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Nigeria Struggles to Sell Oil Cargoes, Offers Discounts to Asian Buyers - Business (2) - Nairaland

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Re: Nigeria Struggles to Sell Oil Cargoes, Offers Discounts to Asian Buyers by Nobody: 11:01am On Dec 31, 2014
LRNZH:


Lets start with 16 years of PDP.

How will you rate them in trying to achieve the 7 points you raised over that time period?

Be patient and go through the $10Billion thread when you have some time. You will be amazed.

Thanks for being specific

Firstly

The 7points is being resisted by the far North on all political platforms . So my friend its more of a geopolitical problem than party problem


The problem of corruption is not PDP or APC but the absence of detail submission of our institutions financial/other activities to the public for scrutiny

In essence its more of a systematic inadequacy

For example

It is only in Nigeria, an institution can will tell you that they spent 10million naira building a house but will never tell you

1) how many bags of cement used and the cost per bag

2) how many tippers of sand/gravels/stones used and the cost per bag

3) how many iron rods used and the cost per rod

4) how many people were employed, their names and how much each was paid

5) where they bought the materials and show you the receipt

6) etc

It is easy for a person to inflate figures astronomical when such details are omitted.

In developed Western and Eastern nations, details like this are not overlooked.

6 Likes 1 Share

Re: Nigeria Struggles to Sell Oil Cargoes, Offers Discounts to Asian Buyers by CaptainAmerica: 11:02am On Dec 31, 2014
How would a normal human being that claims to have something upstairs pray for the recently transformed Railway system to get spoilt again?

Are you sure you're normal?


Rome wasn't built in a day. Get that into your thick skulls

10 Likes

Re: Nigeria Struggles to Sell Oil Cargoes, Offers Discounts to Asian Buyers by PassingShot(m): 11:03am On Dec 31, 2014
decode55:
I'd rather vote for someone who realizes oil prices are falling steeply & would take steps to do something about it

Than someone who says he would single-handedly increase Oil Prices world wide
grin grin

www.nairaland.com/2033799/magician-buhari-promises-stablize-oil

Height of _cluelessness! grin grin

When I read the news, this was my reaction grin grin

You surely know that Buhari was not referring to oil price in the world market. But let me allow you to revel in your myopic belief.

And of what use is Mr. Clueless who presided over a surplus regime of oil price but couldn't have any savings for rainy days?

I mean what happened to the excess monies we eraned when oil sold at above 100$ per barrel while our budget was done on 70 something dollars per barrel? You all know the answer as much as I do.

As a result of the drop in oil price, our prodigal and clueless president and his team devalued the naira so that a dollar now exchanges for around 190 naira.

If they were not clueless or corrupt, they would have known that a time like this was bound to come and could have kept enough in the excess crude account to augment the deficit during this hard times. Afterall other OPEC members are not known to have devalued their currency since the drop in oil price started. Talk of cluelessness and thievery at its peak!

Kick Out Cluelessness in 2015 and Bring Back Hope and Change in GMB/PYO.

5 Likes

Re: Nigeria Struggles to Sell Oil Cargoes, Offers Discounts to Asian Buyers by LadyExcellency: 11:05am On Dec 31, 2014
LRNZH:


Lets start with 16 years of PDP.

How will you rate them in trying to achieve the 7 points you raised over that time period?

Be patient and go through the $10Billion thread when you have some time. You will be amazed.

There is nothing like PDP 16 years rule in 2015


We don't have opposition but PDP

We don't have different politicians in national assembly canvassing for different policy but their pocket.

APC is made up of 75% PDP active politicians and to crown it all, the former president and his vice are godfathers and captains of APC.

Politics of hypocrisy is not a career

2 Likes

Re: Nigeria Struggles to Sell Oil Cargoes, Offers Discounts to Asian Buyers by Kassidy4luv(m): 11:08am On Dec 31, 2014
Our Voodoo Magician Buhari will perform wonders by stabilizing the price of oil in the international market, raising the price of oil to 150 dollars per barrel?


He will also look for more buyers of our oil......

He will halt the boom/ production of shale oil in the USA.

Anyways....... GEJ till Pastor Osinbajo attends my birthday party holding today @ 5 star Motel ( Ashawo joint) in Onitsha, from 9pm till dawn.

4 Likes

Re: Nigeria Struggles to Sell Oil Cargoes, Offers Discounts to Asian Buyers by Firefire(m): 11:09am On Dec 31, 2014
barcanista:
Nigeria economy is in ruins.... We can't survive another 4 years under Jonathan. We need change, we deserve change!

your opinion, Jonathan shall rule till 2019. cool

1 Like

Re: Nigeria Struggles to Sell Oil Cargoes, Offers Discounts to Asian Buyers by Firefire(m): 11:11am On Dec 31, 2014
LadyExcellency:


There is nothing like PDP 16 years rule in 2015


We don't have opposition but PDP

We don't have different politicians in national assembly canvassing for different policy but their pocket.

APC is made up of 75% PDP active politicians and to crown it all, the former president and his vice are godfathers and captains of APC.

Politics of hypocrisy is not a career

God continue to bless you Lady of Excellency
Re: Nigeria Struggles to Sell Oil Cargoes, Offers Discounts to Asian Buyers by LRNZH(m): 11:11am On Dec 31, 2014
WhiteTechnology:


Thanks for being specific

Firstly

The 7points is being resisted by the far North on all political platforms . So my friend its more of a geopolitical problem than party problem


The problem of corruption is not PDP or APC but the absence of detail submission of our institutions financial/other activities to the public for scrutiny

In essence its more of a systematic inadequacy

For example

It is only in Nigeria, an institution can will tell you that they spent 10million naira building a house but will never tell you

1) how many bags of cement used and the cost per bag

2) how many tippers of sand/gravels/stones used and the cost per bag

3) how many iron rods used and the cost per rod

4) how many people were employed, their names and how much each was paid

5) where they bought the materials and show you the receipt

6) etc

It is easy for a person to inflate figures astronomical when such details are omitted.

In developed Western and Eastern nations, details like this are not overlooked.

I see your point.

You may have overlooked the power of effective and decisive leadership.

If the president is against corruption, his vision will permeate down. Whatever a leader is passionate about is what the followers largely believe.

Most PDP (especially GEJ's) Gov'ts turn a blind eye to blatant corruption
.

10 Likes

Re: Nigeria Struggles to Sell Oil Cargoes, Offers Discounts to Asian Buyers by nduchucks: 11:14am On Dec 31, 2014
WhiteTechnology:
1) Resource Control

2) Fiscal Federalism

3) Privatization

4) Political Federalism

5) Decentralization of Nigeria

6) Restructuring of Nigeria

6) Institutions giving detail account of their financial/other activities to the public through their websites/panels for public scrutiny every 3months.


Which are the fastest route to

I) economic diversification,
ii) citizenry prosperity
iii) political stability


These 7 points are the basis of True Federalism which can help Nigeria become a Super Power and a first world Nation.

You've been defacing threads all over NL with the junk above as if its some ingenius idea.

The issue is not your list, but how to implement the listed items. Your clueless President is not providing leadership in this area at all; perjhaps you can provide a road map to achieving the items you listed.

3 Likes

Re: Nigeria Struggles to Sell Oil Cargoes, Offers Discounts to Asian Buyers by IGBOSON1: 11:14am On Dec 31, 2014
One barrel....barrel for sale....it's going cheap.....only fifty dollars......that or thereabouts!

Anyone that's watched 'Oliver' will know what i'm on about! smiley
Re: Nigeria Struggles to Sell Oil Cargoes, Offers Discounts to Asian Buyers by Nobody: 11:18am On Dec 31, 2014
LRNZH:


I see your point.

You may have overlooked the power of effective and decisive leadership.

If the president is against corruption, his vision will permeate down. Whatever a leader is passionate about is what the followers largely believe.

Most PDP (especially GEJ's) Gov'ts turn a blind eye to blatant corruption
.

You are wrong

The efforts of a good leader is wasted by a system prone to corruption

Eg

Jesus was a good leader but his financial treasury was looted by Judas but no one knew except Jesus because he has divine powers.

If Judas had been told to reveal on a daily basis the financial activities of the ministry, he would have being exposed earlier or he won't have stolen due to the accountable system being operated.

1 Like 1 Share

Re: Nigeria Struggles to Sell Oil Cargoes, Offers Discounts to Asian Buyers by LRNZH(m): 11:24am On Dec 31, 2014
WhiteTechnology:


You are wrong

The efforts of a good leader is wasted by a system prone to corruption

Eg

Jesus was a good leader but his financial treasury was looted by Judas but no one knew except Jesus because he has divine powers.

If Judas had been told to reveal on a daily basis the financial activities of the ministry, he would have being exposed earlier or he won't have stolen due to the accountable system being operated.


So you judge Jesus' legacy based on rotten Judas and not on the message that has permeated the world?

2 Likes

Re: Nigeria Struggles to Sell Oil Cargoes, Offers Discounts to Asian Buyers by Nobody: 11:25am On Dec 31, 2014
nduchucks:


You've been defacing threads all over NL with the junk above as if its some ingenius idea.

The issue is not your list, but how to implement the listed items. Your clueless President is not providing leadership in this area at all; perjhaps you can provide a road map to achieving the items you listed.


I like GEJ but I won't fail to bring to his notice the real issue hindering national growth

That's the difference between you and me


I expected you to use this medium to enlightened your heroes to face reality but no . Rather you come online to insult me

Which is why Osibanjo exposed his cluelessness when he said he will re channel the subsidy to feeding school children


Spend more time helping you heroes the way I do.

I seek GEJ's success and one day he will see this and ask for me to counsel him better.
Re: Nigeria Struggles to Sell Oil Cargoes, Offers Discounts to Asian Buyers by Nobody: 11:28am On Dec 31, 2014
LRNZH:



So you judge Jesus' legacy bases on rotten Judas and not on the message that has permeated the world?



You still fail to get my point

Jesus was passing a message to us

Which is

Create good systems to catch people like Judas because they will always be wolves among the sheep

That's why Paul established an accountable system to rid the Church of people like Judas
Re: Nigeria Struggles to Sell Oil Cargoes, Offers Discounts to Asian Buyers by wordcat(m): 11:29am On Dec 31, 2014
omenka:
How the cookie crumbles.

I'm hoping to see that day Nigeria can't export a single drop of oil so we can have real leaders ready to roll up their sleeves and do some hard work, and not the nutcases high on petrodollars striding the corridors of power today.

#TeamNoMoreOilExports.

Seconded!
Re: Nigeria Struggles to Sell Oil Cargoes, Offers Discounts to Asian Buyers by nduchucks: 11:57am On Dec 31, 2014
WhiteTechnology:


I like GEJ but I won't fail to bring to his notice the real issue hindering national growth

That's the difference between you and me


I expected you to use this medium to enlightened your heroes to face reality but no . Rather you come online to insult me

Which is why Osibanjo exposed his cluelessness when he said he will re channel the subsidy to feeding school children


Spend more time helping you heroes the way I do.

I seek GEJ's success and one day he will see this and ask for me to counsel him better.

You've still failed to give us a roadmap to achieving or implementing the items you listed. These items are well known to everyone and have been known for decades. Listing stale, no brainer items, is quite useless, to tell you the truth.

1 Like

Re: Nigeria Struggles to Sell Oil Cargoes, Offers Discounts to Asian Buyers by LRNZH(m): 12:07pm On Dec 31, 2014
nduchucks:


You've still failed to give us a roadmap to achieving or implementing the items you listed. These items are well known to everyone and have been known for decades. Listing stale, no brainer items, is quite useless, to tell you the truth.

If you notice. I just leave the matter o.

1 Like

Re: Nigeria Struggles to Sell Oil Cargoes, Offers Discounts to Asian Buyers by Nobody: 12:09pm On Dec 31, 2014
nduchucks:


You've still failed to give us a roadmap to achieving or implementing the items you listed. These items are well known to everyone and have been known for decades. Listing stale, no brainer items, is quite useless, to tell you the truth.


Simple

There are several ways

1) Tell our law makers to amend the constitution to include this

2) Through a Confab. Unfortunately the far North insisted on retention of status quo

3) Insist the President find a means to achieve this through the National Assembly

4) The most important is to keep reminding Nigerians these points since we have short memory
Re: Nigeria Struggles to Sell Oil Cargoes, Offers Discounts to Asian Buyers by citizenY(m): 12:12pm On Dec 31, 2014
decode55:
for me, this is welcome news.

When Jonathan wins again come 2015 (notice I used "when" not "if" because its a certainty)


I'm sure the first thing he would do is to diversify the Economy.

[size=30pt] GEJ till 2019 [/size]


if you quote me & insult me, may ogun solder your _asshole shut


™™It will be like weaning a baby from breast milk

.

.... my opinion.

1 Like

Re: Nigeria Struggles to Sell Oil Cargoes, Offers Discounts to Asian Buyers by idowu4life87(m): 12:21pm On Dec 31, 2014
Stories that touch.. grin
Re: Nigeria Struggles to Sell Oil Cargoes, Offers Discounts to Asian Buyers by mencade4: 12:23pm On Dec 31, 2014
decode55:
for me, this is welcome news.

When Jonathan wins again come 2015 (notice I used "when" not "if" because its a certainty)


I'm sure the first thing he would do is to diversify the Economy.

[size=30pt] GEJ till 2019 [/size]


if you quote me & insult me, may ogun solder your _asshole shut
nice one bro....hahahaha.....after soldering.....amadioha will then weld their private parts if they insult you...
Re: Nigeria Struggles to Sell Oil Cargoes, Offers Discounts to Asian Buyers by erico2k2(m): 12:23pm On Dec 31, 2014
LRNZH:


We need a more comprehensive rail project integrated with air and sea ports.

Not this refurbished trains.

Sai Buhari
howmany train lines did Buhari build?

1 Like

Re: Nigeria Struggles to Sell Oil Cargoes, Offers Discounts to Asian Buyers by mencade4: 12:24pm On Dec 31, 2014
Caseless:
I hope so.
enemy of progress

1 Like

Re: Nigeria Struggles to Sell Oil Cargoes, Offers Discounts to Asian Buyers by dammytosh: 12:25pm On Dec 31, 2014
Reason why Obasanjo Opened EXCESS CRUDE OIL account so that any amount we make in excess from the benchmark can be saved for times like this.


GEJ came, declared it illegal with the stupid Governors. They spent all the money and we are here.

The amazing thing is that people still have effontery to shout GEJ till...... Thank God most of them are below 17 and will not be able to vote.

Nigerians and very short memories.

4 Likes

Re: Nigeria Struggles to Sell Oil Cargoes, Offers Discounts to Asian Buyers by Ilekeh(f): 12:25pm On Dec 31, 2014
Na wa o

Gas prices went from $3.79 to $1.99 in my area in less than 5 months.......while it keeps going up in Nigeria. There's an inverse correlation between this two countries.

3 Likes

Re: Nigeria Struggles to Sell Oil Cargoes, Offers Discounts to Asian Buyers by Kingspin(m): 12:26pm On Dec 31, 2014
Caseless:
what has he been doing in 6 years, diversifying or destroying the economy that you think he would do otherwise next year?
We gave him six years to diversify the economy, he failed to do that. Just expect him to be kicked out next year.
If your thinking that Buhari will do the magic for you then you must be a joker for 2015.
Re: Nigeria Struggles to Sell Oil Cargoes, Offers Discounts to Asian Buyers by goshen26: 12:27pm On Dec 31, 2014
GMB or GEJ to blame
Re: Nigeria Struggles to Sell Oil Cargoes, Offers Discounts to Asian Buyers by duni04(m): 12:27pm On Dec 31, 2014
decode55:
I'd rather vote for someone who realizes oil prices are falling steeply & would take steps to do something about it

Than someone who says he would single-handedly increase Oil Prices world wide
grin grin

www.nairaland.com/2033799/magician-buhari-promises-stablize-oil

Height of _cluelessness! grin grin

When I read the news, this was my reaction grin grin
Buhahahahahahaha!
Re: Nigeria Struggles to Sell Oil Cargoes, Offers Discounts to Asian Buyers by vanunu: 12:28pm On Dec 31, 2014
Caseless:
what has he been doing in 6 years, diversifying or destroying the economy that you think he would do otherwise next year?
We gave him six years to diversify the economy, he failed to do that. Just expect him to be kicked out next year.

Which country has done it in six yrs, are you a learner?

2 Likes

Re: Nigeria Struggles to Sell Oil Cargoes, Offers Discounts to Asian Buyers by Nobody: 12:29pm On Dec 31, 2014
[quote author=LRNZH post=29358265]Almost half of Nigeria’s cargoes due to be exported in January are still available, Reuters has reported, even as oil prices reach the $50s trough, almost $10 below Nigeria’s benchmark price.

The backlog has pushed Nigerian oil differentials versus Brent to their lowest since at least 2009 BFO-QUA at 65 cents a barrel, down 80 per cent since May, said Reuters. And it is also creating a discount frenzy between African and Gulf oil producers to Asian buyers.

Asia has become a hotspot for a price war between African and Gulf oil producers who, hobbled by bulging global supplies and waning demand, are offering steep discounts to defend their market share in the world’s top net crude buying region.

The competition is welcome news for Asian buyers. If oil stays near $60 per barrel, import costs for the world’s second biggest oil consumer, China, would drop to under $125 billion a year, versus $222 billion in 2013 when crude averaged $110.

But for producers, it means more competition, and African sellers like Nigeria and Angola, faced with precarious finances due to plummeting oil prices, are struggling to make inroads into Asia, a Middle Eastern stronghold.

Owing to the frantic competition for Asian buyers, India, THISDAY learnt, has taken the unusual step of asking Nigeria to offer it a 90-day credit line if it must continue to buy her crude oil.

With the loss of the US market earlier this year, India has replaced it as Nigeria’s biggest buyer of the country’s light crude grade.

“There is competition between West African and Middle East suppliers for the Asian markets, but the Middle East suppliers have the cost advantage,” said Philip Andrews-Speed, head of Energy Security Division at the National University of Singapore. The city-state is a major oil trading hub in Asia.

Low operating costs in Saudi Arabia, Kuwait and the Emirates already allow these countries to offer hefty discounts.

Now, a more than 50 per cent jump in freight rates between West Africa and China since September is adding to the relative advantage of Middle Eastern grades, which require shorter shipping distances to Asia. This has been a big setback for West African producers.

West African exports got a brief boost in August when Brent’s premium to Middle East crude DUB-EFS-1M narrowed to less than $2 per barrel from almost $5 in June. But with Middle Eastern producers now offering even more competitive prices, the advantage has faded.

“A year ago, a $2 premium would have been attractive, but in today’s environment it’s different,” a trader dealing with West African crude said.


West African producers traditionally sold most of their oil to North America and Europe, but exports dwindled given a gusher of shale oil from the United States and higher output from nations outside the Organisation of the Petroleum Exporting Countries (OPEC).

West African crude exports to Asia rose more than 4 per cent between January and December, Reuters data has shown. China accounted for most of the rise as it took advantage of low prices to build up oil reserves.

But the higher West African arrivals into Asia were mainly due to sales before October, and have dropped since then due to Middle East discounts.

Middle East producers continue to dominate the Asian oil market, with Saudi Arabia, the United Arab Emirates (UAE) and Kuwait all increasing shipments to the region since 2012.

The Middle East accounts for around half of China’s imports and Africa has a 25 per cent share.

With pricing an advantage for Gulf producers, one hope for West Africa is China’s drive for diversification in order to avoid over-reliance on Middle Eastern oil, JBC Energy said.

But analysts are sceptical about the sustainability of steep discounts, as producers need higher prices to finance their budgets.

“Governments that underpin their budgets with oil or metals have seen currency values plummet, reserves erode or current account deficits rise… Regimes built on oil wealth will come under pressure,” risk consultancy and insurance brokerage JLT Group said in its 2015 outlook.



http://www.thisdaylive.com/articles/nigeria-struggles-to-sell-oil-cargoes-offers-discounts-to-asian-buyers/198070/[/quote
Nigeria is finished. Next year nah hell for dis coubtry
Re: Nigeria Struggles to Sell Oil Cargoes, Offers Discounts to Asian Buyers by diki1(m): 12:29pm On Dec 31, 2014
I believe if there's no petrodollars most of this politicians will die a natural death
Re: Nigeria Struggles to Sell Oil Cargoes, Offers Discounts to Asian Buyers by enny09: 12:29pm On Dec 31, 2014
so why are nigerians still buying a litre of petrol @ N97 despite the fall in oil price

1 Like

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