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tex@synterra.co
+44 788 084 2065
tex@synterra.co
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.
NIGERIA CRUDE GRADES SPIKE AS QUA IBOE PRICED AT $4+ TO DTD BRENT
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...
OPEC FLARES UP AS UNREST ERUPTS
Opec may have no appetite to cut oil production deeper when it meets next month, but flaring political crises across the group are once again threatening supply.Unrest erupted in Iraq and Iran this month – two of the Middle East’s biggest producers – as people took to the streets protesting financial...
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...
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...
NIGERIA OPEC CUT PRODUCTION TO BOOST SAUDI ARAMCO IPO
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...
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...
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...
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...
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...
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