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Nairaland Forum / Nairaland / General / Business / Oil Prices Surge 6% After OPEC Cuts Production For First Time Since 2008 (9451 Views)
OPEC Sends Oil Prices Crashing – Oilprice Report / Nnpc Cuts Production Cost To $23/barrel / OPEC Agrees To Cut Production; Oil Prices Surge (2) (3) (4)
Oil Prices Surge 6% After OPEC Cuts Production For First Time Since 2008 by RoyalMail: 3:54pm On Sep 29, 2016 |
The world's leading oil nations - known as Opec - have struck a landmark deal at talks in Algeria that sees the countries agree to cut output and lift prices. Oversupply has been dogging the world's oil markets and hopes are that the first deal between the nations since 2008 will mark the end of the 'dumping' strategy previously favoured by the organisation's members. Immediately after the deal was agreed oil prices rose, with Brent Crude - the international benchmark - rising almost 6 per cent to nearly $49 a barrel last night. Iran's Oil Minister Bijan Zanganeh said: 'Opec made an exceptional decision today. After two and a half years, OPEC reached consensus to manage the market.' He added: 'We have decided to decrease the production around 700,000 barrels per day.' Oil ministers said full details of the agreement would be finalised at a formal Opec meeting in November when an invitation to join cuts could also be extended to non-OPEC countries. Markets now have to wait and see whether non-OPEC producers such as Russia, the United States and Canada will make cuts of their own. The agreement sees output fall by about 700,000 barrels a day, although the cuts will not be distributed evenly across the cartel, with Iran being allowed to increase production. The deal is even more remarkable given that disagreements between Iran and its regional rival Saudi Arabia had thwarted earlier attempts to reach any agreement. Analysts said the deal shows Opec - whose members account for around 40 per cent of global supply - has finally woken up to the reality of oversupply and the damage its policies has caused the oil industry. Source: http://www.ajayiwrites.com/2016/09/oil-prices-surge-6-after-opec-agrees-to.html
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Re: Oil Prices Surge 6% After OPEC Cuts Production For First Time Since 2008 by RoyalMail: 3:55pm On Sep 29, 2016 |
I think Ibe Kachichukwu should be appluaded to this.. Read his press release below.. lalasticlala 4 Likes
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Re: Oil Prices Surge 6% After OPEC Cuts Production For First Time Since 2008 by Nobody: 3:58pm On Sep 29, 2016 |
The main reason is Saudi Arabia not Muhammadu or Ibe or Barkindo "The big surprise is that Saudi Arabia has reversed its approach to managing the oil market. Saudi is the biggest producer in Opec, and had appeared happy to push the oil price down to hurt rival producers (particularly the new shale industry). But a lower oil price has hurt Saudi’s economy too; it is expected to run a deficit of 13.5% of GDP this year, and is imposing wage cuts as part of an austerity drive. So the ‘pump-at-will’ policy appears to have been scrapped. Source: https://www.theguardian.com/business/live/2016/sep/29/markets-rally-opec-cuts-oil-production-deutsche-bank-business-live?page=with:block-57ecaf8ee4b0c6325341f1bc#block-57ecaf8ee4b0c6325341f1bc So give credit accordingly...nonsense press release 14 Likes |
Re: Oil Prices Surge 6% After OPEC Cuts Production For First Time Since 2008 by adegunwa4real(m): 4:04pm On Sep 29, 2016 |
wow.... |
Re: Oil Prices Surge 6% After OPEC Cuts Production For First Time Since 2008 by Blue3k(m): 4:05pm On Sep 29, 2016 |
I feel nigeria should leave OPEC and let market control our future. The relationship doesn't benefit us long term and stunts us technologically because it makes us lazy. Free market principles are better. 1 Like |
Re: Oil Prices Surge 6% After OPEC Cuts Production For First Time Since 2008 by RoyalMail: 4:23pm On Sep 29, 2016 |
Keneking: LOL... Bros, don't take it personal, lets celebrate our own na.. 10 Likes 1 Share |
Re: Oil Prices Surge 6% After OPEC Cuts Production For First Time Since 2008 by Zico5(m): 9:57am On Sep 30, 2016 |
This is the best decision from the OPEC. I pray Buhari make good of the privilege by diversify the economy. There will surely be calm after the stormy sea. Those castigating the economy will surely eat their pie and drink water on it. This government may be slow but the good thing is that we are gradually taking shape and I'm sure things will get better. 1 Like |
Re: Oil Prices Surge 6% After OPEC Cuts Production For First Time Since 2008 by gurunlocker: 9:58am On Sep 30, 2016 |
I hope Bubu and his economic team are reading this.... We don't want same story again |
Re: Oil Prices Surge 6% After OPEC Cuts Production For First Time Since 2008 by Kaybee14(m): 9:59am On Sep 30, 2016 |
This is nice. I do hope this would reflect positively on the masses. 1 Like |
Re: Oil Prices Surge 6% After OPEC Cuts Production For First Time Since 2008 by Nobody: 10:03am On Sep 30, 2016 |
In Obasanjo's voice "PDP-GO-AND-DIE" |
Re: Oil Prices Surge 6% After OPEC Cuts Production For First Time Since 2008 by Nobody: 10:07am On Sep 30, 2016 |
9ja, which way forward? |
Re: Oil Prices Surge 6% After OPEC Cuts Production For First Time Since 2008 by 989900: 10:09am On Sep 30, 2016 |
Good one, shale though with rising prices . . . |
Re: Oil Prices Surge 6% After OPEC Cuts Production For First Time Since 2008 by igahdavid(m): 10:09am On Sep 30, 2016 |
Wonderful news. Hope the oil price will surge and help Nigeria come out of this Recession. And Moreover the FG will have enough money to finally diversify our Economy without complaining. Nigeria will be great again 1 Like |
Re: Oil Prices Surge 6% After OPEC Cuts Production For First Time Since 2008 by Nightshift(m): 10:17am On Sep 30, 2016 |
Keneking:Saudi Arabia just like other OPEC member countries are hurt deeply by the slump in crude oil price. The difference between Nigeria and others is that they at least saved some billions of dollars , while the former ruling government in Nigeria wasted earnings from about 750 million barrels of crude (annual volume)sold at average price of $85, for over four years. Just like Nigeria, Saudi rulers have realized that economic boom for one-commodity based economies is a recipe for disaster, especially when the earnings are creamed-off by the ruling elites. 3 Likes 2 Shares |
Re: Oil Prices Surge 6% After OPEC Cuts Production For First Time Since 2008 by mustmust(m): 10:30am On Sep 30, 2016 |
Oil prices stability waiting for 1 dollars equal to 1 naira |
Re: Oil Prices Surge 6% After OPEC Cuts Production For First Time Since 2008 by drnoel: 10:31am On Sep 30, 2016 |
Keneking:Ofcos any fool know where the money is. Alle Ibevto take the glorybon the nigerian front, let him think hebis deceiving us, while ge deceives himself. |
Re: Oil Prices Surge 6% After OPEC Cuts Production For First Time Since 2008 by Nobody: 10:37am On Sep 30, 2016 |
Blue3k:so when every member leaves the price of oil will bounce back right? Basic economics shows that over supply of a product wil kill its price and unless a monopolistic market system is created the producers will suffer. 2 Likes |
Re: Oil Prices Surge 6% After OPEC Cuts Production For First Time Since 2008 by Nobody: 10:45am On Sep 30, 2016 |
This is a good news..at last OPEC has finally get their ass together |
Re: Oil Prices Surge 6% After OPEC Cuts Production For First Time Since 2008 by Agimor(m): 10:49am On Sep 30, 2016 |
Hmmm |
Re: Oil Prices Surge 6% After OPEC Cuts Production For First Time Since 2008 by timeman: 10:50am On Sep 30, 2016 |
@keneking, saudi arabia is expected to run 13.5% deficit of GDP while jokers like you insult the FG as though she controls market dynamics. Almost up to half oil producing countries are facing the crux of recession due to the prevailing challenges but you suddenly turned yourself into an armchair activist overnight. Useless commenter(s). Kiss the truth! |
Re: Oil Prices Surge 6% After OPEC Cuts Production For First Time Since 2008 by Nobody: 11:12am On Sep 30, 2016 |
Keneking: U v a point, but don't forget Saudi Arabia too felt a big blow in Dier crude oil market as the shale production has recorded a major success.. So its all tinz been equal |
Re: Oil Prices Surge 6% After OPEC Cuts Production For First Time Since 2008 by bdemix(m): 12:00pm On Sep 30, 2016 |
Somewhere in Kenya
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Re: Oil Prices Surge 6% After OPEC Cuts Production For First Time Since 2008 by Truth234(m): 12:59pm On Sep 30, 2016 |
This may not hold because of Iran reaction to the consensus barely 24 hours later. Barely 24 hours after OPEC members reached consensus, Iranian Oil Minister Bijan Zanganeh has debunked the agreement saying the figures used by OPEC are too low compared to the current production in Iran. |
Re: Oil Prices Surge 6% After OPEC Cuts Production For First Time Since 2008 by Blue3k(m): 1:25pm On Sep 30, 2016 |
franciskaine: No producers cut back supply naturally if the demand for product at certain price point isn't met. Basic economic explain this phenomenon in a competitive market in supply demand curve. This why us investors innovate in horizontal drilling and facking. In competive market producers find was to save cash and adapt you don't need monopolistic market. Besides you wouldn't dare argue OPEC countries have better oil market or economy then non opec member like USA. |
Re: Oil Prices Surge 6% After OPEC Cuts Production For First Time Since 2008 by rukatech: 4:27pm On Sep 30, 2016 |
cut production to 32.5 million barrels per day from around 33.24 million. |
Re: Oil Prices Surge 6% After OPEC Cuts Production For First Time Since 2008 by amanikondo: 5:52pm On Sep 30, 2016 |
the United States and Canada Saudi plans to hurt the US shale oil backfired on them. Oil will never go to $100 per barrel again . |
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