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.
pipelines Nigerian Refineries lose billio

NNPC CLOSE REFINERIES AFTER LOSING $503 MILLION ANNUALLY

When it first emerged the only surprise was that the Nigerian National Petroleum Corporation (NNPC) had for the first time in its history published audited accounts. The fact that this is an historic event says it all. The financial statements provide in part a snapshot of a poorly run organisation with many of its subsidiaries insolvent which was ...

Nigerian-barrels Nigeria produces Condensates

OPEC BULLY NIGERIA INTO SUBMISSION

Nigeria have been brutally knocked back by OPEC in its attempt to maintain an exemption for its condensates production. OPEC are no longer prepared to exempt condensates counting toward its current quota. Specifically production from the Agbami field. The inescapable conclusion must be that it is now time for Nigeria to leave OPEC. The reality is t...

INCREASE IN EQUITY SHORTS AS CRUDE PRICES COLLAPSE

INCREASE IN EQUITY SHORTS AS CRUDE PRICES COLLAPSE

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...

471bd07fdaa7b040f7ab8b2a13f8f35b_XL US-CHINA TRADE DEAL?

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

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 released an forecast predicting U.S. crude oil inventories decreased 4.8 million barrels in the week to August 30. This comes after...

OPEC-Oil-Bulls OPEC revised 2020 outlook more bullish

OPEC SEEK BULLS AS THEY REVISE 2020 OIL OUTLOOK

Organization of the Petroleum Exporting Countries (OPEC) has revised its outlook yet again and now forecasts  that there will be  a small deficit in global  oil markets in 2020 and believes  that the market is much tighter than previously predicted. The new outlook  provided support for crude oil benchmarks as  prices...

US TROOPS TO DEFEND SAUDI SPECIAL RELATIONSHIP

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...

US ECONOMIC DATA INCREASES BEARISH OUTLOOK

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...

API INVENTORY DATA SUPERCEDED BY EIA NUMBERS TO CALM SURPRISED MARKET

API INVENTORY DATA SUPERCEDED BY EIA NUMBERS TO CALM SURPRISED MARKET

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...

US SANCTIONS ON COSCO SPIKE FREIGHT RATES TO WS300 AS FAR EAST REFINING MARGINS COLLAPSE

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...

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