The Nigerian oil export to India dropped by 54 percent in January from a year ago.

According to a Reuters report, the militant attack on the Trans Forcados Pipeline forced key Indian clients, mostly state-run companies to turn to Angola for supplies, bolstering Angola exports by almost 70 percent.

While India still remained the single largest buyer of Nigerian crude oil, production is well below NNPC’s 2.2 million barrels per day target and presently stood at 1.6mbpd, the Minister of State for Petroleum Resources, Dr. Ibe Kachikwu said on Tuesday.

The Minister, further stated that after the Trans Forcados Pipeline was shut last year, production dropped by as much as one million barrels per day, giving the ministry little to no means to earn forex needed to service the economy.

Since the pipeline was shut, Nigeria has lost about $100 billion in revenue to attacks by the militants in the oil-rich Niger Delta, “a cushion could see economic growth and gradual recovery,” said Samed Olukoya, a research analyst at Investors King Ltd.

Mr. Austin Avuru, the Chief Executive Officer, Seplat Petroleum Development Company Plc, said the Trans Forcado Pipeline could be reopen towards the end of the second quarter.

However, India’s imports from Iran rose slightly in January compared to previous months as Indian refiners received full volumes from Iraq and Saudi Arabia.

http://investorsking.com/nigerias-crude-oil-export-to-india-plunges-54/

We should diversify and export Aba made shoes and bags seriously.

We need to diversify seriously, soon our oil will be of less use as these countries are finding alternatives.

That guy above me tho

I think we should have q plan to ban crude export in the next 15 years... Lets refine them here and sale to our African countries and Europe.. This will create jobs and increase forex

These militants jst curbing excess funds from naija and still dey will be looking for amnesty after all this brouhaha!!!

Ozil was trying to wake Sanchez up this morning in their hotel in Munich .
In the process he said "Sanchez , it's 6!".
Then Sanchez replied, "They scored again?!
Ozil : "No, it's 5am, time for dawn prayers"

Naija which way. Is Buhari a curse or blessing?

Like if Buhari is a blessing
Share if Buhari is a curse.




Asaba ultramodern mechanic village and auto parts market now selling. Check my signature

Better for the environmental health of the niger delta.

our oyel money

hmmm

http://thenationonlineng.net/apc-states-have-alternative-revenue-sources-to-oil/
https://www.nairaland.com/2134648/apc-manifesto-well-grow-oil
http://www.apcpressreleases.com/the-apc-manifesto/3/

Unfortunately, our leaders refuse to see the handwriting on the wall! WE NEED TO DIVERSIFY NOW!

mrvitalis:
I think we should have q plan to ban crude export in the next 15 years... Lets refine them here and sale to our African countries and Europe.. This will create jobs and increase forex

Supported!

Who is this OP spamming the frontpage with false info this morning? Nigeria's crude production as at Yesterday was 2 million barrels per day. Where is this fake website the OP quoted getting its own figures from or are they plotting to bomb pipelines?
Lalasticlala should try to verify stories before pushing to frontpage. This is terribly false news.

http://punchng.com/crude-oil-production-rises-two-million-barrels-kachikwu/

Ok

duni04:
Who is this OP spamming the frontpage with false info this morning? Nigeria's crude production as at Yesterday was 2 million barrels per day. Where is this fake website the OP quoted getting its own figures from or are they plotting to bomb pipelines?
Lalasticlala should try to verify stories before pushing to frontpage. This is terribly false news.

http://punchng.com/crude-oil-production-rises-two-million-barrels-kachikwu/

What's wrong with you? Can't you comprehend? India has reduced the volume out buys from Nigeria. Buying from Angola, a more stable source. First it was USA, now India is reducing quantity. Very soon we will be begging for buyers.

Most Indian refinerys were made for Iran's oil na, as iran sanctions hv been lifted what do u expect

Mehn good news 4rm naija don scarce pas dollar

So even from hospital Buhari is plaguing nigeria with his body odour

Yes!!! great news.

So where is CBN getting money to claim $30 billion Forex reserve?

repogirl:
So where is CBN getting money to claim $30 billion Forex reserve?

Receive sense or move to romance session. There are other sources of government revenue despite our over reliance on petrol-dollars

Amoto94:
Receive sense or move to romance session. There are other sources of government revenue despite our over reliance on petrol-dollars

Zombie, take your own advice.

repogirl:
Zombie, take your own advice.

Product of failed education sector wehdone. I'm not in your league of childish banter so swerve and learn to stop asking stupid question.

Amoto94:
Product of failed education sector wehdone. I'm not in your league of childish banter so swerve and learn to stop asking stupid question.

lol! Obviously, you are in your own league of stupidity, saying rubbish to yourself. Carry on with your foolishness.

duni04:
Who is this OP spamming the frontpage with false info this morning? Nigeria's crude production as at Yesterday was 2 million barrels per day. Where is this fake website the OP quoted getting its own figures from or are they plotting to bomb pipelines?
Lalasticlala should try to verify stories before pushing to frontpage. This is terribly false news.

http://punchng.com/crude-oil-production-rises-two-million-barrels-kachikwu/

I am actually the OP and I will engage you if you are open minded. That Punch publication you posted is wrong and 100% fake, let me tell you, there is no way we would have attained 2mbpd without Trans Forcado pipeline working. If that is not enough, the figure I quoted was directly drawn from Ibe Kachikwu personal video released on Tuesday. And I don't see how those journalists that are not in the industry or even trade the market know better than the Minister himself.

Again, the $30 billion foreign reserve quoted few days ago by ThisDay and shared on Monday was wrong, our foreign reserves is $28,970,098,850 as at today. Also, the analyst referenced by ThisDay, mess up by assuming liability (loan) would be added to equity to make up the $30 billion. No, it will only be used to cushion the economy (bolster market liquidity). By the way, nobody edited anything, current output stood at 1.6 mbpd

Truth234:


I am actually the OP and I will engage you if you are open minded. That Punch publication you posted is wrong and 100% fake, let me tell you, there is no way we would have attained 2mbpd without Trans Forcado pipeline working. If that is not enough, the figure I quoted was directly drawn from Ibe Kachikwu personal video released on Tuesday. And I don't see how those journalists that are not in the industry or even trade the market know better than the Minister himself.

Again, the $30 billion foreign reserve quoted few days ago by ThisDay and shared on Monday was wrong, our foreign reserves is $28,970,098,850 as at today. Also, the analyst referenced by ThisDay, mess up by assuming liability (loan) would be added to equity to make up the $30 billion. No, it will only be used to cushion the economy (bolster market liquidity).

Everything you have said here is complete and utter rubbish. Where is the link to the video where the minister said our current production (15th Feb 2017) is 1.6 mmpd? You sound like a professional scammer and 419. You dropped figures and typed something with no sense at all.
Lalasticlala should really vet the topics and the monikers that put then up on the front page.

duni04:

Everything you have said here is complete and utter rubbish. Where is the link to the video where the minister said our current production (15th Feb 2017) is 1.6 mmpd? You sound like a professional scammer and 419. You dropped figures and typed something with no sense at all.
Lalasticlala should really vet the topics and the monikers that put then up on the front page.

I am sorry you feel offended. Here is the link to the foreign exchange reserves

https://www.cbn.gov.ng/IntOps/Reserve.asp?MoveDate=2/16/2017%203:12:59%20AM

and here is the link to the video

https://www.facebook.com/IbeKachikwu/

OP some of these guys are educated illiterates but worst still they don't want to admit it

What does India do with our crude oil?

India produces 900,000 barrels of oil per day, buys 3.5 million barrels of crude oil, refine in her 23 refineries, use some locally and export the remaining.

Nigeria produces 1.6 to 2.2 million barrels of crude oil per day, but refines less than 200,000 bpd, what a pity!