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Oil Plummets 30% As OPEC Deal Failure Sparks Price War Fears - Business (4) - Nairaland

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Oil Prices Soar As OPEC+ Prepares To Cut Supplies / Oil Price Jumps As OPEC Keeps Output Steady, Hits Four year High / Oil Prices Fall As OPEC Plans To End Cuts – Oilprice Intelligence Report (2) (3) (4)

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Re: Oil Plummets 30% As OPEC Deal Failure Sparks Price War Fears by callmemikel(m): 8:55am On Mar 09, 2020
0m0nnakoda:

The currency will devalue.
Our dollar denominated debt position is precarious.
We may struggle to service debts and to pay for imports.
I expect to see very significant devaluation in the coming months possibly 800 naira for a dollar

So in short, person should goan buy dollars keep shap shap ba? Kindly advise. Thanks in anticipation.

2 Likes

Re: Oil Plummets 30% As OPEC Deal Failure Sparks Price War Fears by awoo47: 8:58am On Mar 09, 2020
CanadaOrBust:


Ignorance. It is VERY BAD for US economy. US is by far the world’s greatest producer of oil. In fact there are speculations they did this partly to hurt US economy
are u kidding? US isn't yet a net exporter of oil.
this favors china the most, but certainly doesn't affect us that much since they produce to consume nt sell like there life depends on it jus lyk our case
Re: Oil Plummets 30% As OPEC Deal Failure Sparks Price War Fears by Nobody: 9:15am On Mar 09, 2020
CXLVII:
Informative threads like this will hardly grace front page.

Just add snake or Regina Daniels to the story and swiftly it will race to front page.

This forum is years behind Quora.

How would you assess that? There has never been a front page on Quora.

And in any case, Quora is a forum for learning through asking questions from academic and other experts in their fields of speciality. NL is a forum for gisting, arguing and exchanging (mostly uninformed) opinions by non experts. Each has its own function. You can't compare oranges and apples.

1 Like

Re: Oil Plummets 30% As OPEC Deal Failure Sparks Price War Fears by CanadaOrBust: 9:18am On Mar 09, 2020
awoo47:
are u kidding? US isn't yet a net exporter of oil.
this favors china the most, but certainly doesn't affect us that much since they produce to consume nt sell like there life depends on it jus lyk our case

US is the world’s greatest producer of oil. Oil in US is in private hands. If oil price falls then far more money is withdrawn from US economy than any other country.
So it hurts US, only that it hurts Nigeria more. If oil price stays low for long US economy will go into recession
Re: Oil Plummets 30% As OPEC Deal Failure Sparks Price War Fears by 0m0nnakoda: 9:28am On Mar 09, 2020
callmemikel:


So in short, person should goan buy dollars keep shap shap ba? Kindly advise. Thanks in anticipation.
No problem but advice is not free
Re: Oil Plummets 30% As OPEC Deal Failure Sparks Price War Fears by 0m0nnakoda: 9:29am On Mar 09, 2020
awoo47:
are u kidding? US isn't yet a net exporter of oil.
this favors china the most, but certainly doesn't affect us that much since they produce to consume nt sell like there life depends on it jus lyk our case

Are you sure?
Re: Oil Plummets 30% As OPEC Deal Failure Sparks Price War Fears by SenecaTheYonger: 9:47am On Mar 09, 2020
0m0nnakoda:

How is it good for the US economy?

They don't depend only on oil for revenue, they jave the most diverse economy in the world, plus cheaper petrol price since almost everyone has a car and USA has poor public transport system, fuel price drop will be felt by the average American.
Re: Oil Plummets 30% As OPEC Deal Failure Sparks Price War Fears by nairaman66(m): 9:48am On Mar 09, 2020
horsepower102:
Great news

It will even go down more.

Soon NNPC will be as useless as NITEL.

Everyone should go and develop their land with their hard work instead of waiting for oil revenue stolen from other people’s land.
Re: Oil Plummets 30% As OPEC Deal Failure Sparks Price War Fears by InvertedHammer: 9:51am On Mar 09, 2020
CanadaOrBust:


Well I heard an economist say Russia could have done that partly to hurt US economy. If oil price stays low for long US will go into recession
/
Trump has been goading OPEC since to increase oil production. High oil price adds to inflationary pressure which will force Feds to increase rate. Trump wants low rates because it attracts borrowing for investors which will spur investments. Most importantly, there will be increase in discretionary spending by the citizens. All in all, good for the economy. Low oil price is good for US economy. If oil price stays low, the chance of Trump winning re-election increases. The only bump is the crash of equities . Like I stated last week, wealth redistribution is in progress. The next millionaires in the next decade are being created now.

\

6 Likes

Re: Oil Plummets 30% As OPEC Deal Failure Sparks Price War Fears by SenecaTheYonger: 10:02am On Mar 09, 2020
CanadaOrBust:


No. Educate me


Listen here, About 48 percent of USA's federal revenue comes from individual income taxes, 9 percent from corporate income taxes, and another 35 percent from payroll taxes, the rest (8%) comes from a mix of sources - which I'm sure oil is among.

NIGERIA's major source of revenue is OIL. I can't believe somebody can be dense enough to think low oil price will send US into a recession.

How were they coping when they hadn't become a large oil mining country? Na wa ohh. Ignorance no be here.

4 Likes

Re: Oil Plummets 30% As OPEC Deal Failure Sparks Price War Fears by CanadaOrBust: 10:08am On Mar 09, 2020
SenecaTheYonger:



Listen here, About 48 percent of USA's federal revenue comes from individual income taxes, 9 percent from corporate income taxes, and another 35 percent from payroll taxes, the rest (8%) comes from a mix of sources - which I'm sure oil is among.

NIGERIA's major source of revenue is OIL. I can't believe somebody can be dense enough to think low oil price will send US into a recession.

How were they coping when they hadn't become a large oil mining country? Na wa ohh. Ignorance no be here.

You listen here. US loses more actual dollars than any other country when oil price falls. What u said is that it is good for US economy. Of course it affects Nigeria more but there’d be more bankruptcies in US
Re: Oil Plummets 30% As OPEC Deal Failure Sparks Price War Fears by Timileyin1234(m): 10:09am On Mar 09, 2020
olasco2035 look for another iOS devices and open iCloud there, u will now use it to sign in ur device. One idiot ban me there

Apple doesn’t allow more than 3 iCloud creation on a device
Re: Oil Plummets 30% As OPEC Deal Failure Sparks Price War Fears by Olanipekun1: 10:10am On Mar 09, 2020
CXLVII:


Gibberish!
nairaland is better than quora

kiss the truth
Re: Oil Plummets 30% As OPEC Deal Failure Sparks Price War Fears by CXLVII: 10:13am On Mar 09, 2020
Olanipekun1:
nairaland is better than quora

kiss the truth

Someone like you can't even discuss on Quora.

You don't have the IQ

3 Likes 1 Share

Re: Oil Plummets 30% As OPEC Deal Failure Sparks Price War Fears by SenecaTheYonger: 10:13am On Mar 09, 2020
CanadaOrBust:


You listen here. US loses more actual dollars than any other country when oil price falls. What u said is that it is good for US economy. Of course it affects Nigeria more but there’d be more bankruptcies in US

Lol. Actual dollars grin grin grin. He doesn't know most of US oil are refined and sold in the US like how a sane country should be. He thinks that everyone has to export oil to finance budget like Nigeria.

What a comedian. Lol recession. How did you come up with that?
Re: Oil Plummets 30% As OPEC Deal Failure Sparks Price War Fears by Impenia: 10:19am On Mar 09, 2020
CXLVII:
Informative threads like this will hardly grace front page.

Just add snake or Regina Daniels to the story and swiftly it will race to front page.

This forum is years behind Quora.
Nairaland & Quora are not fit to be in the same sentence, except you're talking about antonyms.
Re: Oil Plummets 30% As OPEC Deal Failure Sparks Price War Fears by Enyimbamercedes: 10:24am On Mar 09, 2020
Sunnycliff:


It means we are in deep poo in our economy because our budget is funded by 50+% of oil revenue.

Our government will have to borrow more in addition to the over #1trn debts we are owing.

Please add that our budget assumes we will sell the oil at $57 a barrel and revenue is based on this figure.

The excess between the benchmark and actual selling price is what goes into the Excess Crude Account

BUT what happens when the selling price is below the bench mark? We borrow but we are already borrowing 22.9 billion dollars

What this means is that we are borrowing with no means to service the debt because we will not even be generating enough revenue to cover our expenditure....UNLESS

We seek for other revenue generating sources.

GUESS ! The word starts with T

Taxes!!!!

2 Likes

Re: Oil Plummets 30% As OPEC Deal Failure Sparks Price War Fears by Unlimited22: 10:28am On Mar 09, 2020
SenecaTheYonger:
Oil price fall is good for the US economy but bad for countries like Nigeria whose economy runs on oil export.
Are you aware the United States also produces and sells oil?
Re: Oil Plummets 30% As OPEC Deal Failure Sparks Price War Fears by Unlimited22: 10:29am On Mar 09, 2020
CXLVII:
Informative threads like this will hardly grace front page.

Just add snake or Regina Daniels to the story and swiftly it will race to front page.

This forum is years behind Quora.
How can you even compare Nairaland to Quora?
grin
Re: Oil Plummets 30% As OPEC Deal Failure Sparks Price War Fears by DAVE5(m): 10:32am On Mar 09, 2020
Sunnycliff:


If only our government is sincere but our budget for this year with an oil benchmark price of over $50/barrel will definitely make our budget run in deficit.

Which budget ohh

Budget in 9ja equals the amount to be looted, then padded budget is the provision for extra loot, meanwhile bayelsa state is borrowing 29billion to buy cars for his cohorts
Re: Oil Plummets 30% As OPEC Deal Failure Sparks Price War Fears by CanadaOrBust: 10:34am On Mar 09, 2020
SenecaTheYonger:


Lol. Actual dollars grin grin grin. He doesn't know most of US oil are refined and sold in the US like how a sane country should be. He thinks that everyone has to export oil to finance budget like Nigeria.

What a comedian. Lol recession. How did you come up with that?

Google is you friend.

1 Like

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