The Drop in the U.S. crude oil futures below $0 per barrel is not a reflection of the reality in the global oil market capable of impacting Nigeria’s oil production, the Group Managing Director of the Nigerian National Petroleum Corporation (NNPC), Mele Kyari, has said.

Accodring to Premium Times, the GMD of NNPC that said Nigeria has no cause to be apprehensive over the current situation as the US $0 price has no capacity to impact Nigeria’s oil production.

“That is not real crude oil price. That is the traders’ paper figure just showing the detail at the close of their business for the month. You would have observed that it has changed this morning (Tuesday). This is because they are not sure of the storage facilities for their stock of products they have,” the NNPC boss said.

He said the situation, which [b]Continue Reading...[/b]

Who is this one spreading propaganda to? Show us your

acct balance then show us NNPC acct balance, before

we believe you

Give this man one corona there!

True. By this morning it was up to $20 a barrel again.

As if we cares.

Who did the Nigerian oil help?

ok
We dont have a choice but to believe

Nigerians keep comparing our government with advanced countries

The question is can we compare our obedience as a citizen with the other citizens of the advanced countries we usually compare ourselves with?

Ibehjohn66:


Drop in the U.S. crude oil futures below $0 per barrel is not a reflection of the reality in the global oil market capable of impacting Nigeria’s oil production the Group Managing Director of the Nigerian National Petroleum Corporation (NNPC), Mele Kyari, has said.

He's still speaking from both sides of the mouth. Who's talking about production If you like produce 1 billion bpd, no be when demand dey you go supply

See finish.

Tetrahedron:
Who is this one spreading propaganda to? Show us your

acct balance then show us NNPC acct balance, before

we believe you

Give this man one corona there!

The NNPC GMD is right. What crashed yesterday to below $0 is the futures price of crude on WTI ((US oil trading platform). It simply means buyers are not willing to offer any price per barrel for any future supply of oil. However, sellers are still willing to sell due to the cost of storage or unavailability of storage facilities.

The actual price of crude oil is the spot price. The spot price is the actual market price and it was around $15 yesterday.

seunmsg:


The NNPC GMD is right. What crashed yesterday to below $0 is the futures price of crude on WTI ((US oil trading platform). It simply means buyers are not willing to offer any price per barrel for any future supply of oil. However, sellers are still willing to sell due to the cost of storage or unavailability of storage facilities.

The actual price of crude oil is the spot price. The spot price is the actual market price and it was around $15 yesterday.

Confirm

Same crude oil that have long lost value in the global market? Guess Nigeria is still running an oil-dependent economy? Keep on hallucinating.

sarrki:
Nigerians keep comparing our government with advanced countries

The question is can we compare our obedience as a citizen with the other citizens of the advanced countries we usually compare ourselves with?

`


You're right Nigerians though hardworking can be very disobedient and rules break.

Is this Kyari related to Abba? That aside....

The economy of Nigeria is going down to zero simply because we have a sarrki or two who would always support docile and dumb presidents who don't know anything about economy.

By June y'all would understand...

Racoon:
Same crude oil that have long lost value in the global market? Guess Nigeria is still running an oil-dependent economy? Keep on hallucinating.

Crude has not lost value. What is playing out is the forces of demand and supply. Refineries all over the world are slowing down on refining simply because demand for petroleum products have fallen globally. The fall in demand is a direct result of the global lockdown due to CoronaVirus.

Unfortunately, oil production is still relatively unscathed. As a result, the global supply of crude oil far outweighs the demand and it has gotten to the point where crude oil storage facilities are no longer available to store the excess. Consequently, oil producers were willing to sell at a future price of $0 yesterday just to get rid of their stock.

Once CoronaVirus is contained, supply will peak again and price of crude oil will go up again. That it is so low today doesn’t mean it has lost value.

seunmsg:


Crude has not lost value. What is playing out is the forces of demand and supply. Refineries all over the world are slowing down on refining simply because demand for petroleum products have fallen globally. The fall in demand is a direct result of the global lockdown due to CoronaVirus.

Unfortunately, oil production is still relatively unscathed. As a result, the global supply of crude oil far outweighs the demand and it has gotten to the point where crude oil storage facilities are no longer available to store the excess. Consequently, oil producers were willing to sell at a future price of $0 yesterday just to get rid of their stock.

Once CoronaVirus is contained, supply will peak again and price of crude oil will go up again. That it is so low today doesn’t mean it has lost value.

i hope you know that they would continue pumping making supply never to meet demand in the long run.

Actually, Mr Kyari of the nepotistic family, we are worried for you guys because we're wondering what you will plunder for yourselves, and your Northern Brothers if the oil money were to suddenly dry up.
The monsters you created (called almajeri) could suddenly turn against you if you stop paying them their stipend. And that would be bad for business. I

jesmond3945:
i hope you know that they would continue pumping making supply never to meet demand in the long run.

Once demand improves, OPEC and Russia will put in place more production cut to stabilize the price.

seunmsg:


Once demand improves, OPEC and Russia will put in place more production cut to stabilize the price.

we wait and see.

Them go soon sack you. New chief of staff loading in Aso rock

You are correct because even if we worry we can't do anything about it like yourself.

So the worries are you's-less

Only God knows who gave us this curse of oil in the first place.

But then, God gave us Gold, we exchanged it for mirror.

God gave us Diamond, we exchanged for champagne.

God gave us Uranium we exchanged it for plastic.

God gave us Arable land we exchanged it for daily white wheat bread.

God gave us Religion, we exchanged it for Pastor and Imam.

Since we are the most religious country on Earth, we pray before we eat, drink, sleep and wake.

Nothing to worry about today, politicians urge us to pray for beta days wey we nor go see if we kwotinu laka dis.

We Igbo's trust Buhari and his team of experts. We comend them for the way and manner the Economy is managed.


God bless Mazi Buhari.