It is becoming apparent that many Nigerians do not know that our membership of OPEC is simply to give us a competitive advantage in the global energy market and that by playing our role adequately within the OPEC cartel and implementing policies that are in tune with the cartels objectives we can significantly affect the price of our sole product oil. OPEC has historically used production quotas to affect global prices of the commodities and cutting production by OPEC members while careless countries like Nigeria putting greater checks on production leakages and stealing would also affect pricing. Yes it is true that Shale production brings a new challenge to OPECs influence on the market, the cost of shale production is still significantly higher than conventional oil. I see some Nebuchadnezzar fans scoffing at General Buharis statement in his channels interview yesterday that he would work to stabilize oil prices. They think it is something that cant be done because their master has no understanding of global enterprises. Anytime a country faces Economic problems, a responsible government implements policies to reverse them, they dont just pray or blame others. Just like Obamas policies turned around the recession in America, carefully thought about policies can turnaround our fortunes here too, Wake up morons, governance is not rocket science. ~ Ajagzy Okunrin Ogun
Posted on: Tue, 09 Dec 2014 10:07:49 +0000