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.

The EIA noted that China also has a lot of complex and sophisticated refineries that can still produce middle distillates by distilling heavy crude oil, making the refiners much better margins.

Consequently, 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, it noted.
Crude exports

In 2014, about 45 percent 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.

Nigeria’s condition is made worse by the fact that it has become the biggest casualty of rising United States 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 barrels per day of light sweet Nigerian crude oil, which was almost 50 percent of Nigerian oil exports at the time. In 2014, only three percent 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 has been attributed to the dramatic rise in US shale oil production.
US shale oil is said to be 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 extension, greatly altered the direction of crude flows both within Europe and to Asia. And Nigeria has been the biggest casualty of this, it noted.

However, India has the largest buyer of Nigerian crude, which has been one of the positives for the West African country in the last few years. 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.

http://www.vanguardngr.com/2015/06/nigeria-looks-for-buyers-as-china-ignores-crude/

Buhari oooooooooooooo

chanji

It is going to be a long four years for APC.

Good, time to drink your worthless oyel. The only people keeping crude oil prices high are the Saudis aka US puppets.

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

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."

Mogbe!
I think Nigeria just 'CHANGEd' from frying pan to fire.
APC what have you people brought upon Nigeria.

Some goats will blame buhari

Anyi3:
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."

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.

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:
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."

The government would have to retreat and become innovative
-No more magic money

The Daura President did not see this coming . China will not be played by a bunch of almajiri fraudsters. Waiting for IMF to dictate terms to Buhari.

dlox147:
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

Why?

Anyi3:
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."

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.

[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]

DickDastardly:

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.

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:
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

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

Kennywills7:
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 than means no more billions to b allocated to states to pay workers, not to talk of building bridges

True talk.
If PMB's govt can't generate much needed revenue, GEJ will look a SUPER hero in comparison. Not just hero..

atlwireles:
The Daura President did not see this coming . China will not be played by a bunch of almajiri fraudsters. Waiting for IMF to dictate terms to Buhari.

Bros, carry ya oyel go joor. Brouhaha!!!

Today is the happiest day of my life.

atlwireles:


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.

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.

Anyi3:


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.


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

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.

atlwireles:


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.

Eeya!!!

So, afteral ya oyel is worthless? LWKMD.

Anyi3:


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.

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.

atlwireles:


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.

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.

atlwireles:


I prefer Chinese companies to come built the $13B Southern rail track with their workers, materials and funds. Than listen to some cheap promises from USA/UK.

I agree with you on this

MugabeRobert:


Eeya!!!

So, afteral ya oyel is worthless? LWKMD.

Tell that to Aregbe.

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 .

Damn! We're in for a long sweet 4 years.

Okay

Anyi3:


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.

So they shouldn't protect their interests

atlwireles:

Tell that to Aregbe.

Yes and Rivers and Akwa Ibom.
Brouhaha!!!! Chei!!!!
Thank God for today.

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

MugabeRobert:


Yes and Rivers and Akwa Ibom.

Brouhaha!!!! Chei!!!!

Thank God for today.

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.