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Nairaland Forum / Nairaland / General / Business / Nigeria’s Forcados Oil Comes Back In Fresh Blow To OPEC Curbs (10973 Views)
Donald Trump Set To Tackle Nigeria And Other OPEC Countries / Shell Reopens Forcados Terminal For Crude Export / Shell Resumes Crude Exports From Nigeria's Forcados Terminal- FG (2) (3) (4)
Nigeria’s Forcados Oil Comes Back In Fresh Blow To OPEC Curbs by Truth234(m): 11:34am On Jun 07, 2017 |
Royal Dutch Shell Plc lifted restrictions on exports of a key Nigerian crude oil, 472 days after imposing them following militant attacks. The extra flows alone amount to about 20 percent of the supply OPEC has pledged to cut from world markets. Europe’s biggest oil company ended a force majeure of Forcados crude oil shipments at 4 p.m. on Tuesday, a spokesman said. The measure, which allows companies to miss contractual obligations, was imposed on Feb. 21 last year. Shipments this month will average about 250,000 barrels a day, according to a loading program obtained by Bloomberg. Nigeria is adding barrels to the market just as other members of the Organization of Petroleum Exporting Countries are trying to remove them in a bid to bolster prices. The producer club said on May 25 that it will keep its collective output restricted by 1.2 million barrels a day until the end of the first quarter next year. As well as Nigeria, flows from Libya are also jumping. Both countries were exempted from the curbs because of domestic conflicts. “The market is already drowning” in similar types of crude to the Forcados grade, said Ehsan Ul-Haq, an oil analyst at KBC Advanced Technologies. The return of the grade will only add to that, he said. The return of Forcados will add more than 10 percent to the country’s output, lifting it toward the 2 million barrels a day mark. It also reinstates the crude as Nigeria’s second-largest export grade, after Exxon Mobil Corp.’s Qua Iboe. Shell’s Nigerian unit declared the force majeure after the Niger Delta Avengers, a militant group, attacked the subsea export line. The NDA claimed another attack on the pipeline in June, and then again in early November, part of a spate of sabotage that pushed the country’s production to the lowest in almost three decades last year and cost it billions of dollars. http://investorsking.com/nigerias-forcados-oil-comes-back-in-fresh-blow-to-opec-curbs/ mynd44 1 Like |
Re: Nigeria’s Forcados Oil Comes Back In Fresh Blow To OPEC Curbs by Nobody: 11:40am On Jun 07, 2017 |
... Good news for the country, but bad news for the oil price...which is good news for Nigeria...as we may actually do some diversifying...instead of just talking about it. OPEC's era is over....has been ever since the US discovered shale oil. This FTC was brought to you by the letter H. 4 Likes 2 Shares |
Re: Nigeria’s Forcados Oil Comes Back In Fresh Blow To OPEC Curbs by calibet(m): 11:40am On Jun 07, 2017 |
Good step i hope.... |
Re: Nigeria’s Forcados Oil Comes Back In Fresh Blow To OPEC Curbs by Birikiti: 11:40am On Jun 07, 2017 |
This is surely good news for the naira! Let exports continue to grow and imports continue to shrink...before you know it, we have a very good economy. Also patiently waiting for Dangote Refinery to come on stream; that, definitely, is a game changer. The winner in all these on the long run is the Nigerian people! 4 Likes 1 Share |
Re: Nigeria’s Forcados Oil Comes Back In Fresh Blow To OPEC Curbs by wowmenow: 11:40am On Jun 07, 2017 |
anything that will bring referendum am in support we are tired of northerners 1 Like |
Re: Nigeria’s Forcados Oil Comes Back In Fresh Blow To OPEC Curbs by Sunnycliff(m): 11:41am On Jun 07, 2017 |
The truth is that we are not collectively better off in this oil business income, as the proceeds is shared among the political class while we the masses are fed the crumbs. 6 Likes |
Re: Nigeria’s Forcados Oil Comes Back In Fresh Blow To OPEC Curbs by senani(m): 11:41am On Jun 07, 2017 |
Positive development 1 Like |
Re: Nigeria’s Forcados Oil Comes Back In Fresh Blow To OPEC Curbs by Nobody: 11:42am On Jun 07, 2017 |
wowmenow: Honey-cheeks....are you sure you are on the right thread? 2 Likes |
Re: Nigeria’s Forcados Oil Comes Back In Fresh Blow To OPEC Curbs by Truth234(m): 11:43am On Jun 07, 2017 |
Interbank forex rate to improve in days to come. This should get oil output to about 1.8 mbpd from current 1.5mbpd and boost external reserve to about $35 billion this year. |
Re: Nigeria’s Forcados Oil Comes Back In Fresh Blow To OPEC Curbs by pedi(m): 11:44am On Jun 07, 2017 |
some people will not like this,afonja
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Re: Nigeria’s Forcados Oil Comes Back In Fresh Blow To OPEC Curbs by herkeym001(m): 11:46am On Jun 07, 2017 |
1 Like |
Re: Nigeria’s Forcados Oil Comes Back In Fresh Blow To OPEC Curbs by rawpadgin(m): 11:47am On Jun 07, 2017 |
thank God! no fear of being dropped again salary can be coming frequently |
Re: Nigeria’s Forcados Oil Comes Back In Fresh Blow To OPEC Curbs by vicadex07(m): 11:51am On Jun 07, 2017 |
pedi: You have vacancy in your head... Where was Afonja mentioned in the whole write up? 1 Like |
Re: Nigeria’s Forcados Oil Comes Back In Fresh Blow To OPEC Curbs by PearlStreet(m): 12:00pm On Jun 07, 2017 |
Birikiti: When Dangote monopolized sugar, salt and cement, didn't he skyrocket their prices? Ghana had to force the greedy man to cut his cement prices. Here in Nigeria, Dangote is the 4th arm of government. You think when his refinery comes on board, it's for the benefit of Nigerians? Keep dreaming. 4 Likes 1 Share |
Re: Nigeria’s Forcados Oil Comes Back In Fresh Blow To OPEC Curbs by Nigeriadondie: 12:42pm On Jun 07, 2017 |
Sunnycliff:Bros even crumbs no dey |
Re: Nigeria’s Forcados Oil Comes Back In Fresh Blow To OPEC Curbs by Nobody: 12:45pm On Jun 07, 2017 |
Re: Nigeria’s Forcados Oil Comes Back In Fresh Blow To OPEC Curbs by newslifeop: 1:12pm On Jun 07, 2017 |
Ah |
Re: Nigeria’s Forcados Oil Comes Back In Fresh Blow To OPEC Curbs by Mcreloaded(m): 1:33pm On Jun 07, 2017 |
I know for certain that if our refineries are working Nigeria can consume the excess crude locally after all we have the population to boost the economy of a country but then our criminal.leaders know it profits them more if the refinery don't work so they can continue to import fuel. We sell oil and import fuel and we also sell wood and import wooden furniture's. Who dey cry dey see |
Re: Nigeria’s Forcados Oil Comes Back In Fresh Blow To OPEC Curbs by davodyguy: 2:00pm On Jun 07, 2017 |
good news as Naira will appreciate |
Re: Nigeria’s Forcados Oil Comes Back In Fresh Blow To OPEC Curbs by davodyguy: 2:02pm On Jun 07, 2017 |
pedi: Are you alright? |
Re: Nigeria’s Forcados Oil Comes Back In Fresh Blow To OPEC Curbs by debonairprinx(m): 3:02pm On Jun 07, 2017 |
9jakohai: US can't produce at a profit margin less than $60/barrel. Else they want to sabotage their economy in the fight against OPEC nations. And OPEC nations are intentionally keeping the market stable at less than $55/ barrel cos of united States. There is an economic war going on against major OPEC nations. And I think continuous interest in renewable and clean energy can only be the major misfortune for OPEC. 1 Like |
Re: Nigeria’s Forcados Oil Comes Back In Fresh Blow To OPEC Curbs by IdeyFindWife: 6:19pm On Jun 07, 2017 |
Sunnycliff: I wonder wetin concern agbero with overload. All the savings and shored-up funds never translates to anything meaningful for the masses on the long run. let's keep hoping. |
Re: Nigeria’s Forcados Oil Comes Back In Fresh Blow To OPEC Curbs by Emassive(m): 9:01pm On Jun 07, 2017 |
rawpadgin: More funds to be shared by foreigner (politicians) as usual |
Re: Nigeria’s Forcados Oil Comes Back In Fresh Blow To OPEC Curbs by ugbengasin34: 10:40am On Jun 09, 2017 |
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Re: Nigeria’s Forcados Oil Comes Back In Fresh Blow To OPEC Curbs by ketkelvin(m): 6:44pm On Jun 13, 2017 |
LPFO FORCADOS BLEND ALLOCATION ALLOCATION LIFTING REFERENCES: REF. CPI/CO/28/VOL.11/51 BULK APPROVED MPR REF Nº:DPR/DS/CTO/2018/VOL.89/093 QUANTITY OFF TAKE: 900,000,000,000,000 METRIC TONS REG./LIFTING NO: EXP.T/128/VOL.41/2322. (EACH-P.A 900TRILION METRIC TONS) REG./LIFTING NO: EXP.T/128/VOL.41/2349. (EACH-P.A 900TRILION METRIC TONS) ARTICLE 7: PRICE: 7.1 GROSS: #36.00 LESS N4:00K QUOTED NWE PLATT NET TO THE SELLER: N32.00K PERLITRE TOTAL COMMISSIONS:N4:00K ARTICLE 23: PROCEDURE: Procedure for the Transaction Seller present SPA contract to Buyer to fill in where necessary, agree and sign, the signed /sealed returned contract is considered binding on both party inclusive of the indemnity clause contain therein and a corporate letter of assurance guarantee to pay all intermediaries their commission up-front as soon as the soft copy of the allocation is released, confirmed/verified and block fund unblocked. The signed/sealed SPA by both parties is expected to be lodged in each parties bank, the Seller issued allocation PFI details is confirmed at the NNPC Tower Abuja for authenticity to enable buyer/buyer representative to block funds in the Seller’s account for the quantity signed for, to enable re-assignment in the name of the buying company or principal company/off-takers. Buyer and his representative are invited to NNPC Tower for confirmation and verification of PFI allocation details, Buyer is expected to come along with his valid financial and up to date proof of fund and Bank Capability document. Upon successful confirmation/verification of allocation PFI details, Buyer is obliged to initiate and establish communication with his financial institution and block fund according to the signed/sealed SPA to the seller’s account contained in the SPA to enable re-assignment of allocation in the Buyer’s name or principal/off-taker. Upon confirmation of blocked funds by Buyer’s financial institution, re-assignment of allocation is conducted in conjunction with the Seller by NNPC for the total quantity of allocation signed and sealed for within stipulated time according to NNPC policy/guidelines for re-assignment. After the re-assignment, softcopy of the re-assigned allocation in the name of the Buyer is released to the Buyer/Buyer’s bank for confirmation/verification. Upon successful confirmation/verification of allocation by Buyer/Buyer’s bank and representatives, Buyer is to unblock funds and effect payment by swift via MT103 or any other approved financial instrument accepted by NNPC and the industry to all Seller/Buyer and intermediary facilitators/accounts according to Payment schedule that will be presented from the Seller to the Buyer. Upon confirmation of payment to all concerned accounts, allocation hard copy document and other related documents are released to the Buyer/Buyer’s approved representative laycan dates and roll over are issued too through the Seller to the Buyer for preparation of programming of vessels and lifting. Contacts Whatsapp:+2349033826160 Email:ketkelvin806@yahoo.com |
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