Oil Production Up By 252,800bpd by theV0ice: 6:10pm On Feb 12, 2016 |
Adminisher: Why waste this knowledge and information on somebody grossly In-equipped to handle, appreciate or decipher it? That juvenile delinquent isn't worth this effort I would have asked you to Ignore the thing but lest 'it' thinks itself wise and also for the benefit of the uninformed who really wish to learn. |
Re: Nigeria’s Crude Oil Production Up By 252,800bpd by erico2k2(m): 9:03pm On Feb 12, 2016 |
989900:That's what we use to think,there are too many producers now for that to happen, the market is saturated, the fall in production is not only due to influx of new market but majority is due to new technologies and cheaper way to produce crude . Here is Rystad Energy’s list of production costs for the 20 largest oil-producing countries: Getting oil out of the ground is not cheap, and as crude oil prices remain around $40 a barrel for U.S. West Texas Intermediate (WTI) and $44 a barrel for Brent (North Sea) Crude, producers have to be able to produce a barrel for less than that in order to make a profit. The U.S. only barely makes the cut, with a per barrel cost of $36.20, while the U.K. ($52.50) and Brazil ($48.80) are well below the profit line and Canada ($41.00) is likely losing money as well, since most of its crude sells at a discount to WTI. The cheapest oil to produce comes from Kuwait, where the per barrel cost is $8.50. Saudi Arabian crude costs $9.90 a barrel to produce and Iraqi crude costs $10.70 a barrel to get out of the ground. The data were compiled by energy research firm Rystad Energy and reported on Monday at CNNMoney. Kuwait – $8.50 a barrel Saudi Arabia – $9.90 Iraq – $10.70 United Arab Emirates – $12.30 Iran – $12.60 Russia – $17.20 Algeria – $20.40 Venezuela – $23.50 Libya – $23.80 Kazakhstan – $27.80 Mexico – $29.10 China – $29.90 Nigeria – $31.60 Colombia – $35.30 Angola – $35.40 Norway – $36.10 United States – $36.20 Canada – $41.00 Brazil – $48.80 United Kingdom – $52.50 |
Re: Nigeria’s Crude Oil Production Up By 252,800bpd by erico2k2(m): 9:12pm On Feb 12, 2016 |
Adminisher:you guys will just jump into conclusions, here is an extract from the wall street jonal, tell me if we are at a loss or gaining or if the cost of production goes above the cost we sell the oil Profits for those countries where extraction costs are less than market prices have been hit by a huge boost in production and falling production costs. World oil production rose by 2.9 million barrels a day in the 12-month period to July 2015. Iraq, where production rose by 1.1 million barrels in the period, is the major factor, and U.S. production rose by 600,000 barrels a day between July 2014 and July 2015. The problem for most OPEC producers and national oil companies is that their countries’ budgets depend on oil and those budgets were drawn up with far higher prices than $45 a barrel. Some countries have banked a sizeable rainy-day fund. But even Saudi Arabia is beginning to feel the pinch of drawing down these funds. The Saudi monetary authority has reportedly withdrawn up to $70 billion from its global asset funds as of September. ALSO READ: The Case for $1 Gas For countries like the U.S. and Canada, where no national oil company exists, the negative impact of low crude prices is felt first in the amount of money that producers spend on drilling and developing new wells. The decline in capital spending has been well-documented and is beginning to have an impact on production. By the end of this year, U.S. production could be half a million barrels a day below its 2014 level. That should lift the price of crude, but the increase is now expected to be slow developing, not least because there are still about 3 billion barrels of crude sloshing around in storage tanks around the world — and very likely several dozen million more swimming around in circles offshore, waiting for buyers. Here is Rystad Energy’s list of production costs for the 20 largest oil-producing countries: Kuwait – $8.50 a barrel Saudi Arabia – $9.90 Iraq – $10.70 United Arab Emirates – $12.30 Iran – $12.60 Russia – $17.20 Algeria – $20.40 Venezuela – $23.50 Libya – $23.80 Kazakhstan – $27.80 Mexico – $29.10 China – $29.90 Nigeria – $31.60 Colombia – $35.30 Angola – $35.40 Norway – $36.10 United States – $36.20 Canada – $41.00 Brazil – $48.80 United Kingdom – $52.50 Production costs are a combination of capital and operating costs and are based on a survey of some 15,000 oil fields across the 20 countries. By Paul Ausick source http://247wallst.com/energy-economy/2015/11/24/us-cost-to-produce-oil-is-36-a-barrel/ |
Re: Nigeria’s Crude Oil Production Up By 252,800bpd by zurine(f): 10:12pm On Feb 12, 2016 |
wow |
FG To Provide Insurance Cover For Ranch Operators - Audu Ogbeh / Ekiti State Should Drop That Name ''Fountain Of Knowledge'' / Cross River APC Leaders Mismanaged N350 Million Campaign Funds – Members
(Go Up)
Sections: politics (1) business autos (1) jobs (1) career education (1) romance computers phones travel sports fashion health religion celebs tv-movies music-radio literature webmasters programming techmarket Links: (1) (2) (3) (4) (5) (6) (7) (8) (9) (10) Nairaland - Copyright © 2005 - 2024 Oluwaseun Osewa. All rights reserved. See How To Advertise. 120 |