Nigerian Times

17 Feb 2012 12:00 Africa/Lagos "The Global Oil Tanker Market Will Reach $18.96 in 2012" According to the Latest visiongain Report LONDON, February 17, 2012/PRNewswire/ -- http://www.visiongain.com/Report/766/The-Oil-Tanker-Market-2012-2022 Global oil trade is profoundly dependent on seaborne oil tankers for the transportation of crude oil. Over recent years the trading of refined petroleum products and petrochemicals by sea has also risen. All of these petroleum related products are somewhat volatile and closely linked to levels of economic activity. Visiongain has calculated capital expenditure in the oil tanker market will reach $18.96bn in 2012. There are a number of driving factors that will require investment in oil tankers over the forecast period despite the current lacklustre economic situation. For example, in the near future regulators will be enforcing laws on oil tanker fuel efficiency and water ballast systems which will require companies to upgrade and retrofi...

One barrel is 42 gallons or 168 litres. The price of 1 barrel of petrol at the Depot gate is the sum of the cost of crude oil, the refining cost and the pipeline transportation cost. Refining costs are at $12.6 per barrel and pipeline distribution cost are $1.50 per barrel. The Distribution Margins (Retailers, Transporters, Dealers, Bridging Funds, Administrative charges etc) are N15.49/litre or $16.58 per barrel. The true cost of 1 litre of petrol at the Mobil filling station in Port Harcourt or anywhere else in Nigeria is therefore ($5 +$12.6+$1.5+$16.6) or $35.7 per barrel . This is equal to N33.36 per litre compared to the official price of N65 per litre. Prof. Tam David West is right. There is no petrol subsidy in Nigeria . Rather the current official prices are too high. Let us continue with some basic energy economics. The government claims we are currently operating our refineries at 38.2% efficiency. When we refine a barrel of crude oil, we get more than just petrol. If we re...

9 May 2008 21:57 Africa/Lagos Platts Survey: OPEC Pumps 31.87 Million Barrels per Day of Crude Oil in April, Down 350,000 b/d LONDON, May 9/PRNewswire/ -- The 13 members of the Organization of Petroleum Exporting Countries (OPEC) pumped an average 31.87 million barrels per day (b/d) of crude oil in April, a 350,000 b/d decrease from March, according to a Platts (http://www.platts.com/) survey of OPEC and oil industry officials released Friday. The sharp drop was largely the result of steep output losses in Nigeria. Excluding Iraq, the 12 members which participate in output agreements pumped an average 29.49 million b/d, 360,000 b/d down from an estimated 29.85 million b/d in March. "OPEC production has been relatively steady in recent months, but the sharp fall in Nigerian output shows how vulnerable overall supply from the group can be to developments in one country," said John Kingston, Platts global director of oil. "Given that spare capacity is also relatively...

I have decided to remind the stakeholders in all the oil producing countries and consumers of the following important report, because most of them missed it. 10 Jan 2008 15:26 Africa/Lagos Global Oil Supply Challenges Will Drive Crude Prices to US$150: CIBC World Markets LONDON, January 10/PRNewswire/ -- - Modest Russian Production Growth to be Gobbled up by Domestic Demand CIBC (CM: TSX; NYSE) - Consumers should brace for a 50 per cent jump in oil prices in the near future as global oil supply will increasingly have trouble keeping pace with demand, forecasts a new energy report from CIBC World Markets. The report predicts that surging demand in developing economies combined with accelerated depletion of existing supply and widespread delays in getting new oil fields up and running will see the global supply of oil fall as much as eight million barrels a day below International Energy Agency estimates by 2012. "Those projections ignore two fundamental forces that have, in recent ...