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The China teapot refiners’ headwinds

The escalating trade war between the two biggest economies, the United States and China is a cause for worry in global business. The effect of the trade war is indeed, trickling down into the Chinese real economy and sapping downstream demand especially for gasoline. If not checked it may not take a longer time for the situation to exacerbate with global economies going into recession. The threat of an all-out trade war would dampen the outlook for the global economy. There has been intense concern about a slowdown in China, believed to be the motor for growth in the global economy in recent times. Bloomberg’s Economists say: In an extreme case, where the U.S. imposes 25 percent tariffs on all Chinese imports, and keeps them in place for an extended period,China’s growth could fall to 6 percent in 2019, and 5.4 percent in 2020, even assuming that the government steps up stimulus. The impact on global growth analyst believe is non-linear; the risks are firmly skewed to the downside and the window for resolution is narrowing.

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Buhari

Buhari’s quest for patriotic petroleum minister

President Muhammadu Buhari on Wednesday, May 29, 2019 took oath of office and oath of allegiance as stipulated by the 1999 Constitution, to signal the commencement of his second term in office. Buhari’s political re-embodiment no doubt has tasked and would continue to sap his sagging energetic and unflagging enthusiasm in politics and governance for the eight year period he has mandate with Nigeria, the covenantee. The authority bestowed on his government by the electoral victory, effectively authorizes it to carry out the policies for which it campaigned i.e. security, anti corruption and the economy.

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petroleum industry

The OTC 50 celebrations and upstream investments

The year long celebration of the Offshore Technology Conference, OTC at 50 ended last Thursday at the New Radiancy Group, NRG Park in Houston, Texas. The celebration of 50 years began at the 2018 edition, culminating in 2019, from May 6- 9.  Founded in 1969, by 12 engineering and scientific organizations, it was a response to the growing technological needs of the global ocean extraction and environmental protection industries.

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The US shale revolution waves

Oil prices slightly went up during the week with the WTI benchmark settling at US$56.87 while the Brent benchmark traded at US$66.65 on Tuesday. The slowdown in demand for petroleum, together with renewed oil stockpiling in the US and the issuing of waivers to eight countries to buy Iranian oil after imposed sanctions, pushed the price of Brent down from US$80 per barrel in October 2018 to US$66.65 on Tuesday.

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