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NIGERIAN NEWS

BRENT WTI MOVE UP ON PROMISE OF US-CHINA TRADE TALKS

BRENT WTI MOVE UP ON PROMISE OF US-CHINA TRADE TALKS

06 September 2019

Brent Oil Futures was up 0.13% at $61.03 a barrel, as of 12:40AM ET (04:40 GMT), while Crude Oil WTI Futures was up 0.12% at $56.37 a barrel. The EIA...

PRAISE SINGERS  GO TO "GREET" NEW  GMD NNPC

PRAISE SINGERS GO TO "GREET" NEW GMD NNPC

04 August 2019

If journalism is to have meaning, to fulfill its raison d'etre, then it must be about speaking truth to power; giving a voice to the voiceless. The National Chairman of...

IS IT A NIGERIAN GAS FLARE COMMERCIALISATION PROGRAM ?

IS IT A NIGERIAN GAS FLARE COMMERCIALISATION PROGRAM ?

31 July 2019

The Nigeria Gas Flare Commercialisation Programme (NGFCP) is a prime example of a project well concieved but poorly executed and unlikely to achieve most of its objectives despite its inherernt...

VR CAPITAL BUY 25% OF P&ID AS NIGERIA FACE $9BN FINE

VR CAPITAL BUY 25% OF P&ID AS NIGERIA FACE $9BN FINE

05 June 2019

First, a health warning. This article is about recalcitrant, inept and quite possibly corrupt Nigerian politicians and government ministers. It is certainly about incompetence and misconduct in public office. It...

DISASTER AS UNEMPLOYMENT LEAPS BY 30%  TO 20.9m

DISASTER AS UNEMPLOYMENT LEAPS BY 30% TO 20.9m

29 May 2019

Nigeria is sleepwalking into a disaster which has the potential to unleash instability, insecurity and crippling hardship. Unemployment is always a cause for concern, it is the clearest indication that...

 NIGERIA NGIGE UNDEREMPLOYED OR UNEMPLOYABLE?

NIGERIA NGIGE UNDEREMPLOYED OR UNEMPLOYABLE?

08 May 2019

Working on the assumption that the Minister of Labour and Employment, Senator Chris Ngige has not been misquoted it is difficult to understand his recent pronouncement and what now seems...

NIGERIA ANOTHER MOU ANOTHER DAY

NIGERIA ANOTHER MOU ANOTHER DAY

01 May 2019

Nigeria has announced ambitious plans to double its oil production by 2025, targetting 4 million bpd in six years’ . Maikanti Baru, Group Managing Director at the Nigerian National Petroleum...

NNPC REFINERY WOES 2019

NNPC REFINERY WOES 2019

24 April 2019

The Nigerian Minister of State for Petroleum Resources, Dr. Ibe Kachikwu, has not unpredictably, stated that Nigeria’s continuous subsidy of petrol consumption means the Nigerian National Petroleum Corporation (NNPC) will...

NIGERIA OPEC STAND FIRM

NIGERIA OPEC STAND FIRM

28 March 2019

Nigeria and other member countries of the Organisation of Petroleum Exporting Countries (OPEC) as well as their non-OPEC allies led by the Russian Federation have said they are committed to...

PALM OIL PRODUCTION UNDERPERFORMS

PALM OIL PRODUCTION UNDERPERFORMS

18 March 2019

PALM OIL PRODUCTION A MEAGRE PERFORMANCE Nigeria from gaining a substantial share of the global oil palm industry now worth $62 billion annually, casting doubts on government’s ability to grow...

NIGERIA REFINING THE VISION

NIGERIA REFINING THE VISION

18 March 2019

NIGERIA REFINING THE VISION Nigeria is the only OPEC member country that imports gasoline (PMS) and holds the dubious distinction of being the largest importer in the world. The Nigerian...

IS THE PGB FATALLY FLAWED?

IS THE PGB FATALLY FLAWED?

18 March 2019

IS THE PIGB FATALLY FLAWED? Ten years after the Petroleum Industry Bill began its tortuous odyssey which has included the Bill being broken into four portions, both houses of the...

CBN PUMP UP THE T-BILLS

CBN PUMP UP THE T-BILLS

18 March 2019

CBN PUMP UP THE T-BILLS The Central Bank of Nigeria (CBN) plans to raise a total of N1.809 trillion from the debt market, in the first quarter of 2019.This is...

TIN EXPORTS NIGERIA

TIN EXPORTS NIGERIA

17 March 2019

TIN EXPORT NIGERIA Synterra are able to export high grade tin ore from Nigeria. We agregate the Mining production of a number of artisanal miners and consolidate volumes for exportSynterra...

BERYLLIUM MINING OPPORTUNITIES

BERYLLIUM MINING OPPORTUNITIES

17 March 2019

The Nigeria Solid Mineral and Mining Sector has in effect made the great leap forward which will now allow investors to take advantage of the vast mineral potential Nigeria possess....

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OIL MARKETS

OIL MARKETS

This blog is an indepth  and frequently critical analysis of topical issues in the global oil markets  as they relate to Nigeria

 

 An analysis on global oil market and how they effect Nigeria's economic and financial well being. Nigeria's economy is inextricably linked to these markets and the decisions key actors take to safeguard  and promote their own economic objectives. Nigeria principally seeks to excersize its own influence on the global stage through its membership of OPEC. But just how effective is OPEC? Do the key actors share similar policy objectives or political alignments with Nigeria. Has OPEC+ (inclusion of Russia) altered the organisations focus?

The blog also analyses the broader issues in respect of fossil fuels, geopolitical events and their ramifications for Nigeria. We critique the Nigerian government policy decision making and other legislation and the effect it has on Nigeria's prosperity

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 scheduled for December 5th. According to the International Energy Agenc (IEA) Nigeria produced 2.386 million barrels of oil daily in August. Though that estimate is misleading. Under the agreement Nigeria should produce no more than 1.685 million barrels per day it agreed to in December 2018. Yet Nigeria can claim 600,000 barrels included in the IEA report are condensates which are not quota restricted and fall outside any production cuts. According to the secondary sources OPEC uses to calculate official production and compliance rates in August, Nigeria pumped 1.866 million bpd, up by 86,000 bpd from July. Brent crude Oil prices have dropped below $60 in recent weeks with oil demand looking bleak off the back of the on going US-China trade war. There has been some suggestion that OPEC+ may consider further cuts but Saudi Arabia’s new energy minister, Prince Abdulaziz bin Salman, said deeper cuts would not…
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 EU sanctions has now sold its cargo. Confounding both the EU, UK and the US and to their chagrinThe most recent Satellite images taken last friday, appeared to show the vessel, MT Adrian Darya-1 just off the coast of Syria. Yet Tanker Trackers a vessel tracking service purport to have satellite imagery which shows the vessel is fully laden. Tehran will be triumphant and perhaps now deal promptly with the little matter of the MT Stena Imperor. Notably the Iranian foreign ministry spokesman would only go as far as to say the ship had delivered its cargo after docking "on the Mediterranean coast". The spokesman did not give the name of the 'Buyer'. The US has been trying to seize the tanker since it was released by Gibraltar. It issued a warrant and blacklisted the vessel, threatening sanctions on any country which offered it aid. The ship had been…
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 been confirmed by EIA figures, the inventory build this week would have taken away from last week’s draw in crude oil inventories of 11.1 million barrels, according to API data. The EIA estimated that week there was an inventory draw of 10.0 million barrels. It is on such figures that bulls are reared. The implication being a steady inexorable draining of OECD crude inventories, on the way to balancing the market. However the EIA bemused oil traders after Labor Day, when it reported that U.S, crude supplies declined by 4.8 million barrels for the week ended August 30 in line with analysts previous calculations. If nothing else this episode has re-inforced to the market the effect of the inventory numbers have on it. It has also perhaps emphasised the importance of the EIA and their numbers to the detriment of the API. Is it now conventional wisdom to wait…
Saturday, 31 August 2019 21:01

RUSSIAN OIL CONTAGION DROPS WTI BY 6%

Written by
Oil futures closed lower after reports emerged that Russian Energy Minister Alexander Novak said Russia’s oil output cuts in August will be slightly smaller those agreed to under the deal between OPEC and non-OPEC producers. RIA and Interfax news agencies quoted Russian Energy Minister Alexander Novak as saying he will discuss the agreement and the state of the oil market at OPEC's Joint Ministerial Monitoring Committee meeting on Sept. 12 As for OPEC, the group is facing a weaker demand outlook due to slowing global growth. In July, OPEC ministers agreed to a nine-month extension Opens a New Window. of its previous deal to cut production. That deal reduced production by 1.2 million barrels per day starting Jan. 1. After July’s meeting, the deal was extended through March 2020 OPEC oil output rose in August for the first month this year, with members of the group pumping 29.61 million barrels a day, up 80,000 barrels a day from July’s revised figure, according to the results of a Reuters survey reported Friday. Earlier this week, OPEC’s Joint Ministerial Monitoring Committee, which monitors OPEC and non-OPEC member compliance with the cuts, pegged overall conformity at 159% in July, up 22% from June.…
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 office, recklessness, ineptitude and a complete and utter abrogation of responsibilities. It is only now, after the horse has well and truly bolted, that the Nigerian government appear to have woken up to the fact that it has had a $9.6 billion arbitral award confirmed against it. The claimant, process and industrial developments Ltd (P & ID), setting aside for a moment the fact that Nigeria is currently technically insolvent, has obtained a liability order of such quantum it simply cannot pay. To most the award seems spectacular and more in line with an Investor State Dispute Settlement (ISDS). Yet the quantum of the final liability award was as a direct consequence of Nigeria’s tardiness and incompetence. More specifically the Nigerian Governments failure to challenge facts, assumptions and calculations provided by the Claimant and of providing alternative evidence to the Tribunal. P&ID estimated that the project would produce a…
The crude oil market is hostage to a global economy which shows every sign of entering into a recession in 2020. Yet the volatility it experiences seems mostly on weekly US inventory numbers but more extraordinarily as a consequence of a bombastic and self-serving US President. Concerns about trade will continue to persist as long as the market cannot confidently rely on the veracity of the information it receives, and most recently the information President Donald Trump provides. For the self-appointed No1 combatant of “fake-news”, President Trump now seems to be firmly ensconced as its foremost purveyor . Recently trade concerns resurfaced after China’s Foreign Ministry claimed it was unaware of any telephone conversation or calls between the United States and China on trade. It later urged the US to correct its” wrong actions and create conditions for talks” Speaking at the G-7 summit in Biarritz President Trump had said he was optimistic about the prospects for a trade deal with Beijing. He said China had contacted his trade team overnight. Last Tuesday, to suggest both sides “get back round table”. President Trump went on to say he had great respect that China called,” they want to make a deal”.…
Monday, 26 August 2019 20:52

US PMI CRASHES AS TRUMP POLICY THREATENS RECESSION

Written by
In years to come it may well be called “Trumponomics”, it may well be taught in colleges too, Its effects are unclear, though most economists see them as calamitous. Now just at the wrong time for Trumponomics, it is reported that the U.S. manufacturing purchasing managers index (PMI) declined to 49.9 in August, the lowest level for almost a decade. A reading above 50 indicates growth in the manufacturing sector, which accounts for about 12% of the U.S. economy. It is clear the cacophony created by Trump around trade war has weighed heavily on activity as investment wanes. The latest manufacturing PMI reading signalled the sharpest order book downturn in ten years. Export sales during August 2019 were also at their lowest since August 2009. According to Tim Moore, an associate economics director at IHS Markit, “August’s survey data provides a clear signal that economic growth has continued to soften in the third quarter.” He added, “Manufacturing companies continued to feel the impact of slowing global economic conditions, with new export sales falling at the fastest pace since August 2009.” The services sector PMI reading also fell to 50.9 from July’s 53.0. This was also below economists’ expectation of 52.9.…
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