NIGERIA: THE CRUDE OIL ECONOMY

When asked about the proposed OPEC production cuts last week, UAE energy minister Suhail al-Mazrouei told reporters in a show of what now turns out to be misplaced confidence,   "I can not see us not agreeing, because that's very important for the market." He however went on to state that in...

When it came it was as abrupt as it was devastating, a collapse in crude oil price futures significant enough to be defined as a material adverse change. In other words a calamity, at a time Nigeria is least able to absorb it.  Indeed the Group Managing Director (GMD) of Nigerian...

Saudi Arabia has opened a discussion about moving the upcoming OPEC+ policy meeting to early February from March, four OPEC+ sources said, after a swift slide in oil prices alarmed Riyadh. Worries over the economic impact of China’s coronavirus has rattled global markets, helping send the price of crude down to...

ROYAL DUTCH SHELL SHELF OIL BUY BACK It has emerged that in the wake of the coronavirus Royal Dutch Shell , the world’s second-largest listed oil and gas companyhas now decided to slow down the rate of its planned share buy back. Shell embarked on a $25 billion buy back programme...

A slower decline in refined product prices compared to crude oil saw refinery margins strengthen. Though Chinese refining margins stayed firmly in negative territory, with Arab Medium cracking margins averaging minus $1.84/b, up from the minus $3.98/b the week earlier.The decline in the demand for transport fuel created by COVID-19 saw...

Russia seem to have won the argument and OPEC+ will meet as scheduled in Vienna on March 5th- 6th. It could be that a resurgence  in the  Brent oil price benchmark which has seen it reach  $59.16/b as of 1719 GMT today, up 11% from the February 10th  low has alleviated...

Global oil over the years has been a litany of contrasting if not oft times conflicting interests, competing in a far from free market whatever the commentariat would have you believe. As we look forward to 2020 the hopes and expectations of the market are as diverse as the participants.  Questions...

THE DEATH OF THE IRANIAN PUPPET MASTER In the wake of the  air strike at Baghdad airport which killed  Major-General Qassem Soleimani, the leader of Iran Revolutionary Guard elite Quds Force responsible for extraterritorial military and clandestine operations. Oil prices jumped to the highest level in more than three months on...

It  now seems that the massive Hedge undertaken by Occidental Petroleum Corp(OXY.N) and reported as “costless” to its investors  at the time back in July is anything but and does not provide adequate downside protection for 2021. At the time Occidental’s priorities were to provide reassurance to apprehensive investors, many who...