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Nairaland Forum / Nairaland / General / Business / Nigeria Struggles to Sell Oil Cargoes, Offers Discounts to Asian Buyers (33315 Views)
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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: 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: 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: 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: your opinion, Jonathan shall rule till 2019. 1 Like |
Re: Nigeria Struggles to Sell Oil Cargoes, Offers Discounts to Asian Buyers by Firefire(m): 11:11am On Dec 31, 2014 |
LadyExcellency: 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: 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: 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! |
Re: Nigeria Struggles to Sell Oil Cargoes, Offers Discounts to Asian Buyers by Nobody: 11:18am On Dec 31, 2014 |
LRNZH: 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: 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: 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: 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: Seconded! |
Re: Nigeria Struggles to Sell Oil Cargoes, Offers Discounts to Asian Buyers by nduchucks: 11:57am On Dec 31, 2014 |
WhiteTechnology: 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: 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: 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: ™™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.. |
Re: Nigeria Struggles to Sell Oil Cargoes, Offers Discounts to Asian Buyers by mencade4: 12:23pm On Dec 31, 2014 |
decode55: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: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: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: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:Buhahahahahahaha! |
Re: Nigeria Struggles to Sell Oil Cargoes, Offers Discounts to Asian Buyers by vanunu: 12:28pm On Dec 31, 2014 |
Caseless: 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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