NIGERIA’S CRUDE OIL FALLS TO $31.49

As the Federal Government grapples with how to salvage the economy, the continued sliding of the price of crude oil may require that its effort should be intensified.

Indeed, Nigeria’s Bonny Light crude oil hit its lowest level at $31.49 a barrel at the weekend due to global crude oil glut at the international market. The price of Organisation of Petroleum Exporting Countries (OPEC) basket of 12 crudes stood at $31.49 a barrel compared with $32.28 it earlier recorded.

Read more @ The Guardian

CHANGING TRENDS CHALLENGE NIGERIA TO CREATIVELY UTILSE ITS CRUDE – EXPERTS

Changing trends in global crude oil demand are creating rising uncertainty for Nigeria, as appeal for its product – ‘Bonny light’ continues to wane, with a growing focus on ‘heavy crude’ which is produced by countries including Saudi Arabia, Mexico and Angola.

 

Experts consequently say that for Nigeria to optimally sustain its economy under prevailing circumstances, it must come up with creative ways to deploy its crude.

 

Read more @ BusinessDay Online

SHELL NIGERIA DECLARES FORCE MAJEURE ON BONNY LIGHT CRUDE EXPORTS

Indication emerged weekend that about 10 million barrels of Nigerian crude oil cargoes for September-loading are still looking for buyers, and face steep competition from other crude oil grades. This is coming on the heels of Shell shutting in about 162, 000 per day as it declares force majeure on Bonny light crude. This would mean delay in realizing revenue from crude export into the federation account.

Read more @ Vanguard Online