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.
NIGERIAN OIL SHUT-IN LIKE END OF DAYS

NIGERIAN OIL SHUT-IN LIKE END OF DAYS

NIGERIA BRACES AS CRUDE OIL  SHUT-INS LOOM Brent crude the international oil price benchmark and the basis which Nigeria uses for price discovery of its crude grades fell to $22 per barrel on Monday, its lowest level in 18 years . Such a price if it persists for a short while...

OPEC-compensation OPEC demand compensation

SYLVA SHOULD NOT COMPENSATE OPEC

Nigeria agree to compensate OPEC by further cutting production  Nigeria should not be in the nonsensical position that it has to compensate OPEC by making additional production cuts as other producers increase their output. At the 20th meeting of the OPEC, Joint Ministerial Monitoring Committee (JMMC) which took place on Wednesday, 15 Jul...

POOR NIGERIANS RESILIENCE TESTED YET AGAIN AS OIL PRICE COLLAPSES

POOR NIGERIANS RESILIENCE TESTED YET AGAIN AS OIL PRICE COLLAPSES

Nigerians have been told they are resilient, as if they have a choice. A flattery conceived to beguile the masses   living in abject poverty. Often repeated  by a well fed political class that have garnered enough wealth to insulate themselves from the harsh vagaries of the Nigerian existence. 

BONNY LIGHT SLUMPS TO $12 DESPITE OIL MINISTERS PREDICTION

BONNY LIGHT SLUMPS TO $12 DESPITE OIL MINISTERS PREDICTION

Bonny Light the most recognisable and one of the most sought after Nigerian crude grades last week  traded at $12 per barrel.  The low sweet flagship Nigerian crude had up until last month historically traded at a premium to dated Brent. Bonny Light has become emblematic of the fate of light sweet crude grades that yield high cuts of transport fuels in a world in lockdowns.

Lagos-traffic-jam Lagos rush hour traffic

DEREGULATION MUST SAVE NIGERIA TRILLIONS IN SUBSIDY WASTE

SYLVA MAKES THE CASE FOR DEREGULATION   A virtue signalling Minister of State for Petroleum Resources Chief Timipre Sylva in a statement recently released in Abuja was at pains to point out the economic benefits of deregulation of the downstream oil sector . The main thrust of his statement re-iterates arguments some of us having been mak...

Nigeria-bush-refiners Illegal Refineries pproduce cleaner fuel

DPR STILL ALLOW IMPORT OF KILLER PMS INTO NIGERIA

 When the Stakeholder Democracy Network (SDN) an international non-governmental organisation broke the news, it re-exposed a racket that has been going on for years. Nigeria has been for a while the choice destination for dumping the worst, most carcinogenic, toxic refined petroleum products on the planet. Indeed such is the preponderance of o...

Nigeria-deregulation-pms Nigerian downstream looks to deregulation

NIGERIAN PMS DEREGULATION WITH A PRICE CAP SET BY PPPRA

Deregulationit would appear is finally upon Nigeria, or probably not. An incoherent and ostensibly contradictory statement made by The Executive Secretary of the Petroleum Products Pricing Regulatory Agency (PPPRA), Abdulkadir Saidu cast doubt on earlier proclamations as he seemed to suggest that the market would not set the price for gasoline and ...

Libyan-oilpipes Libyan Crude set to return

RETURN OF LIBYAN CRUDES PRESSURES NIGERIAN GRADES

LIBYAN LIGHT SWEET CRUDE BAD NEWS FOR QUA IBOE AND BONNY LIGHT The return of Libyan crudes, notably EsSider and Saharan which will largely clear in the Mediterranean at prices that will be competitive against long-haul grades, will put Nigerian grades under severe pressure. The return of Libyan crude has come at the worse possible time as Nigeria s...

END SARS #END SARS NNPC

#END A BANKRUPT NNPC

END SARS END A BANKRUPT NNPC NNPC despite its appearance only masquerades as an integrated oil company. It is neither a real commercial entity nor a meaningful operator. Not an oil company but a facilitator of kleptocracy. Its most effective function has been to facilitate the theft and redistribution of Nigeria's huge resource endowment from its p...

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