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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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Donald Trump Agrees to meet Kim Jong Un

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Donald Trump Agrees to meet Kim Jong Un

Donald Trump Agrees to meet Kim Jong Un

The United States President Donald Trump has agreed to meet with North Korean leader Kim Jong Un, the White House announced, setting the scene for a historic, unprecedented encounter.

The meeting, which would be the first between a sitting US president and a North Korean leader, will happen by May, according to South Korea’s national security adviser, Chung Eui-yong, who delivered the invitation to Trump after a visit by his delegation to Pyongyang earlier this week.
The stunning announcement is the culmination of a diplomatic whirlwind that began with the invitation of a North Korean delegation to the Winter Olympics in Pyeongchang. Trump’s decision to meet Kim, after a year in which the two have repeatedly traded insults, is a remarkable breakthrough — albeit one with uncertain consequences.

The South Korean delegation, which landed in Washington, D.C. for a debriefing Thursday on the North-South talks, was careful to praise Trump’s influence over the developments. Chung said the US President’s “leadership” and his administration’s pressure on the North Korean regime had “brought us to this juncture.”

White House press secretary Sarah Sanders said in a statement that Trump “greatly appreciates the nice words” of the delegation and South Korean President Moon Jae-in.
“He will accept the invitation to meet with Kim Jong Un at a place and time to be determined. We look forward to the denuclearization of North Korea. In the meantime, all sanctions and maximum pressure must remain.”

There are many details to be ironed out before the meeting could take place, including the location. The Panmunjom truce village in the Korean Demilitarized Zone (DMZ), one possible venue, hosted meetings between North and South Korea in the run-up to the Winter Olympics.

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Nokia 7 Plus Sold Out In 5 Minutes In China

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Nokia 7 Plus Sold Out In 5 Minutes In China

Nokia 7 Plus Sold Out In 5 Minutes In China

The first batch of Nokia 7 Plus  releases in China has reportedly sold out in 5 minutes. Can I imagine ?

As soon as the virtual shop doors opened at 10:07am, it took only 5 minutes for all available units of the new Nokia phone to be sold out.

The phone sold for CNY 2,300 for the 4GB/64GB version and CNY 2,500 for the 6GB/64GB version (that’s €239 and €318 respectively).

There will be another batch available in about a week – on March 15 at 10:07am. Chances are that the new batch will be gone just as quickly. Of course, neither HMD nor the stores will say how many phones are in a batch.

As for people not in China, we’ll have to wait until April. The Nokia 7 plus is set to cost €400 in Europe (and it doesn’t look like the Old Continent will get the 6GB RAM version).

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King Mohammed VI of Morocco undergoes Successful Heart Surgery in France

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 King Mohammed VI of Morocco undergoes Successful Heart Surgery in France

King Mohammed VI of Morocco undergoes Successful Heart Surgery in France

King Mohammed VI of Morocco yesterday underwent a successful heart surgery in France, state news agency MAP reports.

The 54-year old monarch was treated at a Ambroise Paré Clinic in Paris after he had been diagnosed with an “atrial flutter”. The surgery normalised the heart rhythm, and the king would be able to resume his duties without any restrictions.

The photo of King Mohammed VI on the hospital bed, surrounded by relations has since leaked on the internet. A full statement from MAP read:

“HM the king had on Saturday 20th January 2018 a heart rhythm disorder. The doctors of HM the King said that medical examinations carried out for this purpose revealed an atrial flutter. The ablation by radio frequency of this arrhythmia, performed today at the Ambroise Paré clinic in Paris, allowed the normalization of the heart rhythm. At the end of a rest period as prescribed by his treating physicians, HM the King will resume his normal activities without any restriction.”

King Mohammed VI of Morocco undergoes Successful Heart Surgery in France

Statement by the medical team composed of: Dr Abdelaziz Maouni, Dr Olivier Thomas, Dr Sébastien Bloc, Dr Olivier Dubourg, Dr Ali Chaib, Dr Lahcen Belyamani. The king, who heads the Muslim world’s longest-serving dynasty, took office in 1999 after his father, Hassan II, died of a heart attack.

The political and social stability of Morocco is closely watched by Western governments as it is the only country in North Africa where jihadist groups have failed to gain a foothold, and is an important partner against Islamist militancy in terms of intelligence-sharing.

The kingdom has escaped mass uprisings such as in Egypt, Libya or other Arab countries, but protests have erupted since 2016 in some rural areas against poverty and unemployment. Morocco has averted previous protests with a combination of limited constitutional reforms, heavy policing and hefty public spending.

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