₦airaland Forum

They were probably going to buy some stuffs in Aba.

Ofcourse they were. Trust the media ( CNN and its likes) to twist his words.

I only pray that China never become the most powerful country in the world.If she does, it will spell doom to the underdeveloped countries especially those in Africa. Chinese are innately heartless and racist, far worse than the West.Their master-slave mentality is second to none, and can only be to some extent compared to the Arabs.

Why use adenovirus? Why not use another subgroup of coronavirus? Was it tried and it didn't work out?

Nigeria’s Banner Oil Hits $12, Millions of Barrels Remain Unsold
By Bill Lehane, Alex Longley, and Serene Cheong
17 April 2020, 16:06 CEST
Updated on 18 April 2020, 01:00 CEST

The real oil market is killing Nigeria

One of the country’s benchmark grades, Bonny Light, fell to about $12 or $13 a barrel this week, according to traders monitoring the West African market. The deeply loss-making level shines a light on a chasm that’s emerged between real crude prices that producers are fetching, and headline futures contracts like Brent, which stood at about $28 on Friday.


Swathes of Europe, the staple market for the West Arican nation, have gone into lockdown to combat the coronavirus. Even with prices deeply depressed though, long-haul buyers in Asia don’t want cargoes because there’s also freight to pay and no real need for the barrels since demand has been obliterated. For Nigeria, that could become a particular challenge, since the country has very little space to store supplies if they’re unwanted.


“That seems to be the first real point of a bust, with no onshore storage, so it has to go onto ships,” said Spencer Welch, a director on the oil markets and downstream team at IHS Markit.

Despite huge discounts, Nigerian oil isn't clearing
The prices are well below the cost of producing oil in Nigeria -- about $22 a barrel, and lower still than the the nation’s fiscal breakeven, assessed by Fitch Ratings about $133 a barrel. Nigeria depends on crude sales for half of government revenues and 90% of foreign exchange earnings.

While Nigeria’s plight is playing out across the world, with actual oil cargoes often trading at huge discounts to headline futures, the pain is particularly acute for Africa’s biggest economy because of its oil dependence and an inability to store. According to IHS Markit, Nigeria would run out of storage space quickly if it couldn’t find ships to take its oil.

Real Market

The country sells its barrels at premiums or -- more recently -- discounts to Dated Brent, a physical North Sea crude price that’s published by S&P Global Platts. Dated Brent was at about $18.10 a barrel on Wednesday, and Bonny Light was $5.70 less than that, according to traders. That works out at about $12.40.

An official from the country’s finance ministry refered calls to Nigerian National Petroleum Corp., the state oil company.


”The market is simply responding to the forces of demand and supply precipitated by the COVID-19 pandemic,” NNPC said in a statement. “We are working assiduously to guarantee a steady market for our crude in the short and long term.”

When headline oil futures were around $22 a barrel last month, Mele Kyari, the boss of the state oil company, said that Nigeria would be “out of business” at such levels, according to a local media report.

The weakness afflicting Nigeria is global. Spot supplies of Canada’s Cold Lake were bought by a Chinese refiner at a discount of between $8 and $9 a barrel to ICE Brent on a delivered basis, while an oil major sold a shipment comprising Alaskan North Slope and Brazilian grades at a $5.50 to $6 discount, said traders who buy and sell crude in Asia.

Super Contango

The disconnect between physical cargo prices and futures markets is partly about timing, and partly about the dynamics of individual crude grades. The oil market is trading in what traders call a super-contango, meaning more-immediate prices are at huge discounts to later ones.

In the futures market, the nearest Brent contract is for June, which is about $3 cheaper than July. But with April barrels still available, those need to price at even deeper discounts to find buyers.

Traders of West African oil say that about 10 million barrels for sale in April remain unsold with just 13 days of the month to go. For May that’s as much as 60 million barrels. That represents a very slow pace of sales, and the region’s June loading programs are just starting to be released. The vast majority of unsold supplies are Nigerian rather than Angolan, and a big cause of the glut is because traditional European buyers have stopped purchasing because demand there has collapsed.

For some, the prices still aren’t low enough for a crude that’s much sought after in normal market conditions.

Pertamina PT, the Indonesian oil refiner, decided not to award a tender to purchase four months’ worth of cargoes of mostly West African oil because of weak demand and prices that just aren’t low enough, according to people familiar with the matter.


It’s not just West African oil markets that are struggling in the Atlantic Basin either. With so much European demand halted by the virus, grades in the North Sea and the Mediterranean are also pricing aggressively to clear.

“It has nowhere to go,” said Olivier Jakob, the managing direct at Petromatrix GmbH. “It’s really a problem of demand. It’s not just affecting the supply from West Africa. I think the North Sea is also problematic, and the Med is at a heavy discount.”

— With assistance by Anthony Osae-Brown, Sharon Cho, William Clowes, and Elisha Bala-Gbogbo


https://www.bloomberg.com/news/articles/2020-04-17/nigeria-s-banner-oil-hits-12-millions-of-barrels-remain-unsold

RIP to the dead.I don't understand how he is a physiotherapist and at the same time a member of NMA.

So sad. I have heard a lot about his good works. RIP Kaniebi

Nice one Mazi Nnamdi Kanu. The kind of rot in the present day Nigeria should never be allowed in the gathering of Umu Chineke. There is always a Judas among the disciples but it is the duty of the good ones to send the Judas to where it belongs. In every struggle, the opposition will try every means possible to derail the goals but determination, discipline and endurance will see the goals achieved. God bless Biafra, God bless Mazi Nnamdi Kanu.

The op is being mischievous. But come to think of it, I once lived in PH and I never knew a slum like this existed.

What the heck is this? OMG!

Why is the prof so aggressive? He talks down so much on his subordinates. He seems to also have anger issues

My joy is that he was arrested.

AmazingMOG:
now you’re ranting like a lose dog, there was a report yesterday how Muslims burns down a police station you didn’t bark

Same fate await you and all the atheists and Islamist against Christianity on this forum.


Unproductive and untimely cut short life.

You insulted me and called me an Atheist or Muslim for my comment. May I inform you and your likes that first and foremost, I do not reside in Nigeria and secondly, I am a medical doctor hence one of those at the forefront of the battle against this pandemic and there you are sitting in the comfort of your room or wherever and typing the above junk. I need not tell you much about the impact of this pandemic on world currently and the possible economic meltdown that is coming. You disobey a constituted authority all in the name of Christianity.Does the bible not tell you how to act in a governed society? When things go out of hand tomorrow, you will be one of the those that will go ranting about how government does not care about the citizens. Call me whatever you like, I stand with the good people of the world who have been on their toes day and night battling to defeat this scourge in whichever way they can. Nuff said!

Whoever convened that congregation should be arrested and prosecuted to serve as a deterrent. Kudos to the enforcement team head.He knows his bible.

An obviously photoshopped pic

Nigeria has so far reported 22 cases.

https://www.worldometers.info/coronavirus/

Sadly, Italy has been hard hit by this virus.I hope the world will learn a great lesson from this pandemic and know how to prioritize the limited resources.Stay safe everyone.RIP to the dead.

The Chinese government has really done a great job in managing the outbreak.Kudos to them.

This is NOT pipeline explosion.This is a BOMB BLAST!

This is most likely a bomb.There are lots of cover up happening in the present administration.Nigerians need to be vigilant.

Considering Trump's and Pence's age, they are high risk. I am sure the White House physicians are on their case right now.

Things are getting messier day after day

Marrying cousins is common among Arabs and by extension among a lot of muslims in Africa

We already know. What you and your boss should be telling Nigerians is what you are doing or plan to do to mitigate the possible negative effect of the low oil prices.

Lostz:
he started speaking out just recently to gain public sympathy.


imagine a man with many wives and kids advising people to have less kids and one wife? is he not supposed to lead by example?

He has always spoken out about the inequality in the North and has mostly put the blame on the Northern elite. Hence he has not received any support from any of them through this ordeal

I am not his fan but recent events have shown that he is a man of integrity.He is obviously not perfect but he is not afraid to say his mind no matter whose ox is gored. Millions would have danced to the tunes of the governor just to retain the stool but he refused.My respect to you sir.Posterity will not forget you.

Too bad

Righteousness89:
So confidentiality in Medicine did not Cover Sawyer the Liberia that imported Ebola to Nigeria...

Confidentiality in Medicince did not Cover the Iranian Deputy Health Minister or the Italian leader that just contracted the Virus?

Isssokay

You are not a doctor are you? If you were, you would understand what confidentiality is. A doctor can go to jail or lose his/her license for breaching this ethic. That Patrick Sawyer's medical details were released without his consent, does not make it right. One's medical details can only be released if it is of Public Health importance. Not even your spouse, siblings or parents should know your medical details without your consent if it is not of public health importance. The politicians you mentioned made public their status themselves. So they gave consent.

Chelsea throwing in academy players.Very commendable

Giroud is not a good passer of the ball and can't control the ball well too especially when in difficult positions.I hope he moves on at the end of the season.He has served Chelsea meritoriously.

Aung San Suu Kyi really disappointed a lot of us.I remember the days when she was under incaceration by the Myanmar military junta and how the world rallied for her freedom and she even received a Nobel Peace prize.I can't believe she turned out to become the direct opposite of what she stood for back then.

Does the writer mean he spent over 6hrs in traffic? That's serious.