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Troy Rietsma

The Punch:: Demand for Nigerian oil rises as Libyan crisis persists - 0 views

www.punchng.com/Articl.aspx

Libya Oil Nigeria Opportunities

shared by Troy Rietsma on 01 Mar 11 - No Cached
  • There is growing concern in the United States and Europe that the ongoing Libyan crisis may negatively affect oil prices globally, forcing major oil consumers in Europe and US to look up to Nigeria and other African oil producers to up their production levels
  • Specifically, the Saudi Arabia government is said to have assured Western oil interests that Nigeria and Angola oil supplies would take care of whatever loss is recorded in oil supply from Libya.
  • What is not clear, according to informed sources, however, is Nigeria’s readiness to close the supply gap.
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  • Libya holds around 44 billion barrels of oil reserves, the largest in Africa.”
  • The sudden change in Libya, a fallout of the democratic fervour blowing across North Africa and the Middle East, now meant that Libya oil supplies are in jeopardy, pushing the supply pressure on Nigeria and Angola.
  • Comments :   Now Nigerians,Africans & all the world can see the reason why IMF wants SANUSI TO DEVALUE NIGERIAN NAIRA so that the WESTERN WORLD will gain.SANUSI MAY THE GOD ALMITHY continue to strenghten u $ MR PRESIDENT never to listen to those animal impersonators.They thought u wiil be like IBB & others. Posted by: wyclef kojak , on Sunday, February 27, 2011 Report this comment This is a great opportunity for our country to make profits and use them for infrastructural development. I hope our government has the right sense to invest and appropriate this. Instead of diverting them for selfish and political purposes. Posted by: OgaFatai , on Saturday, February 26, 2011 Report this comment
  • Troy Rietsma on 01 Mar 11
     
    "Demand for Nigerian oil rises as Libyan crisis persists." The Punch. N.p., 27 Feb. 2011. Web. 1 Mar. 2011. . 2. SUMMARY: The United States and Europe are starting to become worried that oil prices will rise because of the crisis in Libya. Because of this, they are starting to look to other sources, Nigeria being one of them. Nigeria is not sure if they can supply the oil; Libya is the largest producer in Africa, holding 44 billion barrels of oil reserves. 3. RESPONSE: This may either help or hurt those who work for the oil industries. The oil industries in Nigeria have two choices if they can supply the oil: they can treat their workers better with the extra salaries, or they can splurge with it themselves and continue to oppress the oil workers. 4. QUESTIONS:          1. How do the Nigerian people feel about this change?          2. Will Nigeria be able to provide the oil?          3. Will Nigeria be able to help out its people with this investment?
Troy Rietsma

Nigeria fights oil bandits - UPI.com - 0 views

www.upi.com/...UPI-69641299590981

Libya Oil Illegal Refineries Nigeria

shared by Troy Rietsma on 08 Mar 11 - No Cached
  • Nigerian forces destroyed what they believed were illegal oil refineries in the Niger Delta area as part of an effort to curb vandalism, a spokesman said. The illegal refineries were shoddy facilities where operators were distilling crude oil to sell on the black market.
  • soldiers destroyed 500 illegal refineries in the oil-rich Niger Delta.
  • "The operators, we believe, were those that break into the vast network of pipelines in the Niger Delta to steal crude oil which they refine, and sometimes they damage wellheads in the process," he was quoted as saying.
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  • thieves have cost Nigeria an average of around 100,000 ba
  • rrels of crude oil per day.
  • Financial analysts, meanwhile, said that Nigeria is benefiting from the rising price of crude oil.
  • Oil prices are at two-year highs in part because of the civil war raging in Libya, Africa's top oil producer.
  • Officials at the Nigerian Financial Derivatives Co. told Nigerian newspaper Next that tensions in the Middle East were a "blessing" for Nigeria.
  • Troy Rietsma on 08 Mar 11
     
    Research Question: What effect does the Nigerian Blood Oil have on the people there? "Nigeria fights oil bandits." UPI.com. UPI, 8 Mar. 2011. Web. 8 Mar. 2011. . 1. Summary The Nigerian government sent troops out to destroy illegal oil refineries. Nigerian security forces spokesman Timothy Antigha said that soldiers destroyed roughly 500 refineries. Authorities believe that those who were in charge of these illegal refineries were tapping in to and stealing from the pipelines of the Niger Delta. An estimated 100,000 barrels of crude oil was being stolen every day. 2. Reflection At first I wondered why Nigerian authorities would want to destroy oil refineries. With rising oil prices and the crisis in Libya, you would think that the Nigerians would want to get their hands on any oil they could. But I read on and saw that the oil was being stolen from the main lines and sold on the black market. I think Nigeria did the right thing, and hopefully this well help the whole oil conflict. 3. Questions:  Will destroying these illegal refineries help or hurt the Nigerian people? and who will it help or hurt? Will destroying these refineries help Nigeria's legal production, thus helping the Libya crisis? According to financial analysts, Nigeria is benefiting from rising oil prices. How is Nigeria benefiting from it?
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