NIGERIA: THE CRUDE OIL ECONOMY

OIL STEDIES AS MARKET GAUGE CORONAVIRUS Both global oil benchmarks Dated Brent and WTI are currently trading at levels lower than when OPEC introduced their production cuts in December having plummeted to levels last seen in October 2019. Though WTI has clawed its way back to slightly above the $53 per...

It has been reported that Nigeria has agreed to cut its  production of crude oil and condensates  in an effort to assist Saudi Arabia, the de facto leader of OPEC, with the Saudi Aramco's IPO. According to the Wall Street Journal Nigeria not only  agreed to the cut production and comply...

QUA IBOE PRICED AT +$4 PREMIUM TO DATED BRENT Qua Iboe the light sweet crude grade produced by Exxon Mobil rom numerous offshore fields in the Bight of Biafra in southeastern Nigeria is being offered at a $4 per barrel premium to Dated Brent, even though official selling prices published on...

Hong Kong Human Rights and Democracy Act  Just at the time the oil market  is struggling to break out it could have done with out this. The Trump administration have enacted legislation which targets China's human rights record and its handling of pro democracy protestors in Hong Kong. The legislation not only...

"Like religion, if you are believer you have to practice. Without practice, you are a non-believer. I do not assume anyone in the room is a non-believer. We are here to deliver. The market will have to trust us, the analysts will have to believe us. Without [this] we cannot deliver...

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...

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...

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...

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...