The price of crude oil hit $130 per barrel on Monday, the highest since July 2008, after the United States and its European allies considered prohibiting the importation of Russian oil in response to Russia’s invasion of Ukraine.
Brent crude futures were up $12.61, or 10.6%, to $130.72 a barrel by 0449 GMT, while West Texas Intermediate (WTI) crude was up $10.41, or 9%, to $126.09, according to Reuters.

Monday’s intraday highs are close to the records set for both contracts in July 2008, when Brent reached $147.50 per barrel and WTI reached $147.27.

Crude oil prices have risen in the last week as a result of sanctions imposed by the United States and its allies on Russia for its invasion of Ukraine.

It primarily sells crude to European refineries. It is also the largest supplier of natural gas to Europe, accounting for approximately 35% of total supply.

On Sunday, US Secretary of State Antony Blinken stated that the US and its European allies are considering a ban on Russian oil imports.

“We are now in very active discussions with our European partners about prohibiting the import of Russian oil into our countries while, of course, maintaining a steady global supply of oil,” Mr Blinken said on NBC’s “Meet the Press” show on Sunday, according to Reuters.

According to CMC markets analysts, “a boycott would put enormous pressure on oil and gas supply, which has already felt the impact of rising demand.”

“Prices are likely to rise in the near term, with a move toward $150 per barrel not ruled out.”

The increase is good news for Nigeria, which derives the majority of its revenue from crude sales. However, it is certain to cause more problems for the country because higher prices will make fuel subsidies more expensive, potentially forcing Nigerians to pay more for fuel, transportation, and goods.


SOURCE:https://brandspurng.com/2022/03/08/oil-reaches-130-per-barrel-the-highest-level-in-14-years/

Another excuse loading

The increase is good news for Nigeria,
which derives the majority of its revenue
from crude sales. However, it is certain to
cause more problems for the country
because higher prices will make fuel
subsidies more expensive, potentially
forcing Nigerians to pay more for fuel,
transportation, and goods



Which kind wahala be this?

Bad news for Nigeria, APC will now forget about diversification, plus we would end up sinking more money into subsides at the expense of domestic refining.

Low crude price was the excuse for failure initially.
The previous administration was called failure cos of the way he handled the revenue from high crude oil price.

The ball is in their court now, let’s see what they will do with it

Amotolongbo:
Low crude price was the excuse

Yes, because from 2014, till 5-6 weeks ago, prices were below 80 dollars for the most part.

If APC wants to improve the economy, they have to diversify our economy, to the point that oil price won't matter in our budget.

Infact, APC using oil prices as an excuse all these years shows that they had no idea on what to do, save wait for oil prices to rise.

So also PDP.

backbencher:


Yes, because from 2014, till 5-6 weeks ago, prices were below 80 dollars for the most part.

If APC wants to improve the economy, they have to diversify our economy, to the point that oil price won't matter in our budget.

Infact, APC using oil prices as an excuse all these years shows that they had no idea on what to do, save wait for oil prices to rise.

So also PDP.

The average has been above 80 since Buhari came and that's great oil price ..Buhari is just a Natural failure..
Watch how things will get worse now that oil is 130

Good! But the unsubsidized petrol will go as far as #500.

SarkinYarki:


The average has been above 80 since Buhari came and that's great oil price ..Buhari is just a Natural failure..
Watch how things will get worse now that oil is 130

80 dollars is not good enough for Nigeria, even 100 dollars.

Keep in mind also, that in 2016, and 2020, we had oil below 30 dollars, and also have had it between 50-60 dollars, so that 80 dollars is not a permanent thing.

Then there is our fiscal breakeven oil price...which at the moment is 133 dollars. It was 139 dollars in 2019. 122 dollars in 2012. It is just within the last 5-6 weeks that we have gotten close to the fiscal breakeven.

The truth is, we rely too much on oil. That is why we need to either diversify, or improve our tax to gdp ratio.

And the propagandist is here to regale us with why we should suffer for it

It actually touched over that yesterday

backbencher:


80 dollars is not good enough for Nigeria, even 100 dollars.

Keep in mind also, that in 2016, and 2020, we had oil below 30 dollars, and also have had it between 50-60 dollars, so that 80 dollars is not a permanent thing.

Then there is our fiscal breakeven oil price...which at the moment is 133 dollars. It was 139 dollars in 2019. 122 dollars in 2012. It is just within the last 5-6 weeks that we have gotten close to the fiscal breakeven.

The truth is, we rely too much on oil. That is why we need to either diversify, or improve our tax to gdp ratio.

Abacha never smelt 30 dollars oil but he delivered over 4 percent consistent growth YOY and this is plus international sanctions ooo...Buhari is just the very very worst leader anybody can pray for

It was over $140 as at yesterday..

Possibly $200 in 2 months if Putin is still carrying on with his madness in Ukraine

Buhari mind done rest

SarkinYarki:


Abacha never smelt 30 dollars oil but he delivered over 4 percent consistent growth YOY and this is plus international sanctions ooo...Buhari is just the very very worst leader anybody can pray for

Yeah I agree, Buhari is the bad leader, but so also was Abacha.

To be frank, Nigeria has been run by bad leaders in the sense that, we export raw materials, and import finished goods. Now our main raw material of export is oil. Keep in mind that our forex needs then were not as high as they are now.(we were not importing things like laptops, phones, cars, even tv's and a host of other consumer stuff like we do now)

Abacha was not necessarily a good leader, we had issues with our economy then, and 4% growth is not much. Plus, our forex needs were not as high in the 1990's than it is now.And our oil dependency was even greater than it is now. And yes, one dollar went up from 20 dollars to 80 dollars, plus there was the good old two markets. Finally, we had strikes in both education and health, and no improvement whatsoever. And the looting was still a problem

At the end, if we want a good leader, we need a leader who will make us more and more productive. And Buhari has not made us more productive since he took over. He did not remove subsides, and by extension, save money, and make our economy more attractive to investment in power and petroluem, which would have made us more productive eventually. Instead we all were made to wait for oil to rise again., and we took loans to make up for the deficit in oil prices, partly caused by subsidies., and partly caused by not diversifying.

backbencher:


Yeah I agree, Buhari is the bad leader, but so also was Abacha.

To be frank, Nigeria has been run by bad leaders in the sense that, we export raw materials, and import finished goods. Now our main raw material of export is oil. Keep in mind that our forex needs then were not as high as they are now.(we were not importing things like laptops, phones, cars, even tv's and a host of other consumer stuff like we do now)

Abacha was not necessarily a good leader, we had issues with our economy then, and 4% growth is not much. Plus, our forex needs were not as high in the 1990's than it is now.And our oil dependency was even greater than it is now. And yes, one dollar went up from 20 dollars to 80 dollars, plus there was the good old two markets. Finally, we had strikes in both education and health, and no improvement whatsoever. And the looting was still a problem

At the end, if we want a good leader, we need a leader who will make us more and more productive. And Buhari has not made us more productive since he took over. He did not remove subsides, and by extension, save money, and make our economy more attractive to investment in power and petroluem, which would have made us more productive eventually. Instead we all were made to wait for oil to rise again., and we took loans to make up for the deficit in oil prices, partly caused by subsidies., and partly caused by not diversifying.

You know I respect you right ..you are different from the other zombies

SarkinYarki:


You know I respect you right ..you are different from the other zombies

Well, whatever you people think of me, i can't support pdp or apc.

At the end, we need a leader who can get us off oil. Buhari was not that leader. And for now we don't have that leader

FreeStuffsNG:
It actually touched over that yesterday

Pease,what app is that?

Well, whatever you people think of me, i can't support pdp or apc.

At the end, we need a leader who can get us off oil. Buhari was not that leader. And for now we don't have that leader

You're right.
And peter obi is here for you!