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Page added on February 28, 2016

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Nigerian president tells Qatar’s ruler: Oil prices ‘totally unacceptable’

Public Policy

The OPEC cartel needs to take action to stabilize the oil market because crude prices have fallen to “totally unacceptable” levels, Nigerian President Muhammadu Buhari said on Sunday.

Nigeria, Africa’s biggest oil producer which earns around 90 percent of its foreign exchange earnings from crude oil exports, has been hit hard by the erosion of vital revenues caused by the global slump in oil prices which has also hammered its currency.

“The current market situation in the oil industry is unsustainable and totally unacceptable,” Buhari told Qatar’s ruler during a meeting in Doha, his office said in a statement.

Speaking on the second day of his visit, Buhari highlighted the need for cooperation between OPEC and non-OPEC producers.

“We must cooperate both within and outside our respective organizations to find a common ground to stabilize the market,” said Buhari, who also discussed ways to stabilize prices with Saudi Arabia’s King Salman in Riyadh last week.

On Thursday, Venezuela’s oil minister said Qatar, Russia, and Saudi Arabia had agreed to a meeting in mid-March as part of efforts to stabilize oil markets.

Buhari’s spokesman, Femi Adesina, added that delegations from Nigeria and Qatar signed two bilateral agreements to “boost economic cooperation” between the countries.

There was an agreement to avoid double taxation and tax evasion as well as another that would pave the way for direct flights between major cities of both countries.



18 Comments on "Nigerian president tells Qatar’s ruler: Oil prices ‘totally unacceptable’"

  1. Davy on Sun, 28th Feb 2016 12:22 pm 

    Nigeria should be worried. With a population of 173 Mil Nigeria is a huge African nation. Nigeria just barely feeds many of its poor people. Climate change appears to not be a benefit to Nigeria with increasing instances of drought. This country is flirting with failure if low oil prices and drought continue. Oil has allowed this country to expand many times past what it should have. Lagos metropolitan area is approximately 16Mil. This is a mega city in an overpopulated country. If you think Nigeria can just fail and everyone will do fine without them think again. Some of the best oil in the world comes from Nigeria. They are a significant producer at 2.5 mbd. They are an important anchor to West Africa the world can ill afford to lose.

  2. Roland von Schwitzen on Sun, 28th Feb 2016 4:08 pm 

    And yet…..and yet the AMERICAN president has done all in his power to destroy the American oil industry while attempting to assist the oil industry outside the USA (I.E. Iran). It makes no sense. 4.9 percent unemployment reported by the media and his admin as hundreds of THOUSANDS of workers are let go or moved to Mexico. This bizarre hatred for the American oil industry has resulted in an unstable economic climate that will bring down businesses that most never even thought were affiliated with oil. Obama has 9 months or so to do his worst…and he will.

  3. Truth Has A Liberal Bias on Sun, 28th Feb 2016 4:19 pm 

    Roland, you’re a fucking retard.

  4. Rick Bronson on Sun, 28th Feb 2016 5:10 pm 

    If big oil can produce at $30 / barrel, they can survive, otherwise they close.

    More than 1/2 the rigs were closed, that means Shale is not viable at $30 / barrel.

    It has nothing to do with the leadership. Its the market economy.

    But even at this low oil prices, electric vehicles are selling decently.

  5. Garden-City Boy on Sun, 28th Feb 2016 5:49 pm 

    Oil is the only glue that holds the Nigerian patchwork together. The tanking oil price triggering Nigeria’s export earnings’ nosedive is probably the best thing to happen to the Nigerian contrivance.
    Nigerians and indeed the World should brace up for the inevitable and learn to come to terms with what crystalizes from the precariously fragile mosaic.

  6. Femi Adesina on Sun, 28th Feb 2016 5:50 pm 

    How come no major car manufacturer is interested in buying TESLA?

  7. Kenz300 on Sun, 28th Feb 2016 9:26 pm 

    TESLA is not for sale……….. Musk could have sold to Google but turned them down.

    They are leading the market in electric vehicles and are showing all the other auto makers how it is done…….

    Electric cars, bikes and mass transit are the future…..fossil fuel ICE cars are the past…………..

    Think teen agers vs your grand father………………….

    cell phones vs land lines…….

  8. Anonymous on Mon, 29th Feb 2016 12:24 am 

    I live in a region with 6 million+ people all the first world toys.Lots of rich people. In 40+ years, I have yet to see one operational EV using the roadways. In fact, I have not even witnessed any of the EV demos they have from rare time to time at the universities. You see em on the news a couple times per decade…

    This belief that private 2ton EVs represent something called the ‘future’ is a quaint as it is persistent with you…

  9. twocats on Mon, 29th Feb 2016 12:49 am 

    @anonymous, ignoring for a moment that this post has nothing to do with Ev’s and we just had a massive conversation on it…

    I’m assuming you don’t live in the US. I’ve seen Teslas from the Northwest (duh) to Minnesota, South Dakota, to Indiana, Ohio, and all the way down to Florida.

    If you are a rich, “liberally minded” person, owning a tesla is almost a reflex, just as owning a prius (or at least a Fit) became reflexive amongst middle-to-upper-middle americans.

    and they’re nice, really nice, the interior is plush, that center-dash panel thing is space-age, and they run like you’re floating on a cloud. can we crank out 1 billion of them (to replace the existing fleet)? and any and all other hurdles?

    well, if you read Kenz300’s post, he says “electric cars, BIKES AND MASS TRANSIT are the future.” he could have added, “or there won’t be a future that involve humans” but he likes to keep it positive. What’re you gonna do about it?

  10. GregT on Mon, 29th Feb 2016 2:35 am 

    Constantly spewing nonsense is hardly positive twocats. Attempting to find solutions for food production, as an example, would be much more productive, rather than cheerleading for more of the same shit that got us all into this mess in the first place. Mass transit is a very large part of the problem, not the solution.

  11. GregT on Mon, 29th Feb 2016 2:55 am 

    “In 40+ years, I have yet to see one operational EV using the roadways.”

    You must be blind then Anonymous. When I was recently living in a city of 1.5 million, I personally saw at least five. Try not to be so negative. 🙂

  12. theedrich on Mon, 29th Feb 2016 3:45 am 

    Roland, pay no attention to Truthie.  She’s just another sociopathic maggot.

  13. Anonymous on Mon, 29th Feb 2016 4:41 am 

    That many Greg? Five you say? Whew, the suburban commute, shop and consume way of life is saved! I was beginning to think all hope was lost. But thanks to a few teslas 2cats seen in the ‘homeland’, and those five or so you saw, we are in much better shape than I thought.

    Funny 2catz gives me the gears over going OT when it was a response to dreamer boy going way OT, as usual….

  14. Davy on Mon, 29th Feb 2016 5:50 am 

    Anonymous I finally figured out where you might be from. Looks like greater Toronto. I know you are from Canada but I could never put a finger on where. In your 40’s too. Less anonymous as time goes on.

  15. patrick kelley on Mon, 29th Feb 2016 6:36 am 

    The Problem here is Liberal’s are making oil prices sink . Trying to retain another liberal in the Presidency . We would rather have $55.00 to $60.00 oil instead we are faced with $30.00 oil which as soon as either GOP or Demo’s take office oil will soar to new higher prices again . Politic’s cause economic confusion everything coming out of politic’s is artificial ! Obama isn’t good for anything even his own race . Waste of good oxygen . SAD but true

  16. Anonymous on Mon, 29th Feb 2016 7:12 am 

    You think obomber is a ‘liberal’? ROFL!
    And that does not even address your notion that the ‘president’ actually has some mythical power, or authority even, to dictate the price of barrel of oil.

    Too funnee…

  17. Practicalmaina on Mon, 29th Feb 2016 9:00 am 

    I see a massive amount of hybrids every day, I see a handful of cheaper ev on a daily basis and once every couple weeks I see a tesla. Hybrid tech makes so much sense for stop and go city bullshit. Ironically i see a lot of fools driving their prius going 80 on the highway,

  18. Outrage on Mon, 29th Feb 2016 11:00 am 

    The US that used to buy Nigeria is now the largest producer, Energy efficiency has come to be appreciated by the industry and even commercially. Remunerable energy is taking a bite from oil dominance. Global warming is becoming understood as imminent. It is outrageous that Nigeria with its prehistoric feudal and monarchical systems refuses to have a clue of the state of the modern society. Ancient feudalism, monarchy and democracy can not mix. For any one, nation or world body that cares about the horrible conditions of Nigeria, let the mess called Nigeria to break up to learn real democracy. Free the Christian Republic of Biafra to be the good example to follow from the outside, because it has not worked from the inside and will never work.

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