I have never benefited from Nigeria crude oil...so let it crash.

Lol
Their business.

this is useless!! despite what we're passing through .......may God help us all !!!!

DonFreshmoney:
Hahaha I no know why this news dey sweet me die..

Nigeria needs to be reformatted to progress.. this should sound as a wake up call to our leaders if we have leaders that have sense.

What about those supporting senseless leaders, do they have sense?

Music to my ears[img]https://media1./images/998cb867d4b1dda3e93064c8729ccbc2/tenor.gif?itemid=14134279[/img]

In a way, I love what's happening...

In another way, we're cursed with rulers that won't learn....the modern-day "pharoah"

Gbanjo

proclinician:
Abba kyari and buhari needs to die first.

AMEN

You are cutting crude oil prize , while the one you cut on pump prize has not been effected. If una like sell $1 per barrel. One day una no go even see buyer, it will be useless.

Most persons wey comment here no even understand wetin dey talk about

This situation should be sample for the period that technology will enhance irrelevant of oil, Nigeria must be proactive before that time arrived, we have many to learn from circumstances that surrounded the out breaks of Corona virus.

Nigeria has cut the official selling prices for its crude oil to record lows to clear a glut of unsold April-loading cargoes before releasing the May programme on Monday.

The country has had to grapple with an unprecedented excess of oil triggered by the coronavirus outbreak and a price war between Saudi Arabia and Russia for market share.

The Nigerian National Petroleum Corporation cut its April official selling prices for Bonny Light and Qua Iboe by $5 per barrel to dated Brent minus $3.29 and minus $3.10 per barrel, respectively, Reuters reported on Monday.

Brent crude, the international benchmark, has fallen by over 60 per cent since the start of this year. It stood at $26.44 per barrel as of 7:40pm on Monday.

May loading programmes emerged with key grades seeing an increase over the previous month, Reuters reported on Monday.

Bonny Light and Forcados are both higher and due to load 245,000 barrels per day, Bonga 123,000 bpd and Qua Iboe 215,000 bpd.

There will also be two cargoes each of Usan and Yoho, five cargoes each of Brass River and Agbami, six of Egina and four Amenam, according to the report.

The Group Managing Director of the Nigerian National Petroleum Corporation, Mallam Mele Kyari, said recently that the country was already struggling to find buyers for its crude oil, saying over 50 cargoes were yet to be sold.

The unsold cargoes represented more than 70 per cent of the country’s total oil exports and puts the country in a very difficult spot, according to S&P Global Platts.

Kyari said Nigeria’s crude cargoes had been stranded due to the higher selling price compared with its fellow OPEC members such as Saudi Arabia and Iraq, which could afford to offer discounts of around $5 to $8 per barrel to buyers.

Oil crash forces Seplat, Shell to cut spending

In a related development, a major Nigerian independent oil and gas firm, Seplat Petroleum Development Company Plc, is looking to cut costs by at least 30 per cent to counter a crash in crude prices, its Chief Financial Officer, Roger Brown, has said.

Royal Dutch Shell, a global oil giant with huge presence in Nigeria, said on Monday that it would lower its capital spending for this year to $20bn or less, compared with its previously planned level of around $25bn.

The company also said it would reduce its operating costs by $3bn to $4bn a year over the next 12 months compared to 2019, as well as achieving “material reductions” in working capital.

Reuters quoted Seplat’s COO as saying on Monday that the company’s cuts, which would ideally be higher in the short term, would see its drilling plans reduced to three wells from the 15-20 it had planned.

The oil price, which has been under pressure from the coronavirus pandemic and the price war between Saudi Arabia and Russia, plunged to a record low of $24 per barrel last week.

“We are cutting back on capital expenditure quite significantly and focusing on higher, more prolific oil wells,” Brown said.

Seplat had hedged 60 per cent of its production at $45 per barrel through to the end of the third quarter. But Brown said the company needed to be prudent as oil prices could fall further.

“We don’t think we’ve hit the bottom of that yet,” he said of oil prices, adding, “It’s too early for us to call that.”

In the 2019 fiscal year, Seplat spent $125m on capital expenditures, including drilling nine development wells.

https://punchng.com/nigeria-slashes-crude-selling-prices-to-woo-buyers/

NIGERIA go and face Agriculture.

Diversify the economy into other sectors such as tourism, sports.

Yes, sports can fetch Nigeria a very good sums of money.

Kenya is generating dollars from athletics and other sports including tourism.

achi4u:
I have never benefited from Nigeria crude oil...so let it crash.

WE ARE JUST SELLING AT A HUGE LOSS

NIGERIA ONLY MAKE PROFIT AT THIRTY DOLLARS

O ga o. We are not really an oil economy. PWC report says Nigeria officially receives an average of $25Billion remittances annually. Another $15Billion may be going on unofficially. Past 3 yrs, we average $22Billion annually from oil. So, are we truly an oil economy. The research was conducted by Andrew Nevin, a PWC top guy. The research chart shows the lower the oil price, the increase in remittances. The problem is that 90% of those $40Billion remittances from Nigerians in the diaspora go to the South because Northerners don't travel abroad. That's why the poverty rate in the South is 20% compare to 80% in the North. It is not because our Governors are better than their Northern counterparts. They are all corrupt and useless.
With this scenario, the low oil price will only put more pressure on the hardworking 17million Nigerians in the diaspora. You rarely see a family in the South that doesn't have a representative abroad. So you guys in the diaspora, brave up for our calls. Most of u guys are compassionate cos if u think of how u make money you won't send shinshi to anybody at home. u no go allow us to die na.
On the other hand, this will have a direct maximum impact on the North who only sustain on the national cake.

TheChameleon:


We are in soup. We need to all start praying this epidemic stops.

Otherwise the Poor would come knocking on the doors of the Middle class.

The Rich are safely in their fortresses defended by the Poor they feed crumbs.

If we go full walking dead, everyone is fked Rich inclusive. There is no where to run to. Enter your private jet and flee to where? Uk? Us? Bahamas?

On a darker note, madam frog eye may also end up dying in the uk at this rate.

NASS members will not like this news at all.

there is hope

DonFreshmoney:
Hahaha I no know why this news dey sweet me die..

Nigeria needs to be reformatted to progress.. this should sound as a wake up call to our leaders if we have leaders that have sense.

No let them continue to overlook ways to diversify economy. Let them continue with oil exploration in the north.

NIGERIA GOVERNMENT THAT DO NOT KNOW HOW TO UTILIZE FUNDS TO CREATE DEVELOPMENT THAT CAN BRING HAPPINESS TO ITS CITIZENS IS NOW LEARNING IN A HARD WAY THE CHALLENGES OF EARNING REVENUE.

Nigeria is the country that is now begging International buyers to come and buy our crude oil.

What a manifestation of hardluck and bad planning.

iwaeda:


What is this?

Una toto

chukzyfcbb:
This is not good news atall

Our cost of oil production is somewhat about $30/barrel, which means we are practically just selling Oil at a loss.

What's worst is that, we have no cushion in our reserves to handle this shock and now we are fazed with low revenues.

These Saudis are ready to play dirty together with Russia as they learnt from there lessons in 2015 and stored enough for the next oil crash.

I won't be suprised if china is capitalizing in this Covid19 and the Oil fight to stack up very cheap Oil enmass

Naija no dey ever learn lesson from the past, all we know is share share share consume!

China will use this oil price regime to store up oil that will serve them for one year or UpTo 5 years.

Our leaders don't plan ahead.

Smart people and countries plan, One year ahead, Two years ahead, 5 years ahead, 10 years ahead.

I learned this recently and have stored up what to spend in the next one year.

This is different from what people call savings which they in the end draw and spend from, in any manner without a budget.

Sure, Nigeria has no savings as we speak. Even in having a savings, a comprehensive expenditure framework must be added to it otherwise it will be spent on a need basis instead of a calendar basis.

Btruth:
NASS members will not like this news at all.

They better like the news.

GOVERNOR DOUYE DIRI who foolishly approved new cars for legislators in his Bayelsa state better SHINE HIS EYES CLEARLY and see through the global realities.

Governor Diri better save the funds to provide clean water for Bayelsan.

chukzyfcbb:
This is not good news atall

Our cost of oil production is somewhat about $30/barrel, which means we are practically just selling Oil at a loss.

What's worst is that, we have no cushion in our reserves to handle this shock and now we are fazed with low revenues.

These Saudis are ready to play dirty together with Russia as they learnt from there lessons in 2015 and stored enough for the next oil crash.

I won't be suprised if china is capitalizing in this Covid19 and the Oil fight to stack up very cheap Oil enmass

Naija no dey ever learn lesson from the past, all we know is share share share consume!

If Nigerians are sensible, they should capture Oshiomhole and stone him to death for opposing and harrassing Okonjo Iweala when she advocated for build up reserves during her time as Minister of Finance who had foresight.

Oshiomhole protested against her and swore that the money must be shared. Today we are in the woods with a depleted foreign reserve. What lesson did we learn in the last recession? Nothing.

Monkeys and baboons who lack foresight like Oshiomhole should be banned from holding any political post ever again in the country.

Told them to diversify, Buhari was busy wasting scarce resources looking for crude in Borno and Katsina states.


Una misery is just starting

UnaToto:
UnaToto

stop constituting nuisance on every post am surprise some dumb ass like still like the non sense you posted you are irritating

wink2015:


NIGERIA go and face Agriculture.

Diversify the economy into other sectors such as tourism, sports.

Yes, sports can fetch Nigeria a very good sums of money.

Kenya is generating dollars from athletics and other sports including tourism.

They are just using the word DIVERSIFICATION as a dictionary word.

If Covik 1-9 knows what economic diversification means, let him accept an impromptu interview.

Lmao.

Crude oil is gradually outliving its usefulness. The earlier our policy makers and politicians recognise that, the better for Nigeria and it's economy. Diversification is the key.

MondayOsunbor:



WE ARE JUST SELLING AT A HUGE LOSS

NIGERIA ONLY MAKE PROFIT AT THIRTY DOLLARS

No sir.

The cost of oil production in Nigeria is $15 to $17 per barrel official from NNPC.

Though I don't know how they calculate the cost of delivery to buyers exchange point.

LabDNA:


If Nigerians are sensible, they should capture Oshiomhole and stone him to death for opposing and harrassing Okonjo Iweala when she advocated for build up reserves during her time as Minister of Finance who had foresight.

Oshiomhole protested against her and swore that money musr be shared. Today we are in the woods with a depleted foreign reserve. What lesson did we learn in the last recession? Nothing.

Monkeys and baboons who lack foresight like Oshiomhole should be banned from holding any political post ever again in the country.

The leader of the governors forum then was The Lizard of Ubima parading as Transport driver abi ministry.

Very soon you will hear the north clamouring for secession because oil is no longer needed..

Stupid people everywhere

Good...let it drop to 30 cents a barrel