This means US is noty yet true with his interest in Oil Producing Areas.History of the former Power brokers should be read to George 's hears

They came late. OPEC has already declared the US illegal.

Let opec stop supplying oil and gas to USA and any nation that recognize the law. After all Bush is the part of the problem. I beleive they would come begging when the cartel make the daring move.

olanajim:

Let opec stop supplying oil and gas to USA and any nation that recognize the law. After all Bush is the part of the problem. I beleive they would come begging when the cartel make the daring move.

No they wont! the problem is the same USA and other European nations own the technology for exploring your oil, these same people are the ones paying the dollars that are sustaiining your economies. Without oil most OPEC nations would be third world cesspools of poverty. Did i forget to tell you that refusing to supply oil will only hasten your downfall? Woe betide you the day these nations decide to devote a lot more of their resources to alternative fuel and render your crude oil useless.

davidylan:

No they wont! the problem is the same USA and other European nations own the technology for exploring your oil, these same people are the ones paying the dollars that are sustaiining your economies. Without oil most OPEC nations would be third world cesspools of poverty. Did i forget to tell you that refusing to supply oil will only hasten your downfall? Woe betide you the day these nations decide to devote a lot more of their resources to alternative fuel and render your crude oil useless.

I'm with you David. US and other EU nations are only helping us by paying Dollars for our oil, because they can as well develop alternative source of fuel and boycott buying crude oil. If they decide to do that where will a country like Nigeria be getting Dollars from?? So they stand to loose nothing even if OPEC countries decide to stop selling oil to US and EU.

davidylan:

No they wont! the problem is the same USA and other European nations own the technology for exploring your oil, these same people are the ones paying the dollars that are sustaiining your economies. Without oil most OPEC nations would be third world cesspools of poverty. Did i forget to tell you that refusing to supply oil will only hasten your downfall? Woe betide you the day these nations decide to devote a lot more of their resources to alternative fuel and render your crude oil useless.

You can't be more right on this one. I concur 101%

USA and the EU do not own the technology for exploring oil. The oil companies do and now it is being developed in China, India and the Technology has always been owned by Russia too.

The US will come suffer if OPEC stops selling crude to them directly. And EU Countries will welcome the move if OPEC decides to sell its oil in the EURO.

Alternative fuel is not viable for now and it is sad that some people believe that the US and EU are doing us a favour by buying our crude oil, fat lie!!!

The US cannot do without imported crude oil, infact the US economy will stall the very minute the taps are shut.

US owning technology for exporting crude oil? Wetin person no go hear for Nairaland?

Na the pipeline abi na the meter provers abi na the vessels abi na wetin? Make una try understand wetin una wan talk about abeg.

And by the way China and India will readily appreciate and buy more crude from countries that do not want to sell to the US that get our crude oil for free just buy printing more dollars.

Afam:

Alternative fuel is not viable for now

And will not be for some time yet. So no the US cannot call their (OPEC) bluff

denex:

USA and the EU do not own the technology for exploring oil. The oil companies do and now it is being developed in China, India and the Technology has always been owned by Russia too.

You cant get a more daft response than the above. the US and the EU do not own the technology but oil companies do? Are the oil companies aliens from space? Is Chevron not a European company, is Mobil not a US company, was AP not British petroleum before youu nationalised it and ruined it?
What if this companies pull out of the Niger Delta, can NNPC exploit and refine its own crude?

Afam:

Alternative fuel is not viable for now and it is sad that some people believe that the US and EU are doing us a favour by buying our crude oil, fat lie!!!

That is what they make you gullible individuals believe. The US has its own crude oil resource but it is willing to continue buying yours and preserving theirs. There are now hybrid cars in the US, these are no longer science fiction but it is now common to see cars carrying hybrid stickers when you go down to ur car dealer.
Wind power generates about 1% of US electricity and is projected to reach 20% in the next few yrs. Nuclear power is a much cleaner and efficient way of generating electricity.

Please stop selling your oil to the US, sure they will encounter a lot of problems but trust me they are already prepared for situations like this. It is YOUR economy that will suffer and not theirs.

The US has its own crude oil resource but it is willing to continue buying yours and preserving theirs.

Yea, with a consumption 20 million~ b\d, the US 20 Billion~  Barrels of oil reserve should only last 1000days; so they definitely need to buy more. The reserve is exclusively for desperate times.


http://www.eia.doe.gov/neic/quickfacts/quickoil.html

rookie:

Yea, with a consumption 20 million~ b\d, the US 20 Billion~ Barrels of oil reserve should only last 1000days; so they definitely need to buy more. The reserve is exclusively for desperate times.


http://www.eia.doe.gov/neic/quickfacts/quickoil.html

yep and the same people doing the buying are swiftly moving on to alternative fuel sources. Did you know that the largest aircraft carrier in the world - the nimitz class carriers belonging to the US is powered by nuclear energy? You wait until they develop this to include aircraft and consumer cars then you can sit down and drink your oil.

uhm at this rate will Nigerian oil last another 30yrs?

@davidylan

you have come again with your fabulous claims that are only backed by insults.

For your information, Chevron is NOT a European company. Well, maybe you made a mistake. But CNOOC is not an EU company, LUKOIL is not a US company, CNPC is not an EU company. YUKOS is not a US company.

Why do you keep talking like this? By the way let me tell you that a lot of the EU countries will support OPEC once the OPEC member countries decide to sell their oil in the Euro.

By the way IOC, PetroChina, Oil and Natural Gas Corp, Petrobras, Hindustan Petroleum, Bharat Petroleum, Nippon Oil Corp, ARAMCO, Sinopec and Reliance Industries are not US or EU companies.



By the way, Nigeria will not suffer economically by selling oil preferably to Indian and Chinese Buyers. In fact we will make more money because shortage in the US will cause a worldwide rise of more than 20% in Oil price.

So contrary to your views we will fare better.

Thank you very much.

@davidylan,

Please, learn to state what you are sure of. I am really tired of correcting careless mistakes or lies. Chevron? EU company? Na google tell you dat one?

@Davidylan,

I can't remember you writing that Chevron is an EU company. Could it be that some read european to mean European Union? Let's wait and see!

ah thanks TayoD, i actually assumed Chevron was a dutch company. Its actually American same with Mobil.
The band of accusers and Bush bashers were only desperately looking for a loophole to attack.

Afam:

@davidylan,

Please, learn to state what you are sure of. I am really tired of correcting careless mistakes or lies. Chevron? EU company? Na google tell you that one?

i'd start with correcting your own mistakes sir. They are too numerous to mention.

denex:

@davidylan

you have come again with your fabulous claims that are only backed by insults.

For your information, Chevron is NOT a European company. Well, maybe you made a mistake. But CNOOC is not an EU company, LUKOIL is not a US company, CNPC is not an EU company. YUKOS is not a US company.

Why do you keep talking like this? By the way let me tell you that a lot of the EU countries will support OPEC once the OPEC member countries decide to sell their oil in the Euro.

By the way IOC, PetroChina, Oil and Natural Gas Corp, Petrobras, Hindustan Petroleum, Bharat Petroleum, Nippon Oil Corp, ARAMCO, Sinopec and Reliance Industries are not US or EU companies.



By the way, Nigeria will not suffer economically by selling oil preferably to Indian and Chinese Buyers. In fact we will make more money because shortage in the US will cause a worldwide rise of more than 20% in Oil price.

So contrary to your views we will fare better.

Thank you very much.

Mr. Denex, thanks for the information evidently sourced from google. I only mentioned 3 companies in my earlier post so i wonder for what purpose you reeled off these as having come from me as being US or EU companies. Just looking for any avenue to say something perhaps?

Keep decieving urselves that the Chinese and Indians will save you from economic peril should the US and EU stop buying oil from you. In a few yrs time alternative fuel will put OPEC out of business.

@Denex,

By the way, Nigeria will not suffer economically by selling oil preferably to Indian and Chinese Buyers. In fact we will make more money because shortage in the US will cause a worldwide rise of more than 20% in Oil price.

Can you please explain to us how OPEC will fare better if their biggest consumer no longer does business with them? Doesn't that mean there will be syrplus oil in the market than needed and will eventually lead to a crash in price?

There is one fact we all must learn to live with, the US cannot afford not to buy crude oil from OPEC unless it wants to be in a very serious mess.

It is clear that those who keep talking about oil reserves in the US do not understand the dynamics of getting the crude from the ground and refining it.

If the US had any real options it would have taken them long time ago. Unless the option of invading countries for their crude oil is still attractive to them they have very very limited options in the real sense, make we leave grammar for the thing.

Afam:

There is one fact we all must learn to live with, the US cannot afford not to buy crude oil from OPEC unless it wants to be in a very serious mess.

It is impossible to make such categorical statements when you are uninformed. Do you know that hybrid cars an electric cars are now more common in the US? Infact you can now get a hybrid car from a car dealer here in my tiny town.

Afam:

It is clear that those who keep talking about oil reserves in the US do not understand the dynamics of getting the crude from the ground and refining it.

If you are refering to the oil in Alaska, that is purely an environmental issue. Its funny that people talk of the "dynamics of getting crude from the ground and refining it" as if the Americans were not the pioneers of the technology we so glibly talk about. Who gets the crude from Nigerian soil? the NNPC? Can we even refine 10litres of crude oil?

Afam:

If the US had any real options it would have taken them long time ago. Unless the option of invading countries for their crude oil is still attractive to them they have very very limited options in the real sense, make we leave grammar for the thing.

Yep they long ago started exploring other options.
If the US were to pick options of nations to invade fro crude oil, the middle east with their islamic issues would be the least sensible place to choose when countries like Nigeria and south American nations exist. This should make nonsense of your conspiracy theory.

@davidylan

I only corrected the mistake you made about Chevron and also went further to show you other top Petroleum Producing companies that were not of the US.

@TayoD

I am the one who should ask for lectures from you on how the refusal of sale to the US but rather to the 2 other major oil producers will cause a surplus.

And need I remind you that OPEC has no issue with the EU and will even get more support from the EU when it concludes plans to start selling crude in the euro ( ). This will solidify that currency and make it the most valuable in the world. So the EU has no problem with us at all.

I dunno why y'all are dissipating energy.

Point is OPEC isnt indispensable to the US as much as the US is to opec. Both can do without each other after a short crisis and subsequent geo-political engineering.

Recently venezuela called the bluff of foreign oil coys. While 4 coys including mobil and conoco of the US, petro-canada and opic of taiwan decided to pull out, 7 others decided to stay.
Thats the oil biz for u - its driven by profits more than diplomacy. Thats why i agree with the likes of denex who say the technology belongs to the coys.

However, the executive arm of the US can veto this legislative resolution cos the US has strategic ties with saudi arabia and nigeria, 2 opec member states. Bottom line, the latest move is more of a populist show by the US senate (understandably) than a diplomatic one. Its kinda toothless.

davidylan:

It is impossible to make such categorical statements when you are uninformed. Do you know that hybrid cars an electric cars are now more common in the US? Infact you can now get a hybrid car from a car dealer here in my tiny town.

If you are refering to the oil in Alaska, that is purely an environmental issue. Its funny that people talk of the "dynamics of getting crude from the ground and refining it" as if the Americans were not the pioneers of the technology we so glibly talk about. Who gets the crude from Nigerian soil? the NNPC? Can we even refine 10litres of crude oil?

When you want to learn anything ask. Making wrong statements or assumptions is not the same thing as asking a question. Who is talking about Alaska?

OPEC out of business? not anytime soon, not for at least 30-40 years, the alternative fuels thing is another debate all together.

The US is simply looking for a scapegoat for high oil prices, and OPEC is simply a nice target to vent frustrations on; large chunks of US oil comes from Canada and Mexico, with the rest from OPEC states and a few others. All this noise is simply due to the price of crude on the market, something OPEC has limited control over - Mexico, Norway, Russia, Kazakhstan, and others produce more oil in total than OPEC and could possibly influence prices more than OPEC if they so wished. the truth is, OPEC is powerless to even reduce oil prices, all their exporters except maybe Saudi Arabia are pumping at close to full capacity, and the spare capacity of the Saudis isnt even high quality crude.

the US cannot afford to stop buying Oil from OPEC, it simply makes no sense, thats why with all the hassle between Chavez (venezuela) and Bush, the oil trade goes on without the slightest hitch. What the US is interested in long-term is supply diversification, hence their increased focus on Nigeria and other parts of Africa as well. Their oil reserves in Alaska or elsewhere are not definitively known, the greatest "reserves" actually are in the form of Oil Shale in Colorado, but is too expensive and labor intensive to exploit at current prices. and middle eastern oil in particular remains far cheaper to exploit.

the US senate lacks the true picture of what is going on in OPEC, there is little or no spare capacity left - even if OPEC were to produce at full blast, oil prices would drop marginally at best.

Imagine the US Senate trying to force an OPEC country such as Nigeria to increase capacity. Nigeria that would do anything to increase crude capacity is now being threatened. I wonder if it is that threat will end the strife in the Niger-Delta.

Afam:

When you want to learn anything ask. Making wrong statements or assumptions is not the same thing as asking a question. Who is talking about Alaska?

and you talk about the "dynamics of extracting crude oil in the US" without mentioning Alaska? My brother, it is more evidence of your ignorance. Carry go.

@denex,

I am the one who should ask for lectures from you on how the refusal of sale to the US but rather to the 2 other major oil producers will cause a surplus.

How can you tell me to provide proof for your claims? Things don't work that way. When you make a claim, you should be able to back it up.

It was you who claimed that refusal of OPEC to sell oil to the US would cause some kind of surplus.

@denex,

It was you who claimed that refusal of OPEC to sell oil to the US would cause some kind of surplus.

Don't be an artfulf dodger. My statement was based on this one you made earlier: "By the way, Nigeria will not suffer economically by selling oil preferably to Indian and Chinese Buyers. In fact we will make more money because shortage in the US will cause a worldwide rise of more than 20% in Oil price."

You need to explain what you mean by that as I have simplified my reasoning with the post: "Can you please explain to us how OPEC will fare better if their biggest consumer no longer does business with them? Doesn't that mean there will be syrplus oil in the market than needed and will eventually lead to a crash in price?"

@TayoD

Today there is a scarcity (excessive demand over supply) of Petroleum Products. Countries such as India and China are not looking to buy a specific amount of Crude but as much as they can stock up. If OPEC countries refuse to sell to the US, the US will begin to make more demands on non-OPEC than usual and thereby compete with the regular customers of the non-OPEC Countries. This sharp rise in demand will not be met.

So while the OPEC countries will be selling to Countries that have always wanted to buy more, the US will be buying more from non-OPEC countries who are already producing crude at their maximum capacity.

SO NOW PLEASE, CAN YOU EXPLAIN HOW YOU EXPECT THIS STANDOFF TO RESULT IN SURPLUS?

ismaheel and his friend,i donot suport ur views.Every initiation of US is not for world welfare as it is claimed they spearhead democracy but for their benefit.
somebody mention that alaska or colorado has more volume of crude oil than the OPec,why then are they refered to as OPEC(find out the full meaning).check out better, the detailed statistics of world petroleum production.there is a motive beneath which is not so clear to people[/b]they have target in this matter.[b]iraq is a member[b],iran [/b] is a member,kuwait and so on(majority of the middle eastern countries),in case u ve never thought of this Our country is among the target (why do u think US has planned to set up a Military base [/b]in the west coast of Africa and some other part).dont forget [b]Libya(the country that we respect for its true corporate governance)is one of the greatest enemies on the US list(a member of OPEC[/b]).more of these to discuss,
pls my people,let not support nor argue blindly,observe the facts.
[b]seun,i say weldone for this wonderfull forum (more power to your elbow)

Venezuela too is a member of OPEC.

Na bad belle dey worry America. Their policy seems 2 b dont try 2 join but beat them.