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...

Russia-vs-Saudi SAUDI AND RUSSIAN PLOT OIL MARKET

OPEC+ ALLIANCE PLOT TO FIND A WAY TO PLEASE THE OIL MARKET

The out and out oil price war has now entered its next phase and has become the chess game that is the new contest for market share. The trigger for this shift was always going to be China's resurgent crude oil imports and the seeming revival of a region that appears to have put the worst of the COVID-19 pandemic demand destruction behind it&n...

Hungry-Nigerians-covid Nigerians lose out yet again

NIGERIA LOSES OVER $440M REVENUES AS OPEC PRODUCTION CUTS TAKE EFFECT

Nigeria is projected to have lost over N160 billion in deferred revenue to a cut in the daily crude oil production by members of the Organisation of Petroleum Exporting Countries (OPEC) in May. However, the impact on gross receipts may be reduced as the country is expected to close the revenue gap with a substantial increase in the international pr...

SAUDIS FEEL THE HEAT AS THE U.S. UPS THE PRESSURE ON OIL

SAUDIS FEEL THE HEAT AS THE U.S. UPS THE PRESSURE ON OIL

Saudi Arabia  made what has been described as  a surprise announcement,  it will voluntarily deepen its crude oil output cuts. The announcement stated that this voluntary output cut would take effect from June.

The cut is an additional  1 million barrels per day which will reduce Saudi  production to the lowest level in 18 years. The ostensible reason given by the Saudis is to  hasten  a recovery from the crash in oil price benchmarks which has pitched them  into austerity. According to Energy Minister Abdulaziz bin Salman Al Saud, Saudi Arabia wanted to be ahead of the curve.

WHAT IS BEHIND NIGERIA'S MARGINAL FIELD BID ROUND?

WHAT IS BEHIND NIGERIA'S MARGINAL FIELD BID ROUND?

The Nigerian national oil company has eventually come to its senses and arrived at the position every other rational actor in the industry has advocated and postponed  the full blown Oil bid round which was announced last month as scheduled to take place within 2 weeks. 

IMF LOAN AT A STEEP COST TO THE NIGERIAN MASSES?

IMF LOAN AT A STEEP COST TO THE NIGERIAN MASSES?

The IMF have approved   US$3.4 billion in emergency financial assistance to the Nigerian Government  under the Rapid Financing Instrument to support the authorities’ efforts in addressing the severe economic impact of the COVID-19 shock and the sharp decline in oil prices. The funding is a loan which attracts low interest and needs to be paid back  within 5 years.

THE HISTORIC OPEC DEAL TO CUT  9.7MBD  THAT DOES NIGERIA NO GOOD

THE HISTORIC OPEC DEAL TO CUT 9.7MBD THAT DOES NIGERIA NO GOOD

Nigeria have agreed to a production cut of 400,000 barrels a day as their contribution to the OPEC+ agreement. This is based on a 23% cut on a production baseline taken from October 2018. Nigeria also produce between 350-400,000 bpd of condensates which are exempt from OPEC cuts. Condensate is a...

NNPC CHOOSE TO PUMP UP THE VOLUME

NNPC CHOOSE TO PUMP UP THE VOLUME

The boss of Nigeria's national oil company NNPC, Mallam Mele Kyari has confirmed in a statement released on Monday that, Nigeria is now  producing  2.3 million barrels of crude oil daily, including condensates. The end of the OPEC+ deal has seen the start of a free for all as the agreement...

SHALE FLEES  TO THE SANCTUARY OF PROTECTIONISM IN THE AGE OF TRUMP

SHALE FLEES TO THE SANCTUARY OF PROTECTIONISM IN THE AGE OF TRUMP

 "If I have to do tariffs on oil coming from outside or if I have to do something to protect our ... tens of thousands of energy workers and our great companies that produce all these jobs, I'll do whatever I have to do," ...  . Unless US Shale is about...

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