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NNPC Distributes Over 19 Billion Litres of Petrol in 13 Months

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NNPC - Investors King
  • NNPC Distributes Over 19 Billion Litres of Petrol in 13 Months

The Nigerian National Petroleum Commission (NNPC) supplied a total of 19,437,894,096.66 litres of petroleum products into the Nigerian downstream sector through its Direct Sales Direct Purchase (DSDP) programme between November 2017 and November 2018, a period of 13 months.

This was contained in the November 2018 edition of the corporation’s monthly operations and financial report posted on its website.

As contained in the report, out of the 19,437,894,096.66 litres total volume of petroleum products supplied through the DSDP in the 13 months under review, the volume of petrol supplied amounted to 19,242,475,780.64 litres, while kerosene amounted to 195,418,316.02 litres.

The report noted, that while the corporation brought in petrol during the period under the DSDP, it was only able to do so for kerosene under the DSDP in January 2018 – 33,794,490.58 litres, June 2018 – 43,427,408.64, July – 46,693,717.07, and 44,294,402.77 litres in August.

In October 2018, as regards to crude oil lifted for the use in DSDP, the statement noted that 8,514,146 barrels of crude oil were lifted for domestic utilization, translating to an average volume of 274,649.87 barrels of oil per day in terms of performance.

Again, the statement released by the NNPC disclosed that in order to meet the domestic product supply requirement for the month of October 2018, about 8,514,146 barrels were processed under the DSDP programme, adding that no barrel of crude oil was delivered to the domestic refineries for processing within the period.

In terms of monetary value for the crude oil lifted for domestic supplies, the statement disclosed that $7,845,491,732.71 was the value of the lifting between October 2017 and October 2018, with its naira equivalent amounting to N2,392,089,687,584.68, adding that the prices of crude oil were averagely valued at $70.17 per barrel.

“In November 2018, 1,608.17 million litres of PMS (Premium Motor Spirit) were supplied into the country through the DSDP arrangement as against the 1,752.01 million litres of PMS supplied in the month of October 2018,” the report stated.

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Crude Oil

Oil Prices Continue to Slide: Drops Over 1% Amid Surging U.S. Stockpiles

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Crude Oil

Amidst growing concerns over surging U.S. stockpiles and indications of static output policies from major oil-producing nations, oil prices declined for a second consecutive day by 1% on Wednesday.

Brent crude oil, against which the Nigerian oil price is measured, shed 97 cents or 1.12% to $85.28 per barrel.

Similarly, U.S. West Texas Intermediate (WTI) crude slumped by 93 cents or a 1.14% fall to close at $80.69.

The recent downtrend in oil prices comes after they reached their highest level since October last week.

However, ongoing concerns regarding burgeoning U.S. crude inventories and uncertainties surrounding potential inaction by the OPEC+ group in their forthcoming technical meeting have exacerbated the downward momentum.

Market analysts attribute the decline to expectations of minimal adjustments to oil output policies by the Organization of the Petroleum Exporting Countries (OPEC) and its allies, known collectively as OPEC+, until a full ministerial meeting scheduled for June.

In addition to concerns about excess supply, the market’s attention is also focused on the impending release of official government data on U.S. crude inventories, scheduled for Wednesday at 10:30 a.m. EDT (1430 GMT).

Analysts are keenly observing OPEC members for any signals of deviation from their production quotas, suggesting further volatility may lie ahead in the oil market.

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Energy

Nigeria Targets $5bn Investments in Oil and Gas Sector, Says Government

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Crude Oil - Investors King

Nigeria is setting its sights on attracting $5 billion worth of investments in its oil and gas sector, according to statements made by government officials during an oil and gas sector retreat in Abuja.

During the retreat organized by the Federal Ministry of Petroleum Resources, Minister of State for Petroleum Resources (Oil), Heineken Lokpobiri, explained the importance of ramping up crude oil production and creating an environment conducive to attracting investments.

He highlighted the need to work closely with agencies like the Nigerian National Petroleum Company Limited (NNPCL) to achieve these goals.

Lokpobiri acknowledged the challenges posed by issues such as insecurity and pipeline vandalism but expressed confidence in the government’s ability to tackle them effectively.

He stressed the necessity of a globally competitive regulatory framework to encourage investment in the sector.

The minister’s remarks were echoed by Mele Kyari, the Group Chief Executive Officer of NNPCL, who spoke at the 2024 Strategic Women in Energy, Oil, and Gas Leadership Summit.

Kyari stressed the critical role of energy in driving economic growth and development and explained that Nigeria still faces challenges in providing stable electricity to its citizens.

Kyari outlined NNPCL’s vision for the future, which includes increasing crude oil production, expanding refining capacity, and growing the company’s retail network.

He highlighted the importance of leveraging Nigeria’s vast gas resources and optimizing dividend payouts to shareholders.

Overall, the government’s commitment to attracting $5 billion in investments reflects its determination to revitalize the oil and gas sector and drive economic growth in Nigeria.

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Commodities

Palm Oil Rebounds on Upbeat Malaysian Exports Amid Indonesian Supply Concerns

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Palm Oil - Investors King

Palm oil prices rebounded from a two-day decline on reports that Malaysian exports will be robust this month despite concerns over potential supply disruptions from Indonesia, the world’s largest palm oil exporter.

The market saw a significant surge as Malaysian export figures for the current month painted a promising picture.

Senior trader David Ng from IcebergX Sdn. in Kuala Lumpur attributed the morning’s gains to Malaysia’s strong export performance, with shipments climbing by a notable 14% during March 1-25 compared to the previous month.

Increased demand from key regions like Africa, India, and the Middle East contributed to this impressive growth, as reported by Intertek Testing Services.

However, amidst this positivity, investors are closely monitoring developments in Indonesia. The Indonesian government’s contemplation of revising its domestic market obligation policy, potentially linking it to production rather than exports, has stirred market concerns.

Edy Priyono, a deputy at the presidential staff office in Jakarta, indicated that this proposed shift aims to mitigate vulnerability to fluctuations in export demand.

Yet, it could potentially constrain supply availability from Indonesia in the future to stabilize domestic prices.

This uncertainty surrounding Indonesian policies has added a layer of complexity to palm oil market dynamics, prompting investors to react cautiously despite Malaysia’s promising export performance.

The prospect of Indonesian supply disruptions underscores the delicacy of global palm oil supply chains and their susceptibility to geopolitical and regulatory factors.

As the market navigates these developments, stakeholders remain attentive to both export data from Malaysia and policy shifts in Indonesia, recognizing their significant impact on palm oil prices and market stability.

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