Oil Price Wars: Can Nigeria Survive The Fight?

Must Read

List of United Bank for Africa (UBA) Sort Codes & Branches (with addresses) in Nigeria

The sort code is a number that usually identifies both the bank and the branch where an account is held. The sort...

List of First Bank of Nigeria Sort Codes in Nigeria

The sort code is a number that usually identifies both the bank and the branch where an account is held. The sort...

How To Block Your Bank Account And SIM Card In Case Of Emergency

Losing your phone and wallet or having them stolen can be very frustrating. However, in case that happens to...
- Advertisement -

2020 has been whirlwind for the global oil market, following the outbreak of the COVID-19 virus, which has hampered oil demand from one of the largest consumers of oil – China (13.1% of world demand). With the virus spreading across other key demand regions – Europe (14.4%) and United States (20.9%) – the outlook for oil prices is weak. While relations among OPEC+ was meant to provide support for falling oil prices, a failed agreement turned into a full-blown price war, with major oil producers offering significant discounts on their April Official Selling Prices (OSP).

In response to the lower global crude prices and to push out unsold cargoes, the Nigerian National Petroleum Corporation recently cut its April official selling prices (OSP) for Bonny Light and Qua Iboe, to dated Brent minus $3.29 and minus $3.10 per barrel, respectively. With Dated Brent currently at $26.8/b, a rough estimate shows that Nigeria will be selling Bonny Light crude for about $23.5/b and Qua Iboe crude for $23.7/b.

Oil Price Wars: Can Nigeria Survive The Fight? - Brand Spur

While the slash in crude grades might push out existing volumes, this reduction in price will hurt Nigeria’s future revenue coming from the NNPC. For context, Nigeria’s cost of production is estimated between $20.0/b-$23.0/b, which puts the current pricing at barely breakeven. Also, with other oil and gas operators in Nigeria exposed to the declining prices, royalties and taxes received by the government will come under significant pressure. In all, oil revenue in 2020 would not only be challenged but also significantly lower than the previous years.

Read Also:  Nigeria earned N651.77bn from Value Added Tax in H1 2020 – NBS
- Advertisement -

United Capital Research

- Advertisement -
Oil Price Wars: Can Nigeria Survive The Fight? - Brand SpurOil Price Wars: Can Nigeria Survive The Fight? - Brand Spur

Subscribe to BrandSpur Ng

Subscribe for latest updates. Signup to best of brands and business news, informed analysis and opinions among others that can propel you, your business or brand to greater heights.

- Advertisement -

LEAVE A REPLY

Please enter your comment!
Please enter your name here

This site uses Akismet to reduce spam. Learn how your comment data is processed.

Oil Price Wars: Can Nigeria Survive The Fight? - Brand SpurOil Price Wars: Can Nigeria Survive The Fight? - Brand Spur

Latest News

Next Meats, Purveyor of the World’s First Plant-based Yakiniku Meats, Is Now in Singapore

The Tokyo-based startup makes its debut in the alt-protein hotspot of Singapore

 

  • Next Meats has collaborated with Aburi-EN to deliver two new meal sets
  • Made with soybean proteins, the Kalbi contains no chemical additives or animal ingredients


SINGAPORE - Media OutReach - 14 April 2021 - Next Meats, a purveyor of the world's first plant-based yakiniku meats, is making its debut in the alternative protein hotspot, Singapore! The Japanese alternative meat company has collaborated this time with popular Japanese restaurant Aburi-EN, which will offer two types of set meals using the NEXT Kalbi (boneless short rib) for the very first time. Made largely from soy proteins, the NEXT Kalbi contains double the amount of protein and half the fats than that of regular meat and even more, it does not contain any chemical additives or cholesterol due to its lack of animal ingredients. Now, Singaporeans can enjoy yakiniku without the guilt!


Oil Price Wars: Can Nigeria Survive The Fight? - Brand Spur

From left to right: Premium Kalbi Don Set and Stamina Teishouku Set

Read Also:  Oil Rallies Towards $80

The two new menus available at Aburi-EN are the Kalbi Don Set (S$13.80) and the Stamina Teishoku (S$15.80) — which are available for a limited time only. Next Meats has specifically chosen to work with Aburi-EN as they are a Japanese grilled-meat specialist. The two menus are the culmination of many months of research and development, and they will also be Aburi-EN's first-ever plant-based dishes.


Oil Price Wars: Can Nigeria Survive The Fight? - Brand Spur

For the Kalbi Don Set, Next Meat's Kalbi is grilled and served atop a bowl of fragrant Japanese steamed rice. Equally indulgent, the Stamina Teishoku features the Kalbi stir-fried with cabbage along with egg imported from Okinawa. The meat is then served with fragrant Japanese steamed rice, salad, pickles and miso soup. For both dishes, the meats are glazed with a special homemade sauce that packs an irresistible umami punch.

Both the Kalbi Don Set and Stamina Teishoku will be available at all Aburi-EN stores from April to July 2021.

An advocate of sustainable food production and better food security

The NEXT Kalbi is one of Next Meats' innovative offerings, which includes other plant-based delicacies such as the NEXT burger and NEXT gyudon (beef bowl). The company champions the importance of saving the planet and humanity through reducing the emission of greenhouse gases (which is produced from meat consumption and animal agriculture) and utilizing biotechnology to combat protein deficiency.

Through extensive research and development, Next Meats has culminated the knowhow on using molecular binding to mould vegetable proteins from powder. Buoyed by state-of-the-art, proprietary technologies, the company has successfully created vegan substitutes that replicate the texture of real meat.

About Next Meats

Hailing from Tokyo, Next Meats is a food-tech venture company that specialises in the research and development of Japanese-style alternative meat products. Its journey of product development began in 2017, and the company was officially established in 2020. Its portfolio of products includes plant-based burger patties, gyudon and yakiniku meats.

Social Media for Next Meats

Facebook: /nextmeats.singapore

Instagram: @nextmeats_singapore

Hashtags: #nextmeats #nextmeats_sg #japaneseplantbased


About Aburi-EN

Aburi-EN is Singapore's leading Japanese Grill restaurant chain, best known for delicious high quality grilled donburi bowls. Signature dishes include the Premium Buta Don with grilled chestnut-fed pork, Wagyu Karubi Don, and the Wagyu Stamina Don, made using A4/A5 Miyazaki Wagyu, which has won Japan's "National Wagyu Award" for 3 consecutive years, among many others. The homemade sauces give the meats and dishes an extra umami-ness. Aburi-EN is also known for affordable highballs and Japanese sours, which pair perfectly with the Aburi dishes.

Social Media for Aburi-EN

Facebook: /aburiensg

Instagram: @aburien.sg

Hashtags: #aburiensg #aburiendonburi #aburienjapanesegrill

Outlets

- Isetan Scotts:

350 Orchard Rd, #01-K1 Shaw House, Singapore 238868

- Causeway Point

1 Woodlands Square, #02-09B Causeway Point, Singapore 738099

- Jem

50 Jurong Gateway Rd, #01-04 Jem, Singapore 608549

- Vivo City

1 Harbourfront Walk, #01-159/160 VivoCity, Singapore 098585

- Novena Square

238 Thomson Rd, #01-89/90, Singapore 307683

- Guoco Tower

1 Wallich St, #B2 - 09, Singapore 078884

- Orchard Central

181 Orchard Central, Central, #01-16 Orchard, 238896

- Suntec City

3 Temasek Blvd, #B1-121 Suntec City Mall, Singapore 038983

- Nex

23 Serangoon Central, #01-63/64/65 Nex, Singapore 556083

Operating Hours

11am – 10pm, Daily

Oil Price Wars: Can Nigeria Survive The Fight? - Brand Spur
- Advertisement -
BrandsPur Weekly Cartoons
- Advertisement -Oil Price Wars: Can Nigeria Survive The Fight? - Brand SpurOil Price Wars: Can Nigeria Survive The Fight? - Brand Spur