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Nairaland Forum / Nairaland / General / Politics / Tough Time Looms As Nigeria Loses Biggest Oil Customer (4211 Views)
Fresh Fuel Scarcity Looms As PENGASAN Sets To Go On Strike / Fuel Scarcity Looms As Marketers ‘doublecross’ FG After Price Hike / Fuel Scarcity Looms As NNPC Depots Run Dry (2) (3) (4)
Tough Time Looms As Nigeria Loses Biggest Oil Customer by prosperous13: 5:32pm On Dec 21, 2015 |
As US begins export of crude oil, Nigeria’s crude oil may suffer further setback in the global market. The US Congress had on Friday approved the lifting of the ban as part of a $1.1tn spending bill. The bill was later signed by President Barack Obama. Following the lifting of the ban on the United States oil exports, US can now export crude for the first time in more than 40 years. An indication that Nigeria may soon lose its biggest customer. The US now buys a small amount of Nigerian crude oil due to the dramatic rise in domestic shale production. The growth in US light sweet crude oil production has resulted in a sizable decline in the country’s imports of crude grades of similar quality, such as Nigeria’s. Since June 2014, crude oil prices have been on the decline and this has consequently exacerbated the dwindling fortunes of the Nigerian crude, with the nation’s crude differentials trading at a 10-year low. There are reports of Nigerian crude currently floating on ships with a significant amount finding home in storage tanks rather than in refineries as a result of the supply glut in the global market, which is dominated by largely by light sweet crudes. Meanwhile, Kaduna refinery was said to have commenced production on Saturday. Esther Nnamdi-Ogbue, the managing director of Pipelines and Products Marketing Company (PPMC) said the refinery was reopened to meet up with the December deadline for the four refineries to return to full production. While Nigerians await other refineries to commence full production as indicated by the PPMC, Nigerians are eager to witness the impact of this on the ongoing fuel scarcity in the country. https://www.naij.com/673631-tough-time-looms-nigeria-loses-biggest-oil-customer.html/?Olufemi 1 Like 1 Share |
Re: Tough Time Looms As Nigeria Loses Biggest Oil Customer by FisifunKododada: 5:38pm On Dec 21, 2015 |
![]() BTW: FTC God punish their father. 1 Like |
Re: Tough Time Looms As Nigeria Loses Biggest Oil Customer by Demmocrats(m): 5:40pm On Dec 21, 2015 |
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Re: Tough Time Looms As Nigeria Loses Biggest Oil Customer by GudluckIBB(m): 5:42pm On Dec 21, 2015 |
America has stopped buying oil from Nigeria as far back as 2 years ago! 3 Likes |
Re: Tough Time Looms As Nigeria Loses Biggest Oil Customer by jakiedudu(m): 5:42pm On Dec 21, 2015 |
Time for Nigeria to move towards a Union of Confererates states. Let every state manage their economic activities. 4 Likes |
Re: Tough Time Looms As Nigeria Loses Biggest Oil Customer by datola: 5:49pm On Dec 21, 2015 |
GudluckIBB: I think they resumed buying from Nigeria after Jonathan was booted out. 3 Likes |
Re: Tough Time Looms As Nigeria Loses Biggest Oil Customer by NwaNimo1(m): 5:49pm On Dec 21, 2015 |
America - We need fuel ohh - so name your price (minus any subsidy wahala) |
Re: Tough Time Looms As Nigeria Loses Biggest Oil Customer by Olakunle007(m): 5:55pm On Dec 21, 2015 |
America goes, another countries come. ![]() 1 Like |
Re: Tough Time Looms As Nigeria Loses Biggest Oil Customer by GudluckIBB(m): 5:59pm On Dec 21, 2015 |
datola: No india, they've not bought from us in years now! |
Re: Tough Time Looms As Nigeria Loses Biggest Oil Customer by TimeManager(m): 6:16pm On Dec 21, 2015 |
Biggest Customer My Boxer! Since When? Why Some Mischievious People Tryna Cause An Air Of Panic? Why Some Fixated Minds Just Won't Tag along With This Government Despite His Repeated Stance On Diversification. Oil Na Water, Agric Na Butter. The Truth Has Spoken! 3 Likes |
Re: Tough Time Looms As Nigeria Loses Biggest Oil Customer by johnmartus(m): 6:28pm On Dec 21, 2015 |
I REALY PITY THE POLITICIAL |
Re: Tough Time Looms As Nigeria Loses Biggest Oil Customer by thunderrider: 7:06pm On Dec 21, 2015 |
I would say all the better for us Time to look into the non oil sectors |
Re: Tough Time Looms As Nigeria Loses Biggest Oil Customer by tempest01(m): 8:04pm On Dec 21, 2015 |
This is a chance for us to make our downstream sector work. If we refine and meet our local demand for finished products, we can survive this trying period I ask again....why is there no refinery in akwaibom state? 3 Likes |
Re: Tough Time Looms As Nigeria Loses Biggest Oil Customer by Chubhie: 8:32pm On Dec 21, 2015 |
With vessels at high sea with no buyers even at Awarawa giveaways let's see what Bubu does with subsidy. APC is bleeped! No way out. Not even propaganda can smuggle them out. 3 Likes |
Re: Tough Time Looms As Nigeria Loses Biggest Oil Customer by OFFICIAL336: 8:58pm On Dec 21, 2015 |
tempest01:I av been wondering why since decades ago. 4 Likes |
Re: Tough Time Looms As Nigeria Loses Biggest Oil Customer by odudueffiom(m): 9:05pm On Dec 21, 2015 |
removes my suit n tie....heads to the farm.....oil or no oil naija go survive |
Re: Tough Time Looms As Nigeria Loses Biggest Oil Customer by Pidggin(f): 9:11pm On Dec 21, 2015 |
This is even worse than a nightmare. |
Re: Tough Time Looms As Nigeria Loses Biggest Oil Customer by Tequilah: 9:27pm On Dec 21, 2015 |
Chubhie: Hehehe.... I beg let me laugh very well first, in Swahili! ![]() ![]() When Mobil, Chevron as well as the US ambassador were holding meetings with Kachikwu a few months back pledging their cooperation with NNPC, one deluded fellow told me the US was gearing up to start ordering crude supplies again. When I disputed this, he called me uncomplimentary names! What was that chap's moniker again?? Let him come and read this news. ![]() It is time for us to be serious about setting up structured, modular refineries in every oil-producing local govt in the Niger-Delta so that we can refine enough of our unsold crude locally, to meet domestic demand. Then we should ramp up investments in gas production by setting up fractionating plants to produce, LPG and NG, for gas-to-power schemes. We should not delay any further on this aspect. The time to start is now! ![]() 7 Likes 2 Shares |
Re: Tough Time Looms As Nigeria Loses Biggest Oil Customer by Kelklein(m): 10:04pm On Dec 21, 2015 |
hmm |
Re: Tough Time Looms As Nigeria Loses Biggest Oil Customer by petrov10: 10:13pm On Dec 21, 2015 |
honourable minister of oyel general buhari phd thank u ooo u try keep teaching the sophisticated people how to coordinate oyel and apc 2 Likes |
Re: Tough Time Looms As Nigeria Loses Biggest Oil Customer by ISpiksDaTroof: 10:16pm On Dec 21, 2015 |
prosperous13: We stopped buying Nigerian oil when Jonathan was President. |
Re: Tough Time Looms As Nigeria Loses Biggest Oil Customer by tomakint: 10:30pm On Dec 21, 2015 |
This is just too pathetic for a Country running a monolithic economy (over dependence on oil as a major revenue generator); too bad for a Country that least encouraged product-based economy; too bad that oil that is echaustible over the years is no longer going to fetch us the huge revenues we use to enjoy in the nearest future; very pathetic that Nigeria can hardly boast of cushion effect to ease out this incoming recession; very alarming that this same Country right from the 70s when it commenced oil exploration on a large scale commercial rate had made over $20 trillion yet Nigeria cannot measure up to UAE, South Africa, Egypt, Tunisia, Angola and Libya in terms of growth and development......what a big shame on out Leaders. Buhari may be impeached on the longrun. ![]() 3 Likes |
Re: Tough Time Looms As Nigeria Loses Biggest Oil Customer by Nobody: 10:41pm On Dec 21, 2015 |
wonderful news. time to get our hands dirty and actually work for the money we spend in this country. I pray more countries dump our oil. I want to see the bas*tard politician that will steal our hard earned tax, or proceeds from our cocoa, rubber, groundnut etc. it's gonna be painful, but Nigeria is being unwittingly nudged towards REAL growth and development. 3 Likes |
Re: Tough Time Looms As Nigeria Loses Biggest Oil Customer by omenka(m): 11:04pm On Dec 21, 2015 |
This might turn out to be a blessing in disguise. It would give up the necessary impetus to look away from our single product based economy. More reason why Baba must put more pressure on Jonathan and his band of recalcitrant crooks to return every single penny they made away with when they held sway. We need all that money to invest in critical infrastructure and agriculture. We must weather this storm at all cost! 3 Likes 1 Share |
Re: Tough Time Looms As Nigeria Loses Biggest Oil Customer by dunkem21(m): 11:08pm On Dec 21, 2015 |
..The person above me say make we begin plant cocoa, rubber and cashew ![]() Where is my hoe? .. 1 Like |
Re: Tough Time Looms As Nigeria Loses Biggest Oil Customer by omenka(m): 11:11pm On Dec 21, 2015 |
tomakint:You should be ashamed of yourself. Had your useless god invested in the diversification of the economy when oil was selling at over $90pb for the better part of his regime, would we have been discussing this today? But instead, he spent all his time drinking himself under the table and shared our commonwealth amongst his ediotic league of pathological criminals like he shares his ogogoro, and here you are sounding like a poorly strung guitar. What a shame. 5 Likes |
Re: Tough Time Looms As Nigeria Loses Biggest Oil Customer by princechigzy(m): 11:19pm On Dec 21, 2015 |
datola: They resumed buying, rather then went to sign nuclear deal with iron in return for Oil Market control. thats ehy they lifted the ban on Oil Export. Its part of the International politics at play to knock down some large economies like the Asian Tigers and the African largest economy. |
Re: Tough Time Looms As Nigeria Loses Biggest Oil Customer by Emekamex(m): 11:24pm On Dec 21, 2015 |
Nigeria is on the verge of collapse; I don't get why the government will invest 34 billion naira in exploring for oil in the north when crude oil sale is no longer profitable; that money should rather be invested in agriculture. I also don't understand why the Audu Ogbeh the minister of agriculture is yet to make detailed plans on how to revamp our economy through agriculture; he needs to start work earnestly, time wasting won't do us any good. 2 Likes |
Re: Tough Time Looms As Nigeria Loses Biggest Oil Customer by Tequilah: 11:24pm On Dec 21, 2015 |
tempest01: Because oil producers from Akwa Ibom State, have not yet decided to invest in setting up a refinery within the state (e.g. people like Uduimo Itsueli of Dubri Oil). Govt will not set up any new refineries, in any of the states - they just don't have the money, despite all their campaign promises.... Only private investors are capable of doing so, and they need to be wooed by both the state govt and the NNPC, to set up such facilities in the state. ![]() 1 Like |
Re: Tough Time Looms As Nigeria Loses Biggest Oil Customer by DeviIhimself: 11:30pm On Dec 21, 2015 |
[s] omenka:[/s] Typical apc nitwit Buhari is a monumental failure and he must fail because he has no clue how to run a government Buhari is a terrorist an economic bokoharam an illiterate terrorist bastard burukutu sipping gorilla a Hopeless vagabond Useless nonentity bastard kunu sipping monkey gworo chewing bastard fura d'nunu infested brain Buhari is a terrorist apc is bokoharam Tinubu is a bastard 5 Likes
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Re: Tough Time Looms As Nigeria Loses Biggest Oil Customer by tzoracle: 11:38pm On Dec 21, 2015 |
These are indeed rough tyms With the 40% being pushed in this would further bring down the price of petrol I wonder whether even nicaragua buys fuel at the price we sell |
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