As US begins export of crude oil, Nigeria’s
crude oil may suffer further setback in the
global market.
The US Congress had on Friday approved the
lifting of the ban as part of a $1.1tn
spending bill. The bill was later signed by
President Barack Obama.
Following the lifting of the ban on the United
States oil exports, US can now export crude
for the first time in more than 40 years. An
indication that Nigeria may soon lose its
biggest customer.
The US now buys a small amount of Nigerian
crude oil due to the dramatic rise in domestic
shale production.
The growth in US light sweet crude oil
production has resulted in a sizable decline in
the country’s imports of crude grades of
similar quality, such as Nigeria’s.
Since June 2014, crude oil prices have been
on the decline and this has consequently
exacerbated the dwindling fortunes of the
Nigerian crude, with the nation’s crude
differentials trading at a 10-year low.
There are reports of Nigerian crude currently
floating on ships with a significant amount
finding home in storage tanks rather than in
refineries as a result of the supply glut in the
global market, which is dominated by largely
by light sweet crudes.
Meanwhile, Kaduna refinery was said to have
commenced production on Saturday. Esther
Nnamdi-Ogbue, the managing director of
Pipelines and Products Marketing Company
(PPMC) said the refinery was reopened to
meet up with the December deadline for the
four refineries to return to full production.
While Nigerians await other refineries to
commence full production as indicated by the
PPMC, Nigerians are eager to witness the
impact of this on the ongoing fuel scarcity in
the country.


https://www.naij.com/673631-tough-time-looms-nigeria-loses-biggest-oil-customer.html/?Olufemi

Time to diversify. O ya cocoa farmers; coal miners; groundnut farmers; etc. get to work. Baba is waiting.

BTW: FTC God punish their father.

America has stopped buying oil from Nigeria as far back as 2 years ago!

Time for Nigeria to move towards a Union of Confererates states. Let every state manage their economic activities.

GudluckIBB:
America has stopped buying oil from Nigeria as far back as 2 years ago!

I think they resumed buying from Nigeria after Jonathan was booted out.

America - We need fuel ohh - so name your price (minus any subsidy wahala)

America goes, another countries come.

datola:


I think they resumed buying from Nigeria after Jonathan was booted out.

No india, they've not bought from us in years now!

Biggest Customer My Boxer! Since When? Why Some Mischievious People Tryna Cause An Air Of Panic? Why Some Fixated Minds Just Won't Tag along With This Government Despite His Repeated Stance On Diversification. Oil Na Water, Agric Na Butter.













The Truth Has Spoken!

I REALY PITY THE POLITICIAL

I would say all the better for us

Time to look into the non oil sectors

This is a chance for us to make our downstream sector work. If we refine and meet our local demand for finished products, we can survive this trying period

I ask again....why is there no refinery in akwaibom state?

With vessels at high sea with no buyers even at Awarawa giveaways let's see what Bubu does with subsidy. APC is bleeped! No way out. Not even propaganda can smuggle them out.

tempest01:
This is a chance for us to make our downstream sector work. If we refine and meet our local demand for finished products, we can survive this trying period

I ask again....why is there no refinery in akwaibom state?

I av been wondering why since decades ago.

removes my suit n tie....heads to the farm.....oil or no oil naija go survive

This is even worse than a nightmare.

Chubhie:
With vessels at high sea with no buyers even at Awarawa giveaways let's see what Bubu does with subsidy. APC is bleeped! No way out. Not even propaganda can smuggle them out.

Hehehe.... I beg let me laugh very well first, in Swahili! When I stated on another thread that the US was not likely to buy Nigeria's crude ever again, given the fact that it had not only stopped buying crude from our country over 2 years ago, but it also had excess shale gas for its domestic use, someone called my sanity into question.

When Mobil, Chevron as well as the US ambassador were holding meetings with Kachikwu a few months back pledging their cooperation with NNPC, one deluded fellow told me the US was gearing up to start ordering crude supplies again. When I disputed this, he called me uncomplimentary names! What was that chap's moniker again?? Let him come and read this news.

It is time for us to be serious about setting up structured, modular refineries in every oil-producing local govt in the Niger-Delta so that we can refine enough of our unsold crude locally, to meet domestic demand. Then we should ramp up investments in gas production by setting up fractionating plants to produce, LPG and NG, for gas-to-power schemes.

We should not delay any further on this aspect. The time to start is now!

hmm

honourable minister of oyel

general buhari phd
thank u ooo
u try
keep teaching the sophisticated people how to coordinate oyel and apc

prosperous13:
As US begins export of crude oil, Nigeria’s
crude oil may suffer further setback in the
global market.
The US Congress had on Friday approved the
lifting of the ban as part of a $1.1tn
spending bill. The bill was later signed by
President Barack Obama.
Following the lifting of the ban on the United
States oil exports, US can now export crude
for the first time in more than 40 years. An
indication that Nigeria may soon lose its
biggest customer.
The US now buys a small amount of Nigerian
crude oil due to the dramatic rise in domestic
shale production.
The growth in US light sweet crude oil
production has resulted in a sizable decline in
the country’s imports of crude grades of
similar quality, such as Nigeria’s.
Since June 2014, crude oil prices have been
on the decline and this has consequently
exacerbated the dwindling fortunes of the
Nigerian crude, with the nation’s crude
differentials trading at a 10-year low.
There are reports of Nigerian crude currently
floating on ships with a significant amount
finding home in storage tanks rather than in
refineries as a result of the supply glut in the
global market, which is dominated by largely
by light sweet crudes.
Meanwhile, Kaduna refinery was said to have
commenced production on Saturday. Esther
Nnamdi-Ogbue, the managing director of
Pipelines and Products Marketing Company
(PPMC) said the refinery was reopened to
meet up with the December deadline for the
four refineries to return to full production.
While Nigerians await other refineries to
commence full production as indicated by the
PPMC, Nigerians are eager to witness the
impact of this on the ongoing fuel scarcity in
the country.


https://www.naij.com/673631-tough-time-looms-nigeria-loses-biggest-oil-customer.html/?Olufemi

We stopped buying Nigerian oil when Jonathan was President.

This is just too pathetic for a Country running a monolithic economy (over dependence on oil as a major revenue generator); too bad for a Country that least encouraged product-based economy; too bad that oil that is echaustible over the years is no longer going to fetch us the huge revenues we use to enjoy in the nearest future; very pathetic that Nigeria can hardly boast of cushion effect to ease out this incoming recession; very alarming that this same Country right from the 70s when it commenced oil exploration on a large scale commercial rate had made over $20 trillion yet Nigeria cannot measure up to UAE, South Africa, Egypt, Tunisia, Angola and Libya in terms of growth and development......what a big shame on out Leaders. Buhari may be impeached on the longrun.

wonderful news. time to get our hands dirty and actually work for the money we spend in this country.

I pray more countries dump our oil.

I want to see the bas*tard politician that will steal our hard earned tax, or proceeds from our cocoa, rubber, groundnut etc.

it's gonna be painful, but Nigeria is being unwittingly nudged towards REAL growth and development.

This might turn out to be a blessing in disguise. It would give up the necessary impetus to look away from our single product based economy.

More reason why Baba must put more pressure on Jonathan and his band of recalcitrant crooks to return every single penny they made away with when they held sway. We need all that money to invest in critical infrastructure and agriculture.

We must weather this storm at all cost!

..The person above me say make we begin plant cocoa, rubber and cashew


Where is my hoe? ..

tomakint:
This is just too pathetic for a Country running a monolithic economy (over dependence on oil as a major revenue generator); too bad for a Country that least encouraged product-based economy; too bad that oil that is echaustible over the years is no longer going to fetch us the huge revenues we use to enjoy in the nearest future; very pathetic that Nigeria can hardly boast of cushion effect to ease out this incoming recession; very alarming that this same Country right from the 70s when it commenced oil exploration on a large scale commercial rate had made over $20 trillion yet Nigeria cannot measure up to UAE, South Africa, Egypt, Tunisia, Angola and Libya in terms of growth and development......what a big shame on out Leaders. Buhari may be impeached on the longrun.

You should be ashamed of yourself. Had your useless god invested in the diversification of the economy when oil was selling at over $90pb for the better part of his regime, would we have been discussing this today? But instead, he spent all his time drinking himself under the table and shared our commonwealth amongst his ediotic league of pathological criminals like he shares his ogogoro, and here you are sounding like a poorly strung guitar.

What a shame.

datola:


I think they resumed buying from Nigeria after Jonathan was booted out.

They resumed buying, rather then went to sign nuclear deal with iron in return for Oil Market control.
thats ehy they lifted the ban on Oil Export. Its part of the International politics at play to knock down some large economies like the Asian Tigers and the African largest economy.

Nigeria is on the verge of collapse; I don't get why the government will invest 34 billion naira in exploring for oil in the north when crude oil sale is no longer profitable; that money should rather be invested in agriculture.
I also don't understand why the Audu Ogbeh the minister of agriculture is yet to make detailed plans on how to revamp our economy through agriculture; he needs to start work earnestly, time wasting won't do us any good.

tempest01:
This is a chance for us to make our downstream sector work. If we refine and meet our local demand for finished products, we can survive this trying period

I ask again....why is there no refinery in akwaibom state?

Because oil producers from Akwa Ibom State, have not yet decided to invest in setting up a refinery within the state (e.g. people like Uduimo Itsueli of Dubri Oil). Govt will not set up any new refineries, in any of the states - they just don't have the money, despite all their campaign promises....

Only private investors are capable of doing so, and they need to be wooed by both the state govt and the NNPC, to set up such facilities in the state.

[s]

omenka:
This might turn out to be a blessing in disguise. It would give up the necessary impetus to look away from our single product based economy.

More reason why Baba must put more pressure on Jonathan and his band of recalcitrant crooks to return every single penny they made away with when they held sway. We need all that money to invest in critical infrastructure and agriculture.

We must weather this storm at all cost!

[/s]

Typical apc nitwit

Buhari is a monumental failure and he must fail because he has no clue how to run a government

Buhari is a terrorist an economic bokoharam an illiterate terrorist bastard burukutu sipping gorilla a Hopeless vagabond Useless nonentity bastard kunu sipping monkey
gworo chewing bastard fura d'nunu infested brain

Buhari is a terrorist
apc is bokoharam
Tinubu is a bastard

These are indeed rough tyms
With the 40% being pushed in this would further bring down the price of petrol


I wonder whether even nicaragua buys fuel at the price we sell