NIGERIA: THE CRUDE OIL ECONOMY

Vitol are the largest global independent trader of crude oil and refined petroleum products. They also have a long established joint venture (JV) called Calson with NNPC based in the offshore tax haven of Bermuda. Their  intimate relationship with NNPC has seen them beneficiaries of supply contracts, including the infamous Direct Sal...

After trading as high as $65.65 on Jan. 8, WTI crude oil futures have fallenWTI crude oil traded around $53.14 on the NYMEX in early Monday trading, down almost $5 a barrel in the past week and only $3 short of a 52-week low . Oil began 2020 with a quick...

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.

 US Shale has become the Ponzi scheme of our times. How much longer can it survive and in what guise?. The long term financial viability of shale amid another dreadful slew  of earnings reports that have come out over the last couple of  days is in a state of  dire qualm....

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...

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...

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...

WTI crude, the U.S. benchmark, and Brent, the global benchmark, are up around 11.8% and 10.4% this month, respectively. That puts WTI on track for a 36% gain so far this year, while Brent is up around 24%. Trading was quiet on a Monday on the penultimate session of the year....

Saudi Aramco hit the  $2 trillion valuation on Thursday, briefly achieving the target demanded by  Crown Prince Mohammad bin Salman in 2016. It only  took a day after the Saudi state-backed oil company made its stock market debut. Aramco’s shares rose by 10% on  its first day of trading , the...