THE OIL MARKET AFTER OPEC PRICE IN 2014. . . But There Is Still Demand For Nigeria’s Crude Oil. Recently in YOUTUBE Video, John Kingston, Platts director of news, sat down with Platts director of oil Dave Ernsberger earlier this month to review a few wild weeks in the oil market: the OPEC meeting that chose to not do anything in reaction to the price slide, and the fundamentals of the market. However, Vandana Hari, editorial director in Asia, Yen Ling Song, senior writer for oil news, and Oceana Zhou, senior analyst, discuss Chinas shift to being a net oil product exporter and its strategic move to guard against market volatility; as well as the challenges being faced by teapot refiners due to slumping domestic demand, overcapacity and government mandate for consolidation. GABRICH Global Services Limited brings you fast-breaking global petroleum and gas news including: Industry players in Nigeria Crude Sales and Seller, upstream and downstream markets, refineries, midstream transportation and financial reports Supply and demand trends, government actions, exploration and technology, and much more. The perennial revenue drop suffered by the country whenever there is a decline in the prices of crude oil in the global market as well as the increasing utilisation of shale gas and other alternative sources of energy by the United States and other advanced oil importing nations are indicators that Nigeria needs to increase the pace of diversifying its economy. THERE is understandable concern in Nigeria about the drop in crude oil prices over the last several weeks. From a figure of $104 per barrel on August 1, 2014, the OPEC basket of prices collapsed to about $57.44, approximately $60 per barrel as of to date 2nd Feb. 2015. The basket of prices used by the Organisation of Petroleum Exporting Countries (OPEC) is the average price of all the varieties of crude sold in the international market, but The Excess Crude Account (OFF-OPEC) which was created to cushion the economy at difficult times like this is still in utility, as Nigeria is getting much more funds in the Excess Crude Account. AS gathered by GABRICH Global, the Oil prices have been falling due to slowing global demand, the rise in U.S. shale oil production and other factors. The United States of America (U.S.) was Nigeria’s principal buyer until some months back. Nigeria’s sweet crude, Bonny Light, is sought in the U.S. for its ease of processing, but with the massive exploitation of Shale Oil, a lighter crude, in the U.S., the demand for Nigeria’s crude has bottomed out. Data from the Energy Information Administration division of the US Department of Energy shows that as against a peak demand of 41.76 million barrels of Nigerian crude by the U.S. in March 2007, only 1.48 million barrels was bought by the U.S. from Nigeria in August 2014. More importantly, the drop has been drastic in the last year since the U.S. applied the fracking drilling technique to exploit shale oil. Today, the U.S. is producing almost nine million barrels per day and there is talk that it may export by next year. Nevertheless, there is still demand for Nigeria’s crude from Asian economies like China, India etc but the outlook seems worrisome. WE WELCOME YOU TO 2015, A Year Of Continuous Progress. Thanks To All Our Friends, Clients And Global Business Partners Who Made 2014 Memorable... Please Lets Do It Again In 2015, As We Soar Higher! For Business Inquiries, or request for our 2015 Full Corporate Offer (FCO) for Purchase of Nigeria Bonny Light Crude Oil, Please Call Or Email Us GABRICH GLOBAL SERVICES LIMITED. TEL: +2348037479861 / +2348124034084 EMAIL: gabrichglobalservices@yahoo Supplier Of Nigeria Bonny Light Crude Oil . . . BUY NOW WITH CONFIDENCE
Posted on: Fri, 02 Jan 2015 20:31:50 +0000
Trending Topics
Recently Viewed Topics
© 2015