By Udeme Akpan with Agency Report


There are indications that Nigeria’s oil has been over-supplied as 30 unsold cargoes await buyers in the international market.

However, an oil market update obtained yesterday showed that the cargoes were scheduled for the August and September, 2018 deliveries, and buyers may come up before the end of the scheduled deliveries.

Reuters which confirmed the development stated, “There are almost 30 unsold cargoes from the August and September programmes, traders said, in addition to newly released October underlining plentiful supply.

“Qua Iboe: A prompt cargo was said to have traded at dated plus $1 or below, a relatively low level for the grade last valued by Reuters at dated plus $1.15.

“Forcados: A cargo was said to have traded at about dated plus $1.30, 10 cents above a bid from Vitol on Monday. It was not possible to confirm who bought or sold the cargo.”

It also stated, “Angola is set to export 49 cargoes in October after four cargoes of Gindungo, a new grade, were added to the preliminary programme. September had 47 cargoes”.

The report tends to check a possible spike in oil prices early in the week, just Brent price moved to $72 per barrel, up from $71 it recorded on Monday.

However, the Organisation of Petroleum Exporting Countries, OPEC, said it was committed to achieving increased market stability.

In a statement sent to Vanguard , it said, “The JMMC (Joint Ministerial Monitoring Committee) reported that participating countries in the Declaration of Cooperation have achieved a conformity level of 121 percent in June 2018.

“The JMMC also considered market conditions for the month of July as well as individual country production levels for this month and was satisfied that overall performance will not deviate from the 100 percent conformity targeted by the decision reached at the 4th OPEC and Non-OPEC Ministerial meeting on June 23.

The committee decided to continue closely monitoring oil market conditions and developments with a view to improve market stability for the benefit of producers, consumers and the global economy at large.

“The committee reaffirmed its intent to strive to achieve an overall conformity level of no less than 100 percent. Furthermore, the JMMC decided to hold monthly meetings (physically or by teleconference) with the objective of more closely monitoring the market and recommending appropriate response measures.”

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https://www.vanguardngr.com/2018/08/30-cargoes-of-nigerias-oil-await-buyers/

And so?

The world is gradually improving and leaving us behind. We go dey drink our oil later.

C

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Nigeria oil is over supply, how embarrassing is that ? The federal government can't think of other ways to generate revenue other than oil.

30 unsold cargoes totaling?

Journalist you need cane

How does this affect us

Grammer

y

why is OP looking for someyhing that APC will use as an excuse again for not fufilling its promises

Like for Atiku

Share for Buhari

STOP MISUSING OUR RESOURCES.

MAY THUNDER STRIKE EVERYONE WHO HAS LOOT OUR TREASURY.

Y dey no package PMB join the cargo ship?

Naija and oil.... May we no focus on other things. Only oil... Smh

Evidence of good governance . Buhari till 20whereitends. We haven't seen anything sef.

naija wants to sell, who will buy... Oil refining is not in our dictionary.
https://www.nairaland.com/4690640/quality-suede-oxford-shoes-ready

And I wan start oil business....

Red oil mill.....

over dependence on oil.

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abeg make una buy oyel oh make hungry no kill us for naija

The time to accept division /restructuring by the parts of the country that never wanted is approaching.

Very bad

Joemetry:
STOP MISUSING OUR RESOURCES.

MAY THUNDER STRIKE EVERYONE WHO HAS LOOT OUR TREASURY.

Joemetry:
STOP MISUSING OUR RESOURCES.

MAY THUNDER STRIKE EVERYONE WHO HAS LOOT OUR TREASURY.

Be careful what you wish for

I will buy them as black market u guys should not worry at all.

NCANTaskForce:
Like for Atiku
Share for Buhari

just like dat? must you politicize everything?

I think we should start focusing on Mining. The earlier we take mining more serious the better. Visit www.miningng.com to learn more.

But the region that supply this liquid gold is still undeveloped

sunnysunny69:
Nigeria oil is over supply, how embarrassing is that ? The federal government can't think of other ways to generate revenue other than oil.

This PMB left office as Military Head of state in the 1980s.
He could not think of what else to do rather than Cow rearing.
We shouldn't expect him to think of something else now.

Yusfunoble:
The world is gradually improving and leaving us behind. We go dey drink our oil later.

I swear...