Nigerian sales stall as cheap alternatives, maintenance weigh

Nigerian crude looked set for a sizeable overhang on Tuesday with more than half the April programme still available and the May schedules due out within the next week.

Demand has been weak as refinery maintenance in both Europe and Asia is set to peak in May. April loading Angolan has sold better than Nigerian, with less than 10 cargoes left.

The differential for Russian Urals has slumped in the last few weeks, prompting European refiners to favour the medium, sour grade instead of expensive west African crude, a trader said.

$12b trans-Sahara gas project to miss 2018 deadline

The $12 billion Trans-Sahara Gas Pipeline Project (TSGP), expected to help Nigeria achieve zero gas flaring by 2020, remains an illusion, 17 years after it was conceived.

The project should have been completed this year.

Nigeria signed a treaty with Niger and Algeria in 2009 to build the pipeline, which should begin from Calabar and pass through Kano to the border.

The estimated length is about 4,400 km, with over 1,037 km in Nigeria, 853 km in Niger, 2,310 km in Algeria, and 220 km connecting Algeria to Spain.

Nigerian crude faces glut as buyers reject cargoes

Indications emerged last week that glut in Nigeria’s oil supply to the international market looms.

A trader said the development comes as ample supply of light and medium grades from the North Sea and the Mediterranean continues to limit buying interest for Nigerian crude.

The Nigerian cargoes, reckoned to be near 50 cargoes, was said to be weighing on the market, while Angolan state oil firm, Sonangol, trimmed its offer of Saxi crude.

Indonesia eyes more Nigerian crude oil

…Seeks Govt-to-Govt partnership, oil sector investments

Nigerian crude oil has again proved its enormous prospects as the beautiful bride of the global oil market with Indonesia expressing the desire to buy more crude oil from Nigeria.

IMO sulphur cap to affect 60% of HSFO demand: IEA

The IEA expects 60 per cent of bunker demand to move from high-sulphur fuel oil (HSFO) to 0.5 per cent blends and marine gasoil (MGO) in 2020.

The International Maritime Organisation’s (IMO) 0.5 per cent cap on bunker fuel sulphur emissions content from 2020 means around 200mn t/yr (3.1mn b/d) of HSFO bunker fuel consumption will need to move to low-sulphur alternatives, the IEA said in its Oil 2018 report — its outlook to 2023.

Kachikwu advocates dialogue with shale producers

Nigeria’s Minister of State for Petroleum Resources, Emmanuel Ibe Kachikwu has said that the time has come to reach out to shale drillers in the United States of America in a bid to widen global involvement in the effort to stabilize the oil market.

Kachikwu said that it was not OPEC’s responsibility to keep stabilizing oil prices alone and called for a uniform front to examine the dynamics of the market and how they can work on keeping the numbers down.

Nigeria has lost US export market

Nigeria has forever lost the United States as a significant crude export market, Nigeria's oil minister said Monday.

"That's gone," Emmanuel Kachikwu said during a news conference at CERAWeek by IHS Markit.

Light sweet Nigerian crude is very similar to the light oil produced in US shale.

As US shale production has grown, the appetite for Nigerian crude in the US has dropped dramatically.

German armed forces college seeks partnership with NIMASA

The Nigerian Maritime Administration and Safety Agency (NIMASA) has said that no nation can attain sustainable growth and development relying on herself and/or single source of revenue as world economies are now consciously or unconsciously competing among themselves in terms of advancement and development indices.

The Director General of the Agency Dr. Dakuku Peterside made this assertion in Lagos recently when a delegation of Bundeswehr Command and Staff College, a leading educational institution of the German armed forces, Hamburg, Germany paid a working visit to the Agency.

Vitol, Trafigura, Oando in final talks on refineries overhaul

The Nigerian National Petroleum Corporation (NNPC) is in the final stages of talks with two consortiums that include top traders, energy majors and oil services companies to revamp its dilapidated refineries, sources familiar with the matter said.

Four banking and trading sources told Reuters the groups would be paid via the offtake of refined products rather than cash, putting the onus on them to revive the refineries and keep them running smoothly to ensure their investments earn a return.

PMAWCA's regional integration initiatives attract commendation

The MD of NPA, Hadiza Bala Usman, has commended the Port Management Association of West and Central Africa (PMWCA) for continually serving as a multilateral organ for regional cooperation amongst ports in West and Central Africa and also, as a vehicle for the actualization of the dreams of the African Union (AU) as well as the objectives of New Partnership for African’s Development (NEPAD).

Hadiza Bala Usman gave the commendation in her welcome address to the delegates of PMWCA Technical Committee Meeting holding at Oriental Hotel in Lagos on the 26th of February, 2018.


Oil Price Dashboard (Brent)

Oil Price Dashboard (WTI)