blink182: Bismark Rewane is just dull, I can't believe he is blaming this volume of theft on illegal refinery owners. Does the man know what 20, 000 barrels look like physically and he is referring to 150, 000 barrels.

Some people became successful by luck and not what they have upstairs.

He's dull n lucky! Wat a joke! I pray u r dat lucky n bcom a topshot lik him in life.

Any further fall will allow Angola to assume Nigeria's position as the continent's largest crude producer, the report stated.

"Output has been less than two million barrels a day for several months," said Rolake Akinkugbe, Head of Energy Research, Ecobank.

"It's a reflection of the headwinds facing oil companies in Nigeria," she added.

The country's production difficulties have helped push global crude prices above $110 a barrel. They have also damaged the financial outlook in Africa's second-biggest economy, where oil and gas account for nearly 80 per cent of fiscal revenues.

The country had budgeted for oil sales of 2.5 million bpd in 2013, which, combined with the high petroleum prices, should have allowed for substantial savings in the Excess Crude Account, the government's rainy-day fund. But instead of increasing, the fund has been run down from $9bn in December to $5.1bn in July.

The Head, Africa Research, Standard Chartered Bank, Mrs. Razia Khan, said falling oil revenues should be a worry for the government, especially with a presidential election scheduled for early 2015.

The Financial Times reported that previous polls had been preceded by a sharp increase in spending and leakages in revenue collection as politicians tried to buy their way to power.

"Nigeria still has a comfortable current account surplus, but it is declining, as is the Excess Crude Account. Unless we see a turnaround in oil revenues, investors are going to start to get concerned," Khan said.

http://www.zerohedge.com/news/2013-08-27/crude-breaks-through-asian-sea-red-27-month-high

World FX, Bond, and equity markets are a sea of red tonight as the plunge in the US markets' day-session extends into AsiaPac. Led by the Philippines (down another stunning 5.4% tonight), equity markets in Thailand, India, and Japan are all struggling hard. Not to be outdone, bond spreads in the usual suspects of Indonesia, Thailand, India, and Taiwan are cracking wider. Most of the FX pressure is being focused tonight on Indonesia as the Rupiah collapses another 1.4% (even as the Indian Rupee opens at 66.90 - a new all-time low). Modest JPY weakness is providing a small lift carry-wise to US futures (Treasuries are unch, gold and silver are modestly higher from the US close) but it is the oil complex that is getting smashed higher. WTI last traded $111.59 (its highest since May 2011) and Brent just broke $117 (the latter typically more critical for US gas prices)..

Oil price is rising now $117 per barrel. Another Oil boom like the Gulf Oil windfall.

Goodluck don hammer !!