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NIGERIAN NEWS

PRAISE SINGERS  GO TO "GREET" NEW  GMD NNPC

PRAISE SINGERS GO TO "GREET" NEW GMD NNPC

04 August 2019

If journalism is to have meaning, to fulfill its raison d'etre, then it must be about speaking truth to power; giving a voice to the voiceless. The National Chairman of...

IS IT A NIGERIAN GAS FLARE COMMERCIALISATION PROGRAM ?

IS IT A NIGERIAN GAS FLARE COMMERCIALISATION PROGRAM ?

31 July 2019

The Nigeria Gas Flare Commercialisation Programme (NGFCP) is a prime example of a project well concieved but poorly executed and unlikely to achieve most of its objectives despite its inherernt...

VR CAPITAL BUY 25% OF P&ID AS NIGERIA FACE $9BN FINE

VR CAPITAL BUY 25% OF P&ID AS NIGERIA FACE $9BN FINE

05 June 2019

First, a health warning. This article is about recalcitrant, inept and quite possibly corrupt Nigerian politicians and government ministers. It is certainly about incompetence and misconduct in public office. It...

DISASTER AS UNEMPLOYMENT LEAPS BY 30%  TO 20.9m

DISASTER AS UNEMPLOYMENT LEAPS BY 30% TO 20.9m

29 May 2019

Nigeria is sleepwalking into a disaster which has the potential to unleash instability, insecurity and crippling hardship. Unemployment is always a cause for concern, it is the clearest indication that...

 NIGERIA NGIGE UNDEREMPLOYED OR UNEMPLOYABLE?

NIGERIA NGIGE UNDEREMPLOYED OR UNEMPLOYABLE?

08 May 2019

Working on the assumption that the Minister of Labour and Employment, Senator Chris Ngige has not been misquoted it is difficult to understand his recent pronouncement and what now seems...

NIGERIA ANOTHER MOU ANOTHER DAY

NIGERIA ANOTHER MOU ANOTHER DAY

01 May 2019

Nigeria has announced ambitious plans to double its oil production by 2025, targetting 4 million bpd in six years’ . Maikanti Baru, Group Managing Director at the Nigerian National Petroleum...

NNPC REFINERY WOES 2019

NNPC REFINERY WOES 2019

24 April 2019

The Nigerian Minister of State for Petroleum Resources, Dr. Ibe Kachikwu, has not unpredictably, stated that Nigeria’s continuous subsidy of petrol consumption means the Nigerian National Petroleum Corporation (NNPC) will...

NIGERIA OPEC STAND FIRM

NIGERIA OPEC STAND FIRM

28 March 2019

Nigeria and other member countries of the Organisation of Petroleum Exporting Countries (OPEC) as well as their non-OPEC allies led by the Russian Federation have said they are committed to...

PALM OIL PRODUCTION UNDERPERFORMS

PALM OIL PRODUCTION UNDERPERFORMS

18 March 2019

PALM OIL PRODUCTION A MEAGRE PERFORMANCE Nigeria from gaining a substantial share of the global oil palm industry now worth $62 billion annually, casting doubts on government’s ability to grow...

NIGERIA REFINING THE VISION

NIGERIA REFINING THE VISION

18 March 2019

NIGERIA REFINING THE VISION Nigeria is the only OPEC member country that imports gasoline (PMS) and holds the dubious distinction of being the largest importer in the world. The Nigerian...

IS THE PGB FATALLY FLAWED?

IS THE PGB FATALLY FLAWED?

18 March 2019

IS THE PIGB FATALLY FLAWED? Ten years after the Petroleum Industry Bill began its tortuous odyssey which has included the Bill being broken into four portions, both houses of the...

CBN PUMP UP THE T-BILLS

CBN PUMP UP THE T-BILLS

18 March 2019

CBN PUMP UP THE T-BILLS The Central Bank of Nigeria (CBN) plans to raise a total of N1.809 trillion from the debt market, in the first quarter of 2019.This is...

TIN EXPORTS NIGERIA

TIN EXPORTS NIGERIA

17 March 2019

TIN EXPORT NIGERIA Synterra are able to export high grade tin ore from Nigeria. We agregate the Mining production of a number of artisanal miners and consolidate volumes for exportSynterra...

BERYLLIUM MINING OPPORTUNITIES

BERYLLIUM MINING OPPORTUNITIES

17 March 2019

The Nigeria Solid Mineral and Mining Sector has in effect made the great leap forward which will now allow investors to take advantage of the vast mineral potential Nigeria possess....

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OIL MARKETS

OIL MARKETS

This blog is an indepth  and frequently critical analysis of topical issues in the global oil markets  as they relate to Nigeria

 

 An analysis on global oil market and how they effect Nigeria's economic and financial well being. Nigeria's economy is inextricably linked to these markets and the decisions key actors take to safeguard  and promote their own economic objectives. Nigeria principally seeks to excersize its own influence on the global stage through its membership of OPEC. But just how effective is OPEC? Do the key actors share similar policy objectives or political alignments with Nigeria. Has OPEC+ (inclusion of Russia) altered the organisations focus?

The blog also analyses the broader issues in respect of fossil fuels, geopolitical events and their ramifications for Nigeria. We critique the Nigerian government policy decision making and other legislation and the effect it has on Nigeria's prosperity

Saturday, 17 August 2019 14:16

OPEC BEARS THE PRICE OF US-CHINA TRADE DISPUTE

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OPEC BEARS THE PRICE OF US-CHINA TRADE DISPUTE OPEC member states are bracing themselves for a bleak bearish outlook in the short term despite their best efforts to support crude oil benchmarks with supply cuts. The bearish outlook is due to an anticipated slow down in global growth amid the U.S.-China trade dispute with a no-deal Brexit further weighing heavily on bearish sentiment. In the event that the trade dispute remains unresolved it is highly likely OPEC+ will be moved to extend the production cuts into 2020. OPEC have stated their determination to ensuring the market is balanced and stated they will be closely monitoring the market in the coming months in an effort to maintain market price stabilty. OPEC stated in their most recent report that their policy to support prices through supply cuts has been giving a sustained boost to U.S. shale and other rival supply, and the report suggests the world will need less OPEC crude next year. The demand for OPEC crude is forecast to average 29.41 million bpd next year, OPEC said, down 1.3 million bpd from this year. Still, the 2020 forecast was raised by 140,000 bpd from last month’s forecast. OPEC reported its…
As Donald Trump’ presidency unfolds, he continues to discover artful mechanisms of how to apply his authoritarian instincts to the constitutional power he possess. His sole objective to circumvent constitutional restrictions which foil his ability to operate as Putin or MBS to his benefit and to the detriment of others. An increasing number of events has recently revealed just how Trump is accruing authority, abusing his power, threatening to violate the law, thwarting the checks on his office, and undermining US institutions empowered by by Congress. China have been labelled currency manipulators by an acquiesent and previously rational US Treasury department full in the knowledge that the recent depreciation of the yuan below the historical benchmark of 7 to the US$ was neither an act of intervention by the Peoples Bank or met the firmly established criteria for currency manipulation. The task of evaluating currency manipulation is the sole preserve of US Treasury Departmentand its decision to label China a manipulator has weakened the credibility and robbed the US Treasury Dept of its proffessional integrity. It is yet another example of Trumpian destruction of established rules of engagement, most of which were authored or sponsored by the US. For a…
Tuesday, 13 August 2019 00:41

CHINA STEADFASTLY DEFY THE US IRAN OIL SANCTIONS

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Whilst large European oil companies have resisted every attempt by the EU to get them to engage with the INSTEX mechanism to trade with Iran, China has no such compunctions. The New York Times recently published an article, after claiming to have received information from multiple sources alleging that China has been receiving oil shipments from a larger number of Iranian tankers than was previously known. Historically China imported about 500,000 bpd, though in recent times it has been set at about 360,000 bpd. But it is difficult to arrive at a definitive figure. The Trump Administration has already imposed sanctions on Zhuhai Zhenrong, a Chinese state-owned enterprise, and its top executive Li Youmin, But in all reality it will have to impose sanctions on the Peoples Bank of China which I unlikely US sanctions are not legal just another example of them asserting extra territorial jurisdiction. China had made it very clear that US sanctions regime would not determine their strategic or commercial interests. But to hear American politicians speak you wouldn’t think so. Senator Marco Rubio said "While I'm glad the administration sanctioned an initial round of Chinese actors, it must step up strong enforcement to deter Chinese…
Monday, 12 August 2019 12:24

US SHALE THE PONZI OF OUR TIME

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 US Shale has become the Ponzi scheme of our times. How much longer can it survive and in what guise?. The long term financial viability of shale amid another dreadful slew of earnings reports that have come out over the last couple of days is in a state of dire qualm. these setbacks whilst not entirely unexpected have yet again staggered the industry and sparked a share price collapse which has seen what appears to be a terminal loss of investor confidence. Shale has been pounded by a series of poor financial results from several drillers at a time when the oil outlook is significantly deteriorating. According to the Wall Street Journal and Wood Mackenzie, a random basket of 7 shale drillers posted a combined $1.58 billion in negative cash flow in the first quarter, four times worse than the same period a year earlier. The trend is far from reassuring against the backdrop of an industry that has run up almost $300 billion in negative cashflow. Last week, Concho Resources admitted they had failed in a gamble to increase capital efficiency, an experimental 23-well project, suffered poor results because the wells were packed too closely together. The company’s share…
It came as no surprise when the US announced sanctions on Zhuhai Zhenrong, a Chinese state backed enterprise which was set up 25 years ago as the sole importer of Iranian crude to China. Beijings response was swift and equally predictable " “We oppose the bullying and sanctions by the US of China’s enterprises and individuals based on US’s domestic laws. We strongly condemn and firmly oppose sanctions on related Chinese companies by the US.”. Zhuhai Zhenrong will be barred from engaging in foreign exchange, banking or property transactions under US jurisdiction, as will its chief executive, Youmin LiData obtained from Chinese customs and cited by Reuters indicated Iran sent a bit over 208,000 bpd of crude to China in June , which was down from over 250,000 bpd in May while the waivers were still in effect. According to Reuters ,most of the Iranian oil shipments to China in June were discharged at Tianjin, at about 163,000 bpd. Tianjin, in northern China, along with two other ports Jinzhou and Huizhou are China’s three main oil hubs. It has been difficult to assess the full extent of Chinas imports of Iranian oil as much of the trade is clandestine with…
Wednesday, 31 July 2019 16:19

SAUDIS DIG IN AS OPEC PRODUCTION HITS 7 YEAR LOW

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OPEC oil output hit an eight-year low in July as a further voluntary cut by top exporter Saudi Arabia deepened losses caused by U.S. sanctions on Iran and outages elsewhere in the group, a Reuters survey found. OPEC pumped 29.42 million barrels per day (bpd) in July, the survey showed, down 280,000 bpd from June's revised figure and the lowest OPEC total since 2011. Saudi Arabia has demonstrated recently its willigness to ignore US pressure and maintain its strategy of voluntarily restraining output by more than called for by an OPEC-led supply deal to support the market. Despite lower OPEC production global crude oil benchmarks have fallen from a 2019 high above $75 a barrel in April to $65 on Wednesday, weighed down by predictions on slowing economic growth. OPEC, Russia and other non-members, known as OPEC+, agreed in December to reduce supply by 1.2 million bpd from Jan. 1 this year. OPEC's share of the cut is 800,000 bpd, to be delivered by 11 members with the exemption of Iran, Libya and Venezuela.In July, the 11 OPEC members bound by the agreement, which now runs until March 2020, achieved 163% of pledged cuts, the survey found. All three exempt…
U.S. crude oil inventories fell more than expected last week, logging their seventh-consecutive weekly draw.Initial gains in a knee-jerk reaction quickly faded as bulls turned cautious ahead of the Federal Reserve’s policy decision. The Energy Information Administration said in its regular weekly report that crude oil inventories decreased by about 8.5 million barrels in the week to July 26. That was compared to forecasts for a stockpile draw of just 2.59 million barrels, adding to a higher-than-estimated draw in gasoline inventories and an unexpected decline distillate stockpiles. While oil prices initially jumped an additional 30 cents after the data, those gains quickly faded. U.S. crude prices last rose 0.3% to $58.21 a barrel by 11:17 AM ET (15:17 GMT), down from $58.44 prior to the publication. London-traded Brent crude futures traded up 0.5% to $64.92 a barrel, compared to $65.09 ahead of the release. “On the surface of it, this is a whopping drawdown, coming after last week’s 11-million-barrel drop, but the follow-up price movement seems to indicate that people are still having trouble ‘buying’ the strong numbers for crude after Hurricane Barry,” Investing.com senior commodity analyst Barani Krishnan said after the report. “Or maybe they are just waiting out…
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