’Femi Asu

Global oil benchmark, Brent crude, extended its rally on Sunday to hit the $50 per barrel mark, the third time this year.

This comes as the expected return of the Forcados export terminal has helped to boost Nigeria’s planned crude oil exports this month to about 1.98 million barrels per day, the most since January.

Forcados, whose export has been suspended since February after militant attack on the export line, is one of Nigeria’s largest crude grades with an average output of about 200,000 bpd last year.

No tankers have loaded from the terminal so far, according to Bloomberg ship-tracking data. Eight cargoes are scheduled to load this month with another six planned for November.

The recent upsurge in militant attacks in the Niger Delta pushed oil shipments, the nation’s biggest export, to as low as 1.38 million bpd in August from a high of 2.1 million bpd in January.

The Minister of State for Petroleum Resources, Dr. Ibe Kachikwu, last week, noted that the country had lost an average of 500,000 to 700,000 bpd over the last six to eight months.

Commenting on the militancy in an interview with Bloomberg, the minister said the government was doing all it could to address the problem, adding that oil production had risen to 1.7 million bpd, up from a low of 1.2 million bpd about two months ago.

Kachikwu said, “We think that if we can finalise the dialogues in the month of October, which is my anticipation, we should be able to get ourselves to end the year at about an average of two million barrels.”

Oil prices have been on an uptrend since the Organisation of Petroleum Exporting Countries decided to cut output for the first time in eight years.

Brent, against which half of the world’s oil is priced, had risen to around $48 per barrel last Wednesday after OPEC agreed to reduce production, compared to $45 earlier in the day.

It stood at $50.19 per barrel as of 4.53pm Nigerian time on Sunday, up from around $49.66 per barrel on Thursday.

OPEC agreed to cut production to a range of 32.5 million barrels per day to 33 million bpd from around 33.5 million bpd.

http://punchng.com/oil-price-hits-50-nigerias-exports-rise/

Sweet. Before they auction us as national assets God has intervened.

Nice

Nice.

Welcome development.

Mchew... i'd only be happy when the price of naira becomes 50 naira to one dollar!

Even if it rises, I just pray this dullard knows won't still complain

Cutehector:
Mchew... i'd only be happy when the price of naira becomes 50 naira to one dollar!

Get ready to be unhappy all your life

malele:
Even if it rises, I just pray this dullard knows won't still complain

Very easy to spot

Wailers association of Nigeria (WAN)

Cutehector:
Mchew... i'd only be happy when the price of naira becomes 50 naira to one dollar!

I'll love that too ... Oil price is going up oh,they shouldn't spend all the money doing nothing or even saving for another rainy day oh . Things are looking up now so no one should keep complaining about how oil price is very low..my opinion though

mercichoco:
Get ready to be unhappy all your life

lmao. But u are a Christian right? It's possible.

Boleyndynasty2:
I'll love that too ... Oil price is going up oh,they shouldn't spend all the money doing nothing or even saving for another rainy day oh . Things are looking up now so no one should keep complaining about how oil price is very low..my opinion though

even if the price of oil surges to 200dollars per barrel, as long as there is an incompetent man up there, the country won't prosper. If one cannot use one naira judiciously, how then can you trust him to use 1million judiciously.

Cutehector:
lmao. But u are a Christian right? It's possible.

yes, just as it is possible for birds to have horns

mercichoco:
yes, just as it is possible for birds to have horns

oh cmon! You are just a pessimistic someborry

Lol...its not about whether oil sells for $50 or for $1000. The question is this, what do we do with the little we have? What meaningful thing have we done with the oil proceeds in the past? What have we done with it this year?

This govt doesn't seem like they would do anything reasonable even if oil prices skyrocket, they will use half of it to search for more oil in the north.
We need to invest in education, science and technology.

Youths, I'm speaking to you now, I'm not a motivational speaker but the situation everyone in Nigeria is currently facing is enough motivation. We must strive to break barriers. I keep asking myself, what is wrong with the black race? Do the whites have 10 heads? Who did we offend? Abi na we kill Jesus? Where are the black Zukerbergs and Steve Jobs? Why is it that when Africa is to be shown on CNN, you start seeing forests and wild animals??

I'm very angry but I'll stop talking now.

ope o

Amberon:
Lol...its not about whether oil sells for $50 or for $1000. The question is this, what do we do with the little we have? What meaningful thing have we done with the oil proceeds in the past? What have we done with it this year?

This govt doesn't seem like they would do anything reasonable even if oil prices skyrocket, they will use half of it to search for more oil in the north.
We need to invest in education, science and technology.

Youths, I'm speaking to you now, I'm not a motivational speaker but the situation everyone in Nigeria is currently facing is enough motivation. We must strive to break barriers. I keep asking myself, what is wrong with the black race? Do the whites have 10 heads? Who did we offend? Abi na we kill Jesus? Where are the black Zukerbergs and Steve Jobs? Why is it that when Africa is to be shown on CNN, you start seeing forests and wild animals??

I'm very angry but I'll stop talking now.

Everyone acts like they have solutions to the problems
Is it a crime if oil is explored in the north?
In all your analysis you failed to recognize that some bunch of criminals and politicians have made us earn less dollars by bombing pipelines and reducing our exports...
That is the number 1 reason why we are in a recession

Wether oil sell for 80usd per barrel, it will still not change anything if the govt doesn't have solid plan to get us out of this mess. As far as dollar scarcity and its endless scavenging (as if it's our local currency) persist, we won't bounce out of recession any time soon....

Even if oil price hit 200, APC government will still complain

Nice to hear

will this reduce the price of rice

cause am tired of eating beans and yam on sundays.
O load hear my cry!!!!!!

the price go soon reash 100 dollars

With this development and the reports from the states minister of petroleum indicating that oil output has also increased to 1.7m barrels a day, we can surmise that FG is making huge money everyday, and failure to get Nigeria out of recession further concretizes the notion that this govt is visionless, clueless, incompetent, and hotheaded.

I wish the crude price will soar higher, so that western-Nigerians would realize that a mediocre is presiding over the affairs of this nation.

That is just the same tin babu will want us 2 hear...if it did not show in filling stations den idonbelivit... #ijustwanttomakecommonsense

We shall get there



check my signature

buhari