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Buyers Reject Nigerian Crude As Glut Looms - Business - Nairaland

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Buyers Reject Nigerian Crude As Glut Looms by Nigeriapen(m): 1:17am On Mar 09
By Sebastine Obasi, with Agency report
LAGOS—Nigeria’s oil supply to the international market is facing glut as ample supply of light and medium grades from the North Sea and the Mediterranean are limiting buying interest for Nigerian crude, traders said. This is coming as Angola launches big oil block.

Much of the glut could end up heading into the refining systems of major oil companies like Shell and Total, a trader said, meaning the excess is effectively lower than 50 cargoes. Demand for Agbami and Qua Iboe has been higher than demand for other grades so far. while Qua Iboe was being offered at about dated Brent plus $2. About 10 April-loading Angolan cargoes remained available, steady from Tuesday’s estimate.

The CLOV grade has been relatively slow to find buyers. Sonangol trimmed its offer of Saxi crude to dated Brent plus 50 cents, down 25 cents from Tuesday’s level, a trader said. The company was still offering Dalia at dated Brent minus 70 cents a barrel.

Meanwhile, Angola is set to launch its big oil block. The first vessel that will pump and store oil for Angola’s 230,000 barrels per day (bpd) Kaombo project is en route to the West African nation, operator, Total, said. The Kaombo oil block will produce its first oil this summer. Once it is fully up and running, it will add roughly 14 per cent to the OPEC member nation’s average 2017 output of 1.632 million bpd. The Kaombo Norte floating production, storage and offloading (FPSO) vessel left Singapore earlier this week. The vessel has a capacity to pump 115,000 bpd, half the oil block’s eventual production. The second FPSO, Kaombo Sul, is still in Singapore. The $16 billion offshore project will add a significant amount of oil to Africa’s number two exporter at a time when the nation is bound by output limits under a deal orchestrated by the Organization of the Petroleum Exporting Countries.

https://www.google.com.ng/amp/s/www.vanguardngr.com/2018/03/glut-looms-buyers-reject-nigerian-crude/amp/

2 Likes 1 Share

Re: Buyers Reject Nigerian Crude As Glut Looms by Nigeriapen(m): 1:22am On Mar 09
Re: Buyers Reject Nigerian Crude As Glut Looms by horsepower101: 1:28am On Mar 09
Lol

2 Likes

Re: Buyers Reject Nigerian Crude As Glut Looms by EniHolar(f): 1:54am On Mar 09
Our eyes dun dey clear

5 Likes

Re: Buyers Reject Nigerian Crude As Glut Looms by baralatie(m): 3:58am On Mar 09
fake news

1 Like

Re: Buyers Reject Nigerian Crude As Glut Looms by CodeTemplar: 4:41am On Mar 09
Yet we don't have fuel cos we can't refine it. Pathetic.

10 Likes

Re: Buyers Reject Nigerian Crude As Glut Looms by cogbuagu: 10:58am On Mar 09
Hmm
Re: Buyers Reject Nigerian Crude As Glut Looms by martineverest(m): 10:58am On Mar 09
cook up news
Re: Buyers Reject Nigerian Crude As Glut Looms by AngelicBeing: 11:00am On Mar 09
grin

3 Likes

Re: Buyers Reject Nigerian Crude As Glut Looms by ghst(m): 11:00am On Mar 09
issokay

3 Likes

Re: Buyers Reject Nigerian Crude As Glut Looms by IdJack(m): 11:01am On Mar 09
Hmmmm... Na WA ooo. I hope this isn't a fake news
Re: Buyers Reject Nigerian Crude As Glut Looms by sayentease(m): 11:01am On Mar 09
Re: Buyers Reject Nigerian Crude As Glut Looms by galaxy2020(m): 11:01am On Mar 09
This is good news, let's hope our lazy politicians brain will go back to default setting.

3 Likes

Re: Buyers Reject Nigerian Crude As Glut Looms by 400billionman: 11:02am On Mar 09
Oh our Father

1 Like 1 Share

Re: Buyers Reject Nigerian Crude As Glut Looms by OnyeOGA(m): 11:02am On Mar 09
grin
Issorite!
Welcome to a con3 where u suffer because God blessed you with natural resources.

2 Likes 1 Share

Re: Buyers Reject Nigerian Crude As Glut Looms by xcolanto(m): 11:04am On Mar 09
Nija go hear wee
Re: Buyers Reject Nigerian Crude As Glut Looms by ameri9ja: 11:04am On Mar 09
Nigeriapen:


Much of the glut could end up heading into the refining systems of major oil companies like Shell and Total, a trader said, meaning the excess is effectively lower than 50 cargoes. Demand for Agbami and Qua Iboe has been higher than demand for other grades so far. while Qua Iboe was being offered at about dated Brent plus $2. About 10 April-loading Angolan cargoes remained available, steady from Tuesday’s estimate.

This basically means there is no glut - less than 50 cargoes. Also Kwa Igbo and Agbami are actually seeing higher demand.
Confused news.

1 Like

Re: Buyers Reject Nigerian Crude As Glut Looms by eleojo23: 11:05am On Mar 09
Our eyes go clear very soon.

Lazy country that cannot diversify her economy after almost 60 years...

It's a shame really.sad

1 Like

Re: Buyers Reject Nigerian Crude As Glut Looms by marvin906(m): 11:06am On Mar 09
dont know why this news sounds funny to me undecided undecided

Re: Buyers Reject Nigerian Crude As Glut Looms by JONNYSPUTE(m): 11:06am On Mar 09
Hmmm
Re: Buyers Reject Nigerian Crude As Glut Looms by DollarAngel(m): 11:07am On Mar 09
Why the Dullard his spending billions finding oil in the North, why the available ones are been rejected

7 Likes

Re: Buyers Reject Nigerian Crude As Glut Looms by princejenks(m): 11:09am On Mar 09
I need further clarification on this news item cos we were told that by the extension of the period for supply cut for another year by opec and Russia,Nigeria was allowed a maximum output of 1.8 million bpd of crude considering our peculiar circumstances;alongside Libya whose output to the world market was capped at a maximum of 1million bpd. So what's informing this latest rejection of our oil having been granted special privileges?
Re: Buyers Reject Nigerian Crude As Glut Looms by RexTramadol1(m): 11:09am On Mar 09
Nawa o



Even our politicians' brains r facing gluts



Dey ought to face front.

1 Like

Re: Buyers Reject Nigerian Crude As Glut Looms by Ralphdan(m): 11:13am On Mar 09
This the best news I have heard today.
I pray for US,India,etc to intact stop buying Nigerian Oil soon so we can get our shitty head straight .

2 Likes

Re: Buyers Reject Nigerian Crude As Glut Looms by Nobody: 11:20am On Mar 09
400billionman:
Oh our Father

Who arth in heaven

1 Like

Re: Buyers Reject Nigerian Crude As Glut Looms by sirusX(m): 11:25am On Mar 09
Diversify...NO

Oya nah...make we dey watch

2 Likes

Re: Buyers Reject Nigerian Crude As Glut Looms by Nobody: 11:28am On Mar 09
Nigerians go hear am for TAX.......
Ambode and Fowler right now...... grin grin grin grin

2 Likes

Re: Buyers Reject Nigerian Crude As Glut Looms by Nobody: 11:36am On Mar 09
It's never too late to put our greatest efforts in Agriculture.

Now that we know the over-reliance on crude sales has not yielded the desired effort.

2 Likes

Re: Buyers Reject Nigerian Crude As Glut Looms by divinehand2003(m): 11:53am On Mar 09
Our over reliance on the sales of crude oil is the main reason why we are a failed State today

1 Like

Re: Buyers Reject Nigerian Crude As Glut Looms by midastouch: 12:03pm On Mar 09
efesodje:
It's never too late to put our greatest efforts in Agriculture.

Now that we know the over-reliance on crude sales has not yielded the desired effort.

I hope you realise that the price of agricultural products will rise by over 50% in the coming year due to scarcity caused by Herds Men.

A lot of farming communities have been exterminated.

A lot of farmers have abandoned their farms.

Farmers in Nigeria have become endangered species.

Agriculture is not the solution right now.

We do not have a solution.

5 Likes 1 Share

Re: Buyers Reject Nigerian Crude As Glut Looms by laivwire(m): 12:12pm On Mar 09
Giant of Africa will soon become dwarf of Africa if we are not careful.

1 Like

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