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Nairaland Forum / Nairaland / General / Business / Trouble As China Dumps Nigerian Crude Oil (46410 Views)
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Trouble As China Dumps Nigerian Crude Oil by dlox147(m): 5:49pm On Jun 09, 2015 |
I strongly believe the recent romance with the west and USA is responsible for this action as China who happens to be Nigeria's biggest FDI and crude oil buyers have been ignored by the Buhari lead govt. I don't get his romance with the USA when they have stopped buying our crude and any trade partnership with them will be to their advantage and not ours. Nigeria has a lot to do to woo buyers following the decision of China to ignore crude from Nigeria. This is happening at a time when the country has become the biggest casualty of the rising United States shale oil production. 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 running, according to a data from the US Energy Information Administration, EIA. http://www.vanguardngr.com/2015/06/nigeria-looks-for-buyers-as-china-ignores-crude/ 6 Likes 4 Shares |
Re: Trouble As China Dumps Nigerian Crude Oil by DevilhimseIf: 5:50pm On Jun 09, 2015 |
Buhari oooooooooooooo chanji 59 Likes 1 Share |
Re: Trouble As China Dumps Nigerian Crude Oil by Nobody: 5:50pm On Jun 09, 2015 |
It is going to be a long four years for APC. 96 Likes 5 Shares |
Re: Trouble As China Dumps Nigerian Crude Oil by MugabeRobert: 5:56pm On Jun 09, 2015 |
Good, time to drink your worthless oyel. The only people keeping crude oil prices high are the Saudis aka US puppets. 24 Likes 2 Shares |
Re: Trouble As China Dumps Nigerian Crude Oil by Kennywills7(m): 5:56pm On Jun 09, 2015 |
İnteresting Buhari better do something fast, if not d curses dat people will impose on him will b worst than dat of gej İf u don't act fast and find buyers for d crude oil, b prepare to receive insults even from ur own supporters We all know more than 70% of our revenue is goten from oil So if we can't sell that means no more billions to b allocated to states to pay workers, not to talk of building bridges 81 Likes 5 Shares |
Re: Trouble As China Dumps Nigerian Crude Oil by Anyi3(m): 5:56pm On Jun 09, 2015 |
It's a wonder this OP didn't even read his link You just rushed to fish out the political side to just heat up things. If you read the two quotes below in that article, you would have understood better. Nigeria's crude is light. "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 running, according to a data from the US Energy Information Administration, EIA." "Consequently, China ignores Nigerian crude for now, as their demand for light sweet crude oil is very sparse." 66 Likes 1 Share |
Re: Trouble As China Dumps Nigerian Crude Oil by DickDastardly(m): 5:58pm On Jun 09, 2015 |
Mogbe! ![]() I think Nigeria just 'CHANGEd' from frying pan to fire. APC what have you people brought upon Nigeria. 42 Likes 2 Shares |
Re: Trouble As China Dumps Nigerian Crude Oil by Nobody: 6:00pm On Jun 09, 2015 |
Some goats will blame buhari 35 Likes 2 Shares |
Re: Trouble As China Dumps Nigerian Crude Oil by DickDastardly(m): 6:01pm On Jun 09, 2015 |
Anyi3:The message is that China wont be patronizing us and thats trouble. So what politics are you yapping about. APC and Buhari should better start shopping for replacement. ![]() 79 Likes 1 Share |
Re: Trouble As China Dumps Nigerian Crude Oil by dlox147(m): 6:01pm On Jun 09, 2015 |
My friend they most come up with an excuse, just like USA sited human rights abuse for.not arming the Nigerian army when all that was cos they were no longer comfortable with GEJ .... Think Anyi3: 35 Likes 1 Share |
Re: Trouble As China Dumps Nigerian Crude Oil by AhmedMustapha(m): 6:04pm On Jun 09, 2015 |
The government would have to retreat and become innovative -No more magic money 4 Likes |
Re: Trouble As China Dumps Nigerian Crude Oil by atlwireles: 6:04pm On Jun 09, 2015 |
The Daura President did not see this coming ![]() 50 Likes 6 Shares |
Re: Trouble As China Dumps Nigerian Crude Oil by AhmedMustapha(m): 6:07pm On Jun 09, 2015 |
dlox147:Why? 5 Likes |
Re: Trouble As China Dumps Nigerian Crude Oil by atlwireles: 6:10pm On Jun 09, 2015 |
Anyi3: China is buying more than 50% of Angolan crude, both products are almost the same. As we speak today, the President of Angola is in China for a $25B package. Keep waiting on Obama and Cameron , all you get are photo ups and a good handshake. 105 Likes 6 Shares |
Re: Trouble As China Dumps Nigerian Crude Oil by Nobody: 6:11pm On Jun 09, 2015 |
[size=15pt]We can sell our Bonny Light Crude to Tinubu. Shei he is interested in soaking himself in oil? He can as well use it to oil his ailing political machinery[/size] 80 Likes 8 Shares |
Re: Trouble As China Dumps Nigerian Crude Oil by Anyi3(m): 6:12pm On Jun 09, 2015 |
DickDastardly: Definitely I agree Buhari should start shopping for replacement. The OP blamed the refusal to buy crude oil solely on Nigeria frolicking with the US. I just pointed out this is not true. dlox147: Now we are supposedly frolicking with the US, why don't they start buying our crude oil again na? The first and foremost thing for every country is to seek how to progress. The main reason China is ignoring our crude is because they don't need it that much again, simple and short. In terms of global politics and Russia-Europe-China-USA relations, trust me Nigeria is virtually non-existent 20 Likes 1 Share |
Re: Trouble As China Dumps Nigerian Crude Oil by stevecantrell: 6:13pm On Jun 09, 2015 |
Kennywills7: True talk. If PMB's govt can't generate much needed revenue, GEJ will look a SUPER hero in comparison. Not just hero.. 14 Likes 1 Share |
Re: Trouble As China Dumps Nigerian Crude Oil by MugabeRobert: 6:15pm On Jun 09, 2015 |
atlwireles: Bros, carry ya oyel go joor. Brouhaha!!! Today is the happiest day of my life. ![]() 6 Likes 1 Share |
Re: Trouble As China Dumps Nigerian Crude Oil by Anyi3(m): 6:15pm On Jun 09, 2015 |
atlwireles: I really wish you'd read this link http://news.yahoo.com/angolas-dos-santos-china-seeking-cash-ailing-economy-123805919--finance.html It's much more than just buying crude. It involves chinese companies working on projects in Angola. A quote from the link "Angolan President Jose Eduardo dos Santos met Chinese counterpart Xi Jinping on Tuesday on a state visit to seek financing for projects, including a $4.5 billion hydropower scheme, intended to revive an economy hit by low crude prices." I repeat every country is selfish and would not give you one thing without asking for something in return. 11 Likes |
Re: Trouble As China Dumps Nigerian Crude Oil by atlwireles: 6:17pm On Jun 09, 2015 |
Anyi3: That's is not correct, China does not want their energy security to be dependent on a western stooge. Buhari has already signaled to be a puppet of USA/UK. China is just defending China. 56 Likes 4 Shares |
Re: Trouble As China Dumps Nigerian Crude Oil by MugabeRobert: 6:17pm On Jun 09, 2015 |
atlwireles: Eeya!!! So, afteral ya oyel is worthless? LWKMD. 4 Likes 1 Share |
Re: Trouble As China Dumps Nigerian Crude Oil by atlwireles: 6:19pm On Jun 09, 2015 |
Anyi3: I prefer Chinese companies to come build the $13B Southern rail track with their workers, materials and funds. Than listen to some cheap promises from USA/UK. 17 Likes 2 Shares |
Re: Trouble As China Dumps Nigerian Crude Oil by Anyi3(m): 6:19pm On Jun 09, 2015 |
atlwireles: First both crude are not similar, I just researched this now Pazflor is a heavy, sweet crude with a current production rate of about 200,000 b/d. Its FPSO, which is operated by Total, is located offshore Angola and is fed by one of the larger fields in Angola. Plutonio is a medium, sweet crude with a similar daily production volume as Pazflor. It is operated by BP, from its FPSO also located offshore Angola. Angola produces heavy and medium which Chinese refineries like, Nigeria produces light which they don't really like. Please let's deal with facts. It really isn't everything that has a conspiracy story attached. Some things are just plain black and white when it comes to earning money. 43 Likes 5 Shares |
Re: Trouble As China Dumps Nigerian Crude Oil by Anyi3(m): 6:20pm On Jun 09, 2015 |
atlwireles: I agree with you on this 2 Likes 1 Share |
Re: Trouble As China Dumps Nigerian Crude Oil by atlwireles: 6:20pm On Jun 09, 2015 |
MugabeRobert: Tell that to Aregbe. 3 Likes |
Re: Trouble As China Dumps Nigerian Crude Oil by Nobody: 6:21pm On Jun 09, 2015 |
lazy parasites ![]() ![]() all they are thinking about is oil that they took by force after the civil war , and creating divisions among ethnic owners while they silently owed the 90% of oil well in our land . we are mad and we want you to stop this stealing and stop this 1 Nigeria madness . we don't want oil, we want our land back now for fishing and farming . we are peasants . 34 Likes 6 Shares |
Re: Trouble As China Dumps Nigerian Crude Oil by chronique(m): 6:21pm On Jun 09, 2015 |
Damn! We're in for a long sweet 4 years. |
Re: Trouble As China Dumps Nigerian Crude Oil by Nobody: 6:22pm On Jun 09, 2015 |
Okay |
Re: Trouble As China Dumps Nigerian Crude Oil by AhmedMustapha(m): 6:22pm On Jun 09, 2015 |
Anyi3:So they shouldn't protect their interests |
Re: Trouble As China Dumps Nigerian Crude Oil by MugabeRobert: 6:23pm On Jun 09, 2015 |
atlwireles:Yes and Rivers and Akwa Ibom. Brouhaha!!!! Chei!!!! Thank God for today. 3 Likes |
Re: Trouble As China Dumps Nigerian Crude Oil by Basildvalour(m): 6:23pm On Jun 09, 2015 |
Chai! E don dey RED for us o Buhari, can't u do something ![]() He is looking like the clueless one to me now. Nothing tangible yet 5 Likes 1 Share |
Re: Trouble As China Dumps Nigerian Crude Oil by atlwireles: 6:24pm On Jun 09, 2015 |
MugabeRobert: Before the man in Rivers,Akwa Ibom begins to suffer, please tell me what the man in Osun would be doing? Some of you are remarkably dumb. 34 Likes 5 Shares |
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