But same Nigeria said PH refinery might be importing crude as well as Dangote refinery, I don't understand o

F

No body go buy am....... i knw say it will com to this level. Since our leaders no get vission......

What happened to our refineries? Why cant we sell to them to refine and export? Una never talk the truth.

TheRedpillguy:
But DANGOTE is buying oil from the US thou.

U dey mind dem, very confused and lying country.....crude dey ground, yet dangote dey import....very ironical.......APC and lie no difference

nlfpmod:


https://www.bloomberg.com/news/articles/2024-04-12/nigerian-unsold-oil-starts-to-build-up-as-buyers-take-their-time?cmpid%3D=socialflow-twitter-africa&utm_medium=social&utm_content=africa&utm_source=twitter&utm_campaign=socialflow-organic

but the other day, Dangote was buying from the USA.
So many foolish leaders in this country

They should keep it. Can't Nigeria have reserve? Most foreign countries have reserve that can take them many years. Must we sell it all

Is dangote not interested in buying oil

$85/barrel

Conspirators have paid bloomberg

Oil bunkers have paid bloomberg

nigeria politicians have paid bloomberg

tinubu and his lickazz has since complain to use


What a evil world

nlfpmod:


https://www.bloomberg.com/news/articles/2024-04-12/nigerian-unsold-oil-starts-to-build-up-as-buyers-take-their-time?cmpid%3D=socialflow-twitter-africa&utm_medium=social&utm_content=africa&utm_source=twitter&utm_campaign=socialflow-organic

Why are we so confused in this country...dangote bought 2 million barrels all the way from USA.. now we are saying we dey struggle to find buyers...sell the goddamn oil to dangote..let the price reduce for the masses.

omowolewa:
Na lie

What happened to Dangote Refinery that buys oil from USA. Bonny light is sweeter.

What happened to the forwards, go and Dock the ships at their yard, let them pay demorage.

No mind them.

Something about to happen $$$$

What a country, one minute you read a single positive news, the next minute, 5 demoralizing news, it's tiring really, not i sure i have read anything good about this country from the media this year.

Bring spa I get baya

Blitzking:

Why are we so confused in this country...dangote bought 2 million barrels all the way from USA.. now we are saying we dey struggle to find buyers...sell the goddamn oil to dangote..let the price reduce for the masses.

Why can't he buy from Nigeria

Nigeria is a very funny country, earlier this year we herd that there is no enough crude oil supply to Dangote refinery and this is making Dangote to source for crude oil from US. today we are hearing story of Nigerian crude oil is struggling to find buyers in abroad

Rufai Oseni will be delighted by this news. Frustrated newscaster.

Blitzking:

Why are we so confused in this country...dangote bought 2 million barrels all the way from USA.. now we are saying we dey struggle to find buyers...sell the goddamn oil to dangote..let the price reduce for the masses.

There is more to it than your simple analysis.

All these Western countries are evil 😈 to Africa development and our leaders have little options to decide. To a normal human thinking, Dangote shouldn't being buying from US, but US will loss part of it revenue from Nigeria (including shipping business) that is why they demand Dangote must continue buying from US which is still as if we are importing petroleum from them.

You can see why I can't blame all those countries that stage coup and align towards Russia

They will soon be queue for Nigerian oil due to war going on in Middle East....high demand will result in high sales and by extension high revenue.

omowolewa:
Na lie

What happened to Dangote Refinery that buys oil from USA. Bonny light is sweeter.

What happened to the forwards, go and Dock the ships at their yard, let them pay demorage.

Nigeria needs to export for foreign exchange. Sicme dangote Will be selling in Naira, then he probably will be buying from fg using Naira

Gullible people. why no prioritize internal sales

Person born pikin name am Heineken? Na wa o

femtan:
So what happens to Dangote refinery that is complaining of shortage of crude supply?

That they av sold 6months ahead to buyers.

Yeye people

What kind of excuses is that. Sell it to Dangote now. What about the stale excuses that we have received advanced payment of crude for the last 12months an agreement entered into by the last administration. So much opaqueness going on.

The more you try to understand Nigeria the more confused you get.

Mad people everywhere

Cheap Russian oil full market

Funny country. Now they can't find buyer for our crude oil in the same country where Dangote Refinery import crude from USA to refine in its refinery.

It is time to act diversification rather than talk diversification,hope is come bleak for huge revenue in crude oil.But wait I minute,what happens to the statement that Nigeria's crude oil has been sold far into the future?Has the future arrived too soon just within 1year?

When it's cheaper to buy Texas Wti instead of Bonny Sweet, we would wake up to crude oil competition. Eventually.

Nigeria risks losing oil buyers as US expands footprint

By Dipo Olade­hinde · Apr 2, 2024

OIL suppliers in the United States have muscled their way into the markets once dominated by Nigeria and other members of the Organization of the Petroleum Exporting Countries (OPEC), posing a challenge for Africa’s top exporter.

Since the imposition of Western sanctions on Russia in 2022, US oil exports have surged,
setting five new monthly records, according to data from the US Energy Information Administration (EIA).

The sanctions, coupled with trade restrictions on Venezuela, have significantly altered global oil trade dynamics, enabling US suppliers to capture markets traditionally dominated by OPEC and its allies, analysts at EIA said.

This shift is particularly evident in India, a major buyer of Nigeria’s crude oil, which has increasingly turned to US crude, displacing sanctioned Russian oil, partly due to Indian refiners refusing cargoes from tankers owned by the sanctioned Russian firm Sovcomflot PJSC.

“US production is going up and OPEC and Russian production is going down — so the US, by definition, is going to have more market share,” said Gary Ross, an oil consultant turned hedge fund manager at Black Gold Investors LLC.

Data from the global ship tracker also showed the US oil shipments are expected to hit a record 2.2 million barrels per day (bpd) in March.

Experts said this surge is not solely a result of sanctions against Russian oil but also due to the inclusion of West Texas Intermediate (WTI) in the dated Brent benchmark, which has integrated US crude into the European oil diet.

For instance, imports into the Netherlands have surged since WTI was included in the dated Brent benchmark last year, ensuring US crude would become a part of the European diet.

Data from EIA also showed US imports to France jumped nearly 40 percent from 2021 to 2023, while those to Spain rose 134 percent.
“As US production continues to gradually grind higher, every incremental barrel that’s being produced is likely going to be exported,” said Matt Smith, lead Americas oil analyst at Kpler, a global trade intelligence platform.

Analysts said the increase in US oil imports by European countries, such as France, Netherlands and Spain, highlights the growing importance of US crude in ensuring energy security and diversifying supply sources away from Russian oil.

The Netherlands received more US crude oil exports than any other country in 2023, averaging 652,000bpd, according to EIA.
Data from the National Bureau of Statistics showed the Netherlands bought Nigerian crude oil worth N2.5 trillion in the first nine months of 2023, while India’s imports were valued at N1.6 trillion.

Indonesia and France occupied second and third positions as they purchased Nigerian crude worth N1.72 trillion and N1.65 trillion respectively as of September 2023.

The Federal Government hopes to generate N7.69 trillion as oil revenue to partly finance the 2024 budget of N27.5 trillion.

The resurging shale oil
production will be scary for Nigeria and most OPEC members who went into recession after shale caused a supply glut that sent oil prices crashing to a historic low in mid-2014, while also making the US the largest producer of the commodity.

In terms of both volumes and value, US oil exports were the biggest of all categories in America’s trade with the world through August this year and are likely to be such for the full year 2023—for the first time, according to an analysis by Ken Roberts at Worldcity, a company that tracks US exports.

Africa’s biggest oilproducing country needs the oil price to rise or in the worst case, remain above its revised budget benchmark of $77.96 a barrel to feasibly raise N7.69 trillion.

The proposed oil revenue for 2024 is over three times the amount budgeted for 2023, which was about N2.23 trillion.

This means that the Federal Government plans to triple revenue from a sector plagued by challenges, such as oil theft, and infrastructural deficit, which led to declining revenue over the years.

“An unprepared life beyond crude oil could be catastrophic for Nigeria where millions of its people already live on less than $1 a day,” Aisha Mohammed, an energy analyst at the Lagos-based Center for Development Studies said.

pansophist:
Person born pikin name am Heineken? Na wa o

The name Heineken is a wealthy family name.

Is like saying person born pikin name am Dangote. That doesn't mean the pikin Na cement or salt.

vengertime:


The name Heineken is a wealthy family name.

Is like saying person born pikin name am Dangote. That doesn't mean the pikin Na cement or salt.

I like your humour. Salute