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The shale oil fever emanating from the US is not an illness but the new oil that snuffed out the light from other different grades of oil, including the that of the Nigerian oil from American shores and also putting it under pressure in Europe also.
Recently, the demand for Nigerian oil pouring in from Indonesia and India has helped in lifting the price indication for two of Nigeria’s top grades to near five-year high based on trading and shipping data. Many believe that because the Indian and Indonesian economies are growing, the decent demand for Nigeria’s oil exists since the European buyers would have further reduced the market.
However, European refiners are also beginning to bargain tough taking jabs at higher Nigerian prices. In a statement recorded by a trader, he claims that the market was flooded by “a sea of cheap U.S. oil.”
Currently, CPC oil “costs 50 cents less a barrel compared to the prices being asked for Nigerian, given the freight costs and market structure. Sellers of Nigerian crude are still learning to live with the surge in U.S. shale output, which has turned the United States into the world’s top crude producer and dampened demand for imports in what had been a reliable market for Nigeria.
The Past 10 years has been quite a sad one for the Nigerian since the U.S. scaled back buying,” Crude exports to the US dipped to 5.6 Million barrels in January 2019 from the former 36.4 Million barrels as at January 2019.
After Washington lifted a four-decade ban on exports of U.S. oil in 2015, shipments to Europe hit an all-time high of 25 million barrels in March 2019 from just 2 million barrels in February 2016, Refinitiv Eikon data showed.
This affected the Nigerian market.
U.S. oil is also heading to India, where it is increasingly competing with Nigerian crude. Indian Oil Corp, the country’s top refiner, signed its first annual deal to buy U.S. oil in February, paying about $1.5 billion for 60,000 barrels a day up to March 2020.
Despite the pressure from U.S. barrels, Nigerian exports to Europe, India and Indonesia have held generally steady so far.
“Nigerian is facing stiff competition almost everywhere,” a trading source said. “Sooner or later Nigerian oil is going to need to expand into new markets.”
Samson Siasia ban for life by Fifa
Former Nigeria coach Samson Siasia has been banned for life and fined $50,000 by Fifa for agreeing to ‘the manipulation of matches.’
Siasia was coach of Nigeria between 2010-2011 and for a spell in 2016 but the time period when Fifa believes he committed his infractions is unclear.
He has also served as coach of the country’s Under-20 and Under-23 sides.
In a statement, Siasia was found ‘guilty of having accepted that he would receive bribes in relation to the manipulation of matches.’
The sanction stems from an ongoing ‘large-scale investigation’ Fifa is conducting into the behaviour of Wilson Raj Perumal, a convicted match-fixer from Singapore.
He is the third African to be banned by Fifa for his links to Perumal after former Sierra Leone FA official Abu Bakarr Kabba and former Botswana FA official Mooketsi Kgotlele were suspended in July for five years and for life respectively.
A former international, Siasia won the 1994 Africa Cup of Nations with Nigeria, for whom he played over 50 times while scoring 16 goals.
Liverpool sweat over Adrian fitness
Liverpool first choice keeper Allison Becker missed the UEFA Super cup final against Chelsea Fc due to calf injury.
Jurgen Klopp has stated they could play their second Permier League game against Southampton on Saturday without Adrian after a collision with a pitch invader.
Manager Jurgen Klopp says the Spaniard was injured during post-match celebrations following Liverpool’s win over Chelsea in the Super Cup on Wednesday.
“A supporter jumped over something, was chased by some security guys, slipped and kicked his ankle. Crazy,” Klopp said after Adrian saved Tammy Abraham’s penalty in the shootout win.”
He added: “Apart from that it was a brilliant night for him.”
Adrian was injured by a fan shortly after his team-mates congratulated him for the decisive penalty save during the Super Cup shootout
The incident happened as the Liverpool players were huddled together celebrating the match-winning save.
A supporter, attempting to join the group, ran towards them, slipping as he was grabbed by a steward, and collided with several players.
Klopp said: “There’s no doubt about how much we love our fans, there’s no doubt about that at all, but if they all could stop doing that – that’s the worst example we have so far heard about.
“We played against Manchester City and someone ran on the pitch then.
“At Norwich, there was someone as well.
“I don’t know what you can do about it in the stadium but that means there is a lot of responsibility for the supporters as well. If the one person cannot hesitate or stop himself, then the people around should do it because it’s not funny. It’s crazy. You think ‘wow, how can something like this happen?'”
Liverpool’s third-choice keeper Andy Lonergan, 35, who was an unused substitute for the game in Istanbul which finished 2-2 after extra time, could deputise for Adrian if the 32-year-old is ruled out.