NIGERIA: THE CRUDE OIL ECONOMY

Synterra the Nigeria Risk Management Consultants provide insight into how the oil markets affect the Nigerian economy. Nigeria's reliance on crude oil receipts is total. At a time of increasing volatility and uncertainty this blog seeks to provide an analysis of the effect the global energy markets have on business in Nigeria, their relationship with OPEC and how local policy decision making affects investment opportunities.
US TROOPS TO DEFEND SAUDI SPECIAL RELATIONSHIP

US TROOPS TO DEFEND SAUDI SPECIAL RELATIONSHIP

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...

A SORDID SAGA LIKE NO OTHER COSTS NIGERIANS $9.6bn

A SORDID SAGA LIKE NO OTHER COSTS NIGERIANS $9.6bn

In June, I wrote an article about an  impending tragedy ( READ REPORT)set to befall  an unwitting and unsuspecting  Nigeria led by a bunch of somnambulant muppets that masquerade as political leadership. The litany of how Nigeria has arrived at this point is a shocking narrative of incompetence, misconduct in public...

HAS ADRIAN DARYA 1  FINALLY SOLD ITS  CARGO TO SYRIA DESPITE  SANCTIONS AND GIBRALTAR?

HAS ADRIAN DARYA 1 FINALLY SOLD ITS CARGO TO SYRIA DESPITE SANCTIONS AND GIBRALTAR?

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...

ROUHANI IRAN ACT TO SABOTARGE SAUDI ARAMCO IPO

ROUHANI IRAN ACT TO SABOTARGE SAUDI ARAMCO IPO

Iran’s oil Minister Bijan Namdar Zanganeh told reporters in Tehran today that an oil field whose discovery President Hassan Rouhani announced over the weekend adds only 22.2 billion barrels to the country’s estimated crude reserves. Out of the amount at the site, only a tenth, 2.2 billion barrels can be extracted...

US ECONOMIC DATA INCREASES BEARISH OUTLOOK

US ECONOMIC DATA INCREASES BEARISH OUTLOOK

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...

API INVENTORY DATA SUPERCEDED BY EIA NUMBERS TO CALM SURPRISED MARKET

API INVENTORY DATA SUPERCEDED BY EIA NUMBERS TO CALM SURPRISED MARKET

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...

US SANCTIONS ON COSCO SPIKE FREIGHT RATES TO WS300 AS FAR EAST REFINING MARGINS COLLAPSE

US SANCTIONS ON COSCO SPIKE FREIGHT RATES TO WS300 AS FAR EAST REFINING MARGINS COLLAPSE

Far East Refiners margins have been hit hard as freight rates soar. Spot VLCC freight rates for shipping crude from the Persian Gulf to the Far East breached the 200 Worldscale mark  with ship owners  earnings extending beyond  the $200,000/day figure for the first time in over a decade. The dearth...

ARAMCO IPO SIGNALS THE END OF DAYS FOR OPEC

ARAMCO IPO SIGNALS THE END OF DAYS FOR OPEC

The end of days for OPEC is nigh, not only has it outlived its usefulness, it is no longer fit for purpose. In a global economy so vastlydifferent from the time the organisation was established the impending Aramco IPO provides a clear indication, if any were needed as to the direction...

SUPERMAJORS POST 42% SLUMP IN Q3 EARNINGS

SUPERMAJORS POST 42% SLUMP IN Q3 EARNINGS

A combination of tardy economic growth, a reduction in global oil demand, falling energy prices  and shrinking margins in the petchem market have seemingly conspired to plunge 3rd quarter earnings for supermajors. Five of the world’s largest publicly traded oil and gas companies, Exxon Mobil Corp., Royal Dutch Shell Plc, Chevron...

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