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NIGERIAN NEWS

BRENT WTI MOVE UP ON PROMISE OF US-CHINA TRADE TALKS

BRENT WTI MOVE UP ON PROMISE OF US-CHINA TRADE TALKS

06 September 2019

Brent Oil Futures was up 0.13% at $61.03 a barrel, as of 12:40AM ET (04:40 GMT), while Crude Oil WTI Futures was up 0.12% at $56.37 a barrel. The EIA...

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

Wednesday, 02 October 2019 17:41

US ECONOMIC DATA INCREASES BEARISH OUTLOOK

Written by
IS THE US ECONOMY TRENDING TOWARDS RECESSION Oil fell as concerns about the U.S. economy triggered another sharp selloff on Wall Street, with the S&P 500 off 1.7%, falling below 2,900. Crude oil benchmarks fell n morning trading Wednesday on the NYMEX on a larger than forecast build in crude inventories and a sharp decline in US equities. WTI futures fell 2.3% to $52.37, around its lowest in September and Brent was also down 2.3% to $57.55. In recent days US economic data has raised concerns and heightened bearish sentiment. Oil fell as concerns about the U.S. economy triggered another sharp selloff on Wall Street, with the S&P 500 off 1.7%, falling below 2,900. It has also been reported that September private payrolls came in below expectations at 135,000 following Tuesday’s equity losses after the Institute for Supply Management’s manufacturing PMI came in at a 10-year low. That raises questions about future demand for oil in the U.S. at a time when global economic growth is tardy. The EIA reported U.S. oil inventories were up 3.1 million barrels last week, Analysts had predicted a rise of about 1.57 million barrels of crude for the week ended Sept. 27. The American…
Monday, 30 September 2019 00:01

US TROOPS TO DEFEND SAUDI SPECIAL RELATIONSHIP

Written by
Oil prices have retreated back to the pre- strike levels as Aramco reports it has restored full production capacity. Their prompt actio has made markets reluctant to demand much, if any, oil price risk premiums, as if we are to believe what we are told, the Saudi's have the ability to quickly recover from any production outage. Crude oil prices gained traction after Pentagon announced that the United States will be deploying military equipment and support personnel to Saudi Arabia in response to the drone and missile attacks aimed at Saudi Arabian oil facilities earlier in September. In plain speak the US will now be manning Saudi air defense. It is a fudge of sorts as the man in the Whitehouse has one eye on re-election in 2020 and seems determine not to be drawn into any military scale action in the Middle East. However given Saudi Arabia's ostentatious purchase of American military hardware, one might be justified in questioning quite why they need the US to defend the Kingdom. The Saudis have spent over $80 billion on arms bought from the UK and the US in the last couple of years and between 2014- 2018 were the largest global…
President Trump said Wednesday he will tighten the economic screws on Iran, as the U.S. and Saudi Arabia begin to coordinate a response to the drone strikes on the kingdom’s oil processing facilities. US intelligence has put Iran firmly in the frame, though beyond the wreckage of crashed drones , currently there is no definitive evidence. As a consequence oil prices extended their losses today as the market evaluates Trump's strategy of extending economic sanctions seemingly making a military response unlikely in the wake of the attacks on key Saudi Arabian oil installations last week. Earlier today WTI futures were down at $58.12 a barrel, compared to $58.73 a barrel immediately before the Trump tweets. Dated Brent was at $63.37, down 1.7% on the day and down from $63.92 before the tweets. Oil prices had already fallen steeply on Tuesday, after Saudi Arabian Energy Minister Prince Abdulaziz bin Salman had said the kingdom expects to restore oil production levels to pre-attack levels by the end of the month. Trump said via Twitter that he had “"just instructed the Secretary of the Treasury to substantially increase Sanctions on the country of Iran!" . Secretary of State Mike Pompeo is meeting Wednesday…
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THE HOUTHI REBELS DRONES EXPOSE SAUDI UAE AND US AIR DEFENSE The Houthi Rebels conjure up a picture of a poorly trained and ill equipped fighting force, the sort that would seek refuge in caves or a djebel somewhere in the desert. But like so many of the rag-tag resistance groups that have come before them, they are proving endlessly resilient. According to Gulf News ten automated, aerial, combat drones launched an attack on Saudi Aramco’s Abqaiq plant in Buqyaq and the Khurais oil field on Saturday at 3:31 a.m. and 3:42 a.m. local time. Attacks on Saudi Arabia's pivotal Abqaiq processing facility and Khurais oil field have raised questions over the vulnerability of the kingdom's production capability. Saudi Arabia said the drone attacks on saturday had caused them to suspend the production of 5.7 million barrels of oil a day (almost 6% of global production) but re-iterated export customers would continue to be supplied from inventories; Saudi stockpiles totalled 187.9 million barrels in June. The Abqaiq facility is the single most important facility in Saudi's oil industry, it is Aramco's largest oil processing facility and processes about 50% of the company's crude oil production. Khurais is the second biggest…
Nigeria has pledged to cut production by 57,000 barrels a day to comply with its agreed OPEC+ quota. This vow came as the joint marketing monitoring committee formed by OPEC and its allies known as OPEC+ met on Thursday in Abu Dhabi prior to the policy decision making meeting in Vienna scheduled for December 5th. According to the International Energy Agenc (IEA) Nigeria produced 2.386 million barrels of oil daily in August. Though that estimate is misleading. Under the agreement Nigeria should produce no more than 1.685 million barrels per day it agreed to in December 2018. Yet Nigeria can claim 600,000 barrels included in the IEA report are condensates which are not quota restricted and fall outside any production cuts. According to the secondary sources OPEC uses to calculate official production and compliance rates in August, Nigeria pumped 1.866 million bpd, up by 86,000 bpd from July. Brent crude Oil prices have dropped below $60 in recent weeks with oil demand looking bleak off the back of the on going US-China trade war. There has been some suggestion that OPEC+ may consider further cuts but Saudi Arabia’s new energy minister, Prince Abdulaziz bin Salman, said deeper cuts would not…
Despite taking the scenic route, which included an unscheduled detention in Gibraltar and a meandering sometime convoluted voyage, the MT Adrian Darya 1 finally reached its disport. Iran has confirmed that the tanker formerly known as MT Grace 1 suspected of trying to deliver Iranian oil to Syria in defiance of EU sanctions has now sold its cargo. Confounding both the EU, UK and the US and to their chagrinThe most recent Satellite images taken last friday, appeared to show the vessel, MT Adrian Darya-1 just off the coast of Syria. Yet Tanker Trackers a vessel tracking service purport to have satellite imagery which shows the vessel is fully laden. Tehran will be triumphant and perhaps now deal promptly with the little matter of the MT Stena Imperor. Notably the Iranian foreign ministry spokesman would only go as far as to say the ship had delivered its cargo after docking "on the Mediterranean coast". The spokesman did not give the name of the 'Buyer'. The US has been trying to seize the tanker since it was released by Gibraltar. It issued a warrant and blacklisted the vessel, threatening sanctions on any country which offered it aid. The ship had been…
The American Petroleum Institute (API) had estimated a crude oil inventory build of 401,000 barrels for the week ending Aug 29, compared to analyst expectations of a 3.50-million barrel draw. There will be an explanation for the disparity but that is not the most important thing at the moment Had that been confirmed by EIA figures, the inventory build this week would have taken away from last week’s draw in crude oil inventories of 11.1 million barrels, according to API data. The EIA estimated that week there was an inventory draw of 10.0 million barrels. It is on such figures that bulls are reared. The implication being a steady inexorable draining of OECD crude inventories, on the way to balancing the market. However the EIA bemused oil traders after Labor Day, when it reported that U.S, crude supplies declined by 4.8 million barrels for the week ended August 30 in line with analysts previous calculations. If nothing else this episode has re-inforced to the market the effect of the inventory numbers have on it. It has also perhaps emphasised the importance of the EIA and their numbers to the detriment of the API. Is it now conventional wisdom to wait…
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