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Crude oil price rises to $50 per barrel

Crude oil price has risen from $48 to $50 per barrel hours after the Joint OPEC-Non-OPEC Ministerial Monitoring Committee, JMMC, met in St. Petersburg, Russia, for its fourth meeting on July 24, 2017, to review last month’s report as well as the first six months of the Declaration of Cooperation as submitted by the Joint OPEC-Non-OPEC Technical Committee, JTC, .

The leap in price was also fuelled by the vandalism of the Trans Niger Pipeline, which affected the export of about 225,000 barrels per day, bpd in Nigeria. Investigations showed that speculation was rife that the two developments were capable of withdrawing excess oil from the volatile market. Specifically, the price of Brent, usually used to benchmark other oil prices rose from $48 to $50 per barrel, yesterday.

The prices of WTI rose from $47 to $48 per barrel, while that of OPEC basket dropped from $46.99 to $46.01 a barrel. OPEC stated in a statement that “the price of OPEC basket of14 crudes stood at $46.01 a barrel on Monday, compared with $46.99 the previous Friday, according to OPEC Secretariat calculations.

However, the latest price showed $6 per barrel in excess of Nigeria’s $44 per barrel 2017 budget reference price. According to OPEC, the meeting was graciously hosted by the Russian Federation, and the Committee expressed its deep appreciation to HE Alexander Novak, Minister of Energy, for the warm hospitality and excellent arrangements extended to all delegations.

It stated that the Committee reviewed the JTC report and noted that the oil market is making steady and significant progress towards rebalancing.

OPEC disclosed that this assertion is based on the Report of the JTC for the month of June 2017, which reviewed market developments and the results of the first six months of progress made according to OPEC’s 171st Ministerial Conference Decision and the respective voluntary adjustments in line with the Declaration of Cooperation. “The continued strengthening of the global recovery is underway, with stability in the oil market remaining a key determinant. The market volatility has been lower in recent weeks and investment flows have visibly started to improve in the industry. “According to the JTC report, there are several positive indicators going forward.

Oil demand is expected to increase significantly in the 2H17 compared to 1H17, with the growth reaching a level of 2 mb/d, which should sustain the inventory draws. “Furthermore, the participating OPEC and Non-OPEC producing countries achieved a conformity level of 98% in June 2017. In addition, same level of high conformity was observed for the first six months of January to June 2017. Between January and June 2017, the participating producing countries adjusted their production downwards by an estimated volume of 351 mb.

“Also, the overhang of OECD commercial oil stocks over the 5-year average level has fallen by 90 mb for the period from January to June 2017 and now stand at 250 mb. The JMMC noted that despite the high level of conformity at the aggregate level, there is still room for improvement by some participating producing countries, and demanded that all participating producing countries must promptly reach full conformity. onsequently, the JMMC had serious discussions with those countries and will continue to engage with all participating countries individually, in particular those that are yet to achieve 100% conformity for the remaining period of the Declaration of Cooperation.

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United Kingdom Accepting Naira Payments from Nigerian Business Owners

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United Kingdom Accepting Naira Payments from Nigerian Business Owners

United Kingdom Accepting Naira Payments from Nigerian Business Owners

Former President of the Nigerian-British Chamber of Commerce (NBCC)Dapo Adelegan, has announced that the British Government will henceforth begin accepting Nigerian currency from Nigerian business owners in the UK.

Adelegan made the assertion in an interview on Wednesday in Lagos.

The British Government on February 9, through its export credit agency, UK Export Finance (UKEF), said it will accept Naira payments from Nigerian business owners trading with the UK.

Adelegan said that the initiative was a monumental step that will deepen trade, open more opportunities, expand patronage and market scope of products from both countries.

“If we look at the quality of manufactured equipment and technology; Made-in-Britain is number one.

“Through this, we will access technology transfer, boost the capacity of workforce and impact on our outputs of consumables and products in the market.

“It is a win-win situation that will go beyond procurement, as there are multiple layers of benefits that this will bring to the economy,’’ Adelegan said.

Joyce Akpata, Director-General, Nigerian-American Chamber of Commerce (NACC), also said the initiative will ease importation of goods from the UK to Nigeria and strengthen economic ties.

“The UK has the largest concentration of Nigerians in the diaspora and given cultural ties, it is something that should have happened before now,’’ Akpata said.

The director general said the initiative would improve knowledge sharing and technology transfer.

“We will see a lot of businesses in the UK supplying equipment and machinery backed by this finance to their Nigerian counterparts.

“This will enhance the activities of manufacturers, especially the growing SMEs that are into processing.

“It will also take off issues of foreign exchange challenges and instability in the market,’’ she said.

Akpata noted that the scheme would be a welcome opportunity for most Nigerian businesses that could not access financing locally.

She urged other countries, especially the United States, to take a cue from the UK to evolve initiatives that will assist businesses to maximise opportunities and strengthen trade ties.

Trade experts put the value of trade between Nigeria and the UK at about £8 billion, with oil and gas making up 60 per cent of the figure.

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South Africa’s Embattled President Jacob Zuma resigns

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President Zuma must face corruption charges - Supreme court rules

South Africa’s Embattled President Jacob Zuma resigns

The embattled President of South Africa, Jacob Zuma has resigned his office with immediate effect.

Zuma made the announcement in a televised address to the nation on Wednesday evening.

Earlier, Mr Zuma’s governing ANC party told him to resign or face a vote of no confidence in parliament on Thursday.

The 75-year-old has been under increasing pressure to give way to Deputy President Cyril Ramaphosa, the ANC’s new leader.

Mr Zuma, who has been in power since 2009, faces numerous allegations of corruption.

His resignation came at the end of a long speech in which he said he disagreed with the way the ANC had acted towards him.

He said he did not fear a motion of no-confidence, adding: “I have served the people of South Africa to the best of my ability.”

According to President Zuma, violence and division within the ANC had influenced his decision to step down.

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I Have no Candidate for 2019 Elections : Obasanjo

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Obasanjo denies attending PDP convention committee inauguration

I Have no Candidate for 2019 Elections : Obasanjo

Nigeria’s former President Olusegun Obasanjo has claimed that he has no candidate for any political office in the 2019 general elections.

The outspoken politician made the statement while speaking to a group of political group paid him a visit at his home in Abeokuta yesterday February 7th, Obasanjo said he would remain an elder statesman with a passion for a greater Nigeria.

According to Obasanjo, his statement on President Muhammadu Buhari was not meant to disrespect the office of the president or embarrass him, but rather to articulate his views about the situation in the country and offer his candid advice. In his words;

‘In the year 2015, I said I would no longer participate in partisan politics. And I still stand by my decision.

Everybody, irrespective of his or her political affiliation is free to come here for advice. I will gladly do that.

I have no candidate, whatsoever, for any political office. I just believe that things must be done differently in Nigeria to get a different result.

If you study our transitions since the colonial era, they have all taken place without taking the people of the grassroots into consideration. So, CNM is about the people at the grassroots.

It is a socio-economic movement where youth and women, especially, will be given the opportunity to appreciate their interests and power.

Unlike before, I believe we must put the horse before the cart. If the system and the platform sync, I believe Nigeria will get there. And like I said, the moment the coalition gets involved in candidate sponsoring or participates in partisan politics, I will opt out of it.”he said.

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