₦airaland Forum

I hope he doesn't pay them to teach them a lesson you don't sell your voting right. Bunch of Esau selling their future over peanuts.

We needs to start looking at the bigger picture

missKiffy:
Omo see Gobe, they can beat chest for Africa

The kind of attitude being shown here, is the reason why polticians are taking advantage of the citizens. Is this a funny matter?

God forbid. These guys are one of the reasons why the country is where it is, because they are not up to the task.

For it to hit the most well managed region in the country, then you know we have a problem. Nigeria ITS can not survive this for another week without the currency taking a heavy beating.

USA are not willing to buy the oil, so the investment is simply to take advantage of our incompetent government. I am really sceptical of USA motive.
Perhaps, that will throw some light into why they supported GMB aggressively.

Nigeria: The biggest casualty of rising US shale oil production
Until about seven years ago, the US, which remains the largest oil consumer in the world, used to buy more than 1 million b/d of light sweet Nigerian crude oil — almost 50% of Nigerian oil exports at the time. In 2014, only 3% of Nigerian exports went to the US, according to the same data published by the US EIA. Nigeria lost its biggest buyer, and the reason for this has been the dramatic rise in US shale oil production.

US shale oil is extremely similar in quality to light sweet Nigerian crude oil, and as more and more shale basins were discovered in its own backyard, the US did not need any more oil from Nigeria.

Last year, there were six weeks in a row starting from early July during which the US did not import a single barrel of crude oil. This was the first time that the US had not imported any Nigerian crude oil for such a length of a time, since US EIA started compiling this data almost four decades ago.

The shale revolution has had a profound impact on the makeup of the US import market, which has, by extention, greatly altered the direction of crude flows both within Europe and to Asia. And Nigeria has been the biggest casualty of this.


US shale oil is extremely similar in quality to light sweet Nigerian crude oil, and as more and more shale basins were discovered in its own backyard, the US did not need any more oil from Nigeria.


As the imports of light sweet crudes in the US decline substantially, its appetite for heavy crude oils have in fact observed a bit of a boost over the last few year. As a lot of US refiners are blending these heavy crudes with shale oil, demand for heavy Canadian, Venezuelan and Saudi Arabian crudes has remained robust.

Angola has another unique selling proposition, as advertisers or marketers would say. Angolan is one of the few regions in the world that produces heavy crude oil that is sweet, as in, low in sulphur. And with global environmental policy shifting towards cleaner fuels, Angolan crudes are benefiting from this.

Nigeria needs to find demand in growing economies

India is the largest buyer of Nigerian crude, which has been one of the positives for the West African country in the last few years. Indian state-owned refiners like Indian Oil Corporation, Bharat Petroleum Corporation and Hindustan Petroleum Corporation are key and consistent buyers of Nigerian crudes like Qua Iboe, Bonny Light, and Agbami.

But demand from India for Nigerian crudes is slightly on the wane as its demand for Latin American crudes is growing sharply. India is also the largest buyer of Venezuelan crudes, and with refineries getting more and more complex in the sub-continent, their demand for light sweet crudes is expected to tail off. The world’s largest refinery complex situated in Jamnagar in the western state of Gujarat in India, operated by Reliance, runs primarily on heavy crudes, dominated largely by crudes from the Middle East and Latin America.

In 2014, 45% of Nigerian crude exports went to Europe, according to the EIA data. But the issue for Nigeria is that it is so dependent on a region where crude demand is stagnant as a lot of economies are still stumbling and it needs to find demand in countries that are growing, particularly in Asia.

It also needs to be more creative in finding customers. Five years ago, no crude from the North Sea used to find its way to South Korea, but the European Union and South Korea signed a free trade agreement almost four years ago, and now Forties crude from the United Kingdom regularly flows to South Korean refineries — and sometimes even to China.

Angola also recently found a new buyer in Chile last year as both countries signed a term agreement. Angola is now the largest supplier of oil outside of South America to Chile.

Nigeria needs to be inspired by such examples, and with a new government taking over in Nigeria in just over a week, it needs to up its game if it wants its oil industry — which it depends on heavily — to prosper.

Nigeria and Angola, both situated in West and South Africa respectively, are the two biggest producers in the region, but the crudes from these two countries have trodden divergent paths in the past year, despite a lot of similarities.

Nigeria produces just over 2 million barrels of per day of crude oil that is largely light and sweet. This crude is largely low in sulphur and yields a generous amount of diesel, jet fuel and gasoline, which are the profit-making products for global refineries.

Angola, on the other hand, produces almost 1.7 million b/d of heavy but sweet crude oil — oil that is low in sulfur, but, when refined, yields a lot of fuel oil and residual fuels.

Angolan crude, however, has been finding it easier to attract buying interest than the light sweet and better quality Nigerian crude in the past year, which, until a few years ago, was the preferred choice for most refiners. But it is not only due to higher prices and economics that Nigerian crudes are struggling; a lot has to do with the customer base of both countries.

“Angolan crudes rely on countries that are growing at a rate of growth of 5% to 8% while [crudes out of] Nigeria rely heavily on Europe, where economies are generally on a decline,” said one oil trader I spoke to last week.

And I found this as a very simple yet effective explanation for why crudes from Angola, despite the lower quality compared to Nigeria, are selling swiftly.

A fair share of Nigerian export crude cargoes every month are grappling to attract end user and refinery demand, and are instead being stored on ships and on storage terminals, idling away. The bulk of the oversupply in the Atlantic Basin crude market is comprised of Nigerian crudes. A lot of Nigerian crude is floating on the seas and in storage tanks with no home and no destination.

Little interest in Nigerian crude in Asia

Almost 65% of Angolan crude exports last year went to Asia, with 49% of that going to China, according to data published earlier this year by the US Energy Information Administration.

China is the biggest consumer of the Angolan heavy to medium sweet crude oil, while conversely not even 1% of Nigerian crude goes to China. China is the second largest consumer of crude oil, and when it does not figure at all as one of your regular buyers, you know you have a problem. And Nigerian crude is suffering because of this. China likes crude oil that is heavy and sweet, as it fits the appetite of its refineries that produce a lot of fuel oil to keep its industrial and manufacturing economy marching on.



China also has a lot of complex and sophisticated refineries that can still produce middle distillates by distilling heavy crude oils, making the refiners much better margins. So China ignores Nigerian crude for now, as their demand for light sweet crude oil is very sparse. It is high time Nigeria found a way to attract its crude oil to China.

China also has a lot of complex and sophisticated refineries that can still produce middle distillates by distilling heavy crude oils, making the refiners much better margins. So China ignores Nigerian crude for now, as their demand for light sweet crude oil is very sparse. It is high time Nigeria found a way to attract its crude oil to China.

Nigeria is not broke.

Does anyone still believe in this backward stuff?

barcanista:
May God in his infinite mercy bless you. We will treat our internal leaders ourselves. All of them shall give account while we continue our struggle

You guys in the south south are very smart. I love the one voice by guys in condemning your politicians, which wouldn't have happened in SE/SW.

go4value:
let him run as fast as he can..Buhari will catch up with him.....


GLO IS THE BEST NETWORK... I glo with pride

Buhari will catch him up you say? Don't hold your breath.

None of these politicians are for the masses. We need a revolution in Nigeria.

micktoxin:
Cue poltical bias, this is an admirable act. Hopefully, he can reduce the salaries of top politicians in Naija.
To put into perspective, Nigerian senators earn ~$ 2 million which means a ratio of more than 1000 times the average income. Now, compare it to the salaries of politicians in other countries, you will see how much the country is being duped.

It is high time people open their eyes and address the issue rather than defending thieves that didn't care about you.

Very well said. Outrageous figures comparest to other countries.

What's the point of celebrating these people, when Nigeria still has a very poor GINI coefficients? Let's look at the bigger picture and stop celebrating them until the Income equality improves.

missKiffy:
Someone should please enlighten me, is it possible to have a sovereign state inside another sovereign state

Technically yes. Monaco- France relationship type could work in naija.

Cutehector:
U so much like this guy or babe, he or especially she has been turning down ur advances for a long time and u keep on beggn...do u think its worth the chase? Do u as a person see urself beggn someone to love u?

No. Move on quick.

blym:
Ooops, am scared! Puerille acts. .

lol

KcMark:
LOL. My name is Kingsley and it's even stated on my signature- KingSLAY.
That I school in the University of Uyo,Uyo is common knowledge and it is even on my profile . You missed the part where I stated that I am in my finals? Check my diary.
There goes you discovery - out the window, nitwit.


Headline news: Your precious b***h deactivated!

Ominious, yes?
Bum, while you were busy getting rammed in all your natural orifices by trànnies all night I stayed up to have 'canniibal' feasts of her and she 'tasted' right. Unsatisfied so I had Dollyak for dessert. Flossed my canines with strains of their fake weaves then I tossed the bones in the air for you b**tches to drool for.
I do this everytime, my alias should be Pavlov.

Why are you in my mentions? You corpse looking man. Deadtin clad. *Spits*

nwadiuko1:
the best response from such a silly comment should have been SILENCE....especially on nairaland..

why not correct him

nwadiuko1:
I guess you are new to nairaland...just note that this is a faceless forum and you shouldn't bring your family or your personal life into anything being discussed here especially in a negative way because you never know whom you might be talking to.

Peace

The fact you even chose to ignore the guy's comments shows your 10 year old mental capacity.

nwadiuko1:
I guess you are new to nairaland...just note that this is a faceless forum and you shouldn't bring your family or your personal life into anything being discussed here especially in a negative way because you never know whom you might be talking to.

Peace

When someone send me this kind of comment "as far as the whole world is concern, you are dirty yoruba smello" then they don't deserve any respect.

Bye, young man.

nwadiuko1:
whatever the context of the discussion was.....it was childish and irresponsible of you to have made the comment I quoted.

Making a swift conclusion is stupid and childish. Go and get some wisdom and stop throwing tantrums.

See the man's comment and tell me you are not a slowpoke 'as far as the whole world is concern, you are dirty yoruba smello'

hulega:
First, you can not claim to be neutral, as you were interested enough to say something. That invalidates your claim to neutrality. Secondly, the south breaking free of the leeches from the north is only wishful thinking for obvious reasons.

Commenting on political news now invalidates neutrality views? I shall stop there.
I am sure you must have heard of neutral views...

nwadiuko1:
lol so childish.....who cares about knowing your family? Some nairaland kids tho

Perhaps, next time you should understand the context of a comment before replying. This will help you make a better judgment like an adult.

Jkyoung:
When it comes to power, I swear by my shadow, you and your family are a piece of shitty Almajiris

By you looking like a poverty striken soldier, yeah right . Watch what you say boy. Internet might have equalised us, but don't get carried away by the virtual presence boi.

Whynotthetruth:
(Rushes to her profile)...I thought I dropped some words for you before now?...Its unladylike to issue threats anyhow...do you know what the person is like or up to too?...anyway, none of my biz...go ahead!!! enjoy your ride

Do you know my family or the kind of people I move with. Can you make a threat to Tinubu's children for instance? You get the idea. Some people are just that much more powerful than ordinary citizens.

Jkyoung:
E-diot, If you are near me I would have given you a back hand..... Product of prostitution

If you were lucky enough to be in my presence, I doubt you would have been bold enough to even look at my face. People like you have gone.. with little or no trace.
You are in Nigeria, remember some people have more power than you .

nigerdeltaa:
as far as the whole world is concern, you are dirty yoruba smello.

When it's all said and done, you are still a second class citizen in naija. If you know me or my family, you will know how stupid you look .

nigerdeltaa:
mad Yoruba girl. can't you live without the lower niger congress? mad and foolish people all over Yoruba land.

I am half igbo half yoruba, don't let that get in the way of your stupidity.

barcanista:
Were you in Limbo when the Nigeria state refused every call for structural change and increased derivation (50%)? The Nigeria state has shown time and time again that it is not shifting its ground on maintaining the fraudulent status quo.

Hmm. But I still think they could've taken the matter to the international court. In view of the refusal, I am slightly inclined towards a break away. More could be done to fight for the union tho, before giving up.

Whynotthetruth:
Did you not hear the man too talk about his court cases against this anomaly?
Where you not in Nigeria to see what played out with derivation for oil and restructuring in confab?

I surely did, but in the context of a break up, I dont think it was a strong argument. Look at how Scotland fought for a change in the constitution this year, and you will see more can be done on that front.
Sorry, I am bias towards the union of the whole southen region so there.