L
LequteMan
Guest
Nigeria has found solace for her crude exports in the Asian oil market after being rejected by America several months ago. However, surplus supply, especially from the Arabians is creating a price war, threatening Nigeria's hold on the market.
Bloomberg recently reported that Iraq, Kuwait and Iran have joined Saudi Arabia in cutting their March crude prices for Asia, signaling the battle for a share of OPEC’s largest market is intensifying
This development has made oil industry experts to urge the Federal Government to form alliances with the Asian customers to cushion the effects.
The Arab producers, who have always been on constant price war last week even pushed the notch higher because of the sliding crude oil prices, by offering discounts as high as above $4 per barrel, the highest in over a decade in order to retain their respective market shares.
Industry experts according to Vanguard however say the price war will further distort Nigeria’s 2015 Appropriation Bill.
According to them, if the price war continues, it will increase pressure on the oil market, particularly for the buyers, until it gets to saturation point.
#Nigeria #Oil #Arab #NNPC #Jonathan
Bloomberg recently reported that Iraq, Kuwait and Iran have joined Saudi Arabia in cutting their March crude prices for Asia, signaling the battle for a share of OPEC’s largest market is intensifying
This development has made oil industry experts to urge the Federal Government to form alliances with the Asian customers to cushion the effects.
The Arab producers, who have always been on constant price war last week even pushed the notch higher because of the sliding crude oil prices, by offering discounts as high as above $4 per barrel, the highest in over a decade in order to retain their respective market shares.
Industry experts according to Vanguard however say the price war will further distort Nigeria’s 2015 Appropriation Bill.
According to them, if the price war continues, it will increase pressure on the oil market, particularly for the buyers, until it gets to saturation point.
#Nigeria #Oil #Arab #NNPC #Jonathan
