Nigeria’s Crude Output Falling Below Expectation

Nigeria’s Crude Output Falling Below Expectation – Vetiva - Business - Nairaland

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Nigeria’s Crude Output Falling Below Expectation – Vetiva by iwaeda(op): 9:19am On Jul 04, 2022

A financial service company, Vetiva, says despite the efforts by the Organisation of Petroleum Exporting Countries to unwind production caps, Nigeria’s crude output has fallen below expectation.

The company in its half-year economic outlook titled “A strange labyrinth”, cited operational and security challenges as the reason for the development.

An oil & gas analyst at Vetiva, Victoria Ejugwu, expressed worries that while oil prices have soared higher, the industry continues to contract due to underproduction.

“Despite the fact that OPEC has been unwinding production caps, Nigeria’s crude output has fallen below expectation. This has been due to some operational problems, as well as issues stemming from insecurity. Given this, our outlook for the country’s production is somewhat cautious, and do not expect a significant deviation from current production levels. While oil prices have soared higher, the industry continues to contract, due to underproduction. Given this, we anticipate further contraction in Q3’22 that is, -7.00perctn and a marginal 0.1percent growth in Q4’22”

Speaking on the downstream sector, Ejugwu highlighted the impact of petrol price regulation on profitability margins.

The oil and gas analyst predicted that the downstream players would continue to see low margins in the coming months.

She however projected that Brent price would average $105/bbl for the full year.

Vetiva’s projection for Brent price is supported by continuous recoveries in global oil demand as well as slower supply growth from OPEC amid production hitches from its members.

Ejugwu added, “The oil market may continue to face tightness given low supply prospects and soaring demand as such, prices are expected to remain elevated”

She, however, noted that a significant downside risk to oil prices remains the possible reemergence of the virus.

https://punchng.com/nigerias-crude-output-falling-below-expectation-vetiva/

Re: Nigeria’s Crude Output Falling Below Expectation – Vetiva by PresidObi: 9:19am On Jul 04, 2022

Nigeria needs good leaders.

Re: Nigeria’s Crude Output Falling Below Expectation – Vetiva by Fahdiga(m): 9:22am On Jul 04, 2022

Peter Obi will correct all these anomalies as the president. His administration will manage our economy expertly. A vote for Peter is a vote for progress

2 Likes

Re: Nigeria’s Crude Output Falling Below Expectation – Vetiva by saintjimos(m): 9:23am On Jul 04, 2022

What's the hope of a common man first

Re: Nigeria’s Crude Output Falling Below Expectation – Vetiva by ojun50(m): 9:23am On Jul 04, 2022

Which way nigeria

Re: Nigeria’s Crude Output Falling Below Expectation – Vetiva by Olaoluwa122: 9:23am On Jul 04, 2022

Nigerian sef don go down below expectations thanks to the Failure called Buhari...And a group of demented youth are trying to bring on another old failure.....We reject anything Called A.P.C in 2023....Power to the People cool

Re: Nigeria’s Crude Output Falling Below Expectation – Vetiva by Fahdiga(m): 9:25am On Jul 04, 2022

PresidObi:
Nigeria needs good leaders.

We need someone like Peter Obi to steer us to the path of progress

Re: Nigeria’s Crude Output Falling Below Expectation – Vetiva by iwaeda(op): 9:25am On Jul 04, 2022

Fahdiga:
Peter Obi will correct all these anomalies as the president. His administration will manage our economy expertly. A vote for Peter is a vote for progress

Can Obi alone change the system or we he get another mad man to give him ideal grin

Re: Nigeria’s Crude Output Falling Below Expectation – Vetiva by PresidObi: 9:27am On Jul 04, 2022

iwaeda:
Can Obi alone change the system or we he get another mad man to give him ideal

Whichever way, at least, the mad man made Upper Iweka a better place. If a mad man gives him suggestions and you start buying petrol for #87, will you complain?

1 Like

Re: Nigeria’s Crude Output Falling Below Expectation – Vetiva by MXrep: 9:33am On Jul 04, 2022

From consumption to production. From sharing formula to production formula

Re: Nigeria’s Crude Output Falling Below Expectation – Vetiva by Penguin2: 9:41am On Jul 04, 2022

Everything is falling under Buhari.

All indices are pointing negative.

And it’s what Tinubu brought upon this country out of his greed and inordinate ambition.

Now he’s projecting himself as a solution.

Thunder fire him and his urchins.

Ndi ala!

Re: Nigeria’s Crude Output Falling Below Expectation – Vetiva by Flora2Sweet: 10:00am On Jul 04, 2022

Buharia is total failure... No food
No light
No water
No fure
No gas
No Desiel
No Roads
Poor economic growth

Re: Nigeria’s Crude Output Falling Below Expectation – Vetiva by iwaeda(op): 10:20am On Jul 04, 2022

PresidObi:
Whichever way, at least, the mad man made Upper Iweka a better place. If a mad man gives him suggestions and you start buying petrol for #87, will you complain?

Same lies Prof. Tam David-West sold to us grin