Nigeria loses crude buyers to Angola

India’s IOC has booked several grades of Angolan crude for July, including Cabinda and Girassol, as its favoured Nigerian Qua Iboe crude oil was under force majeure.
“People want stable supply. And Angolan crude is in general very reliable … there are no fears about force majeure,” said Ehsan Ul-Haq, a principal consultant with KBC.
China’s buying has also skewed toward Angolan grades, though state-backed refining company Unipec and teapot refiners typically process heavier crudes than India. Indonesian buying also returned in force, with Pertamina taking four cargoes, including those booked by Total, Shell and Socar.

All these recoil in buying of Nigerian oil is as a result of force majeure declared by two oil multi-nationals-Shell Nigeria, and Exxon Mobile in two of Nigeria’s oil field.
Also the security threats in the Niger Delta have aided the rise in demand for Angolan oil from China and India, Nigeria’s major crude buyers for July, according to Reuters.

Comments

FG borrows N3.38bn To Aid Potato Production in Plateau

The Federal Executive Council (FEC) wednesday approved N3.38 billion to boost the production of potatoes in Plateau State. The Minister of Finance, Mrs. Kemi Adeosun, who made the disclosure said the money would be borrowed from Agricultural Development Bank (ADB) with one per cent interest rate and 25 years moratorium. The minister who said the loan was not fresh, explained that it had previously been cancelled by the federal government with the intention to make a fresh request for the loan on behalf of Plateau State which she said was responsible for 95 per cent of potato production in the country. According to her, following ADB’s comprehensive programme on potato production in Plateau State, 100,000 families and 17 local government areas of Plateau State would benefit from the loan while 60,000 jobs would be created by the initiative. “My approval was on behalf of Plateau State to support the potato value chain. There is a loan that we had previously cancelled from ...

Much ado about the foreign reserves - Nonso Obikili

I have received a lot of questions about the Central Bank of Nigeria’s (CBN) foreign reserves recently. The CBN has of course been touting the reserves growing from a low of about $24bn to the approximately $42bn it is now. The questions typically centre around why we are keeping so much in reserve when the economy is struggling, and we have poor infrastructure? Why don’t we use the reserves to reduce the poverty that is rampant? The question typically betrays a little bit of misunderstanding over what the foreign reserves are and how the entire thing works. Hopefully, after reading this we will have a better understanding of what it is and what it can and can’t be used for. First, what is the “Foreign Reserves?” It is the amount of foreign exchange that the central bank has at its disposal at any point in time. Some of this is in cash and some in other liquid assets, that is assets that can quickly be turned to cash. Some of this is in US dollars but sometimes it’s in other c...

The Cambridge Analytica files: the story so far

What are the allegations against Cambridge Analytica? The data analytics firm used personal information harvested from more than 50 million Facebook profiles without permission to build a system that could target US voters with personalised political advertisements based on their psychological profile, according to Christopher Wylie, a former Cambridge Analytica contractor who helped build the algorithm. Employees of Cambridge Analytica, including the suspended CEO Alexander Nix, were also filmed boasting of using manufactured sex scandals, fake news and dirty tricks to swing elections around the world. How is Facebook involved in the scandal? The social media company has received a number of warnings about its data security policies in recent years and had known about the Cambridge Analytica data breach since 2015, but only suspended the firm and the Cambridge university researcher who harvested user data from Facebook earlier this month. A former Facebook manager has warned tha...

ATTENCAO

Search This Blog