{"id":85671,"date":"2021-09-23T15:57:55","date_gmt":"2021-09-23T14:57:55","guid":{"rendered":"https:\/\/www.withinnigeria.com\/news\/?p=85671"},"modified":"2021-09-23T15:57:55","modified_gmt":"2021-09-23T14:57:55","slug":"mele-kyari-gas-crisis-may-increase-oil-prices-by-10","status":"publish","type":"post","link":"https:\/\/www.withinnigeria.com\/news\/2021\/09\/23\/mele-kyari-gas-crisis-may-increase-oil-prices-by-10\/","title":{"rendered":"Mele Kyari: Gas crisis may increase oil prices by $10"},"content":{"rendered":"<p>Group managing director of the Nigerian National Petroleum Corporation (NNPC), Mele Kyari has disclosed that supply crisis affecting the natural gas market may push crude oil prices up by $10 a barrel.<\/p>\n<p>Recall that the price of cooking gas in Nigeria has recorded multiple increases in recent months which Kyari had attributed to under-supply.<\/p>\n<p>High demand and reduced supply in Europe have also resulted in a surge in wholesale gas prices.<\/p>\n<p><span data-preserver-spaces=\"true\">Brent crude, the grade at which Nigeria\u2019s crude oil is benchmarked, traded above $75 on Wednesday.<\/span><\/p>\n<p><span data-preserver-spaces=\"true\">While speaking during an interview with Bloomberg TV, on Wednesday, Kyari said that within the next three to six months, the current distortion in the market could lead to an increase in oil prices by at least $10.\u00a0<\/span><\/p>\n<p><span data-preserver-spaces=\"true\">Kyari hinged his argument for an increase in crude oil prices on the fact that the gas supply crisis will make energy consumers shift from gas to other fuels.<\/span><\/p>\n<p><span data-preserver-spaces=\"true\">He added that demand for oil may climb by one million <a href=\"https:\/\/www.withinnigeria.com\/news\/2021\/07\/06\/nigeria-lost-4-5trn-oil-barrels-to-theft-in-4-years-minister\/\">barrels<\/a> per day.<\/span><\/p>\n<p><span data-preserver-spaces=\"true\">\u201cIt will absolutely hit crude prices as energy consumers are forced to shift from gas to other fuels,\u201d the NNPC GMD said.<\/span><\/p>\n<p><span data-preserver-spaces=\"true\">\u201cYou wouldn\u2019t be very wrong if you said you would see an additional $10 on a barrel maybe three months, maximum six months.\u201d<\/span><\/p>\n<p><span data-preserver-spaces=\"true\">According to him, the world is presently in a potential crisis because last year, a number of things were not done right, including under-investment in the gas sector, particularly.<\/span><\/p>\n<p><span data-preserver-spaces=\"true\">\u201cThe implication of that is that we\u2019re going to see the effect coming up in a year or two maximum. And that will also affect the gas supply all over the globe and, particularly, in Europe,\u201d Kyari said.<\/span><\/p>\n<p><span data-preserver-spaces=\"true\">\u201cThat\u2019s going to show up in a number of gas-rich countries and gas supply projects are being stalled, a number of midstream gas projects are being stalled or delayed, and the net effect will be that there will be an impact on pricing coming very shortly.\u201d<\/span><\/p>\n<p><span data-preserver-spaces=\"true\">He said that there was still clearly a supply gap, explaining that in the country, supply to the Nigeria LNG plant has been beset by several challenges in recent times.<\/span><\/p>\n<p><span data-preserver-spaces=\"true\">\u201cThere are a number of things going on now to improve on the gas supply. We surely have issues around gas supply to the LNG plant, in particular, and even into the domestic market and the net effect is that you will see some slippages in cargos in 2022 and even in 2021,\u201d Kyari said.<\/span><\/p>\n<p><span data-preserver-spaces=\"true\">\u201cAnd the implication of that is that you have to do something pretty quickly and we have lost time, we have lost investment and for us, what must happen is a very quick return to a pre-Covid-19 level investment and that, of course, is being adjusted and I know that this is a key challenge for the industry.\u201d<\/span><\/p>\n<p><span data-preserver-spaces=\"true\">He admitted that closing the global oil supply gap in three to four months time might not be feasible.<\/span><\/p>\n<p><span data-preserver-spaces=\"true\">Kyari said that Nigeria\u2019s underperformance in the last few months in relation to the quota allocated by the Organisation of Petroleum Exporting Countries (OPEC) would be halted by the end of October this year or mid-November.<\/span><\/p>\n<p><span data-preserver-spaces=\"true\">\u201cFrom everything we\u2019re doing, we\u2019ll get back to the OPEC level, probably, by the end of October and maximum middle of November. We\u2019re not far from that,\u201d he assured.<\/span><\/p>\n<p><span data-preserver-spaces=\"true\">The NNPC boss pointed out that the national oil company was going through a transformation that would see it invest more in renewable energy sources.<\/span><\/p>\n<p>The senate on Wednesday approved $57 per barrel as the oil benchmark for the 2022 budget.<\/p>\n<p><span data-preserver-spaces=\"true\">In June, Kyari had said rising crude oil prices will cause problems for resource-dependent countries such as Nigeria.<\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Group managing director of the Nigerian National Petroleum Corporation (NNPC), Mele Kyari has disclosed that supply crisis affecting the natural gas market may push crude oil prices up by $10 a barrel. Recall that the price of cooking gas in Nigeria has recorded multiple increases in recent months which Kyari had attributed to under-supply. High [&hellip;]<\/p>\n","protected":false},"author":17,"featured_media":85690,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"jnews-multi-image_gallery":[],"jnews_single_post":[],"jnews_primary_category":[],"jnews_override_bookmark_settings":[],"jnews_override_counter":[],"footnotes":""},"categories":[16587],"tags":[16934,17520,3646,1193],"class_list":["post-85671","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-business","tag-2022-budget","tag-cooking-gas","tag-mele-kyari","tag-nnpc"],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v27.8 (Yoast SEO v27.8) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\n<title>Mele Kyari: Gas crisis may increase oil prices by $10<\/title>\n<meta name=\"description\" content=\"Group managing director of the Nigerian National Petroleum Corporation (NNPC), Mele Kyari has disclosed that supply crisis 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