OPEC
OPEC commits to stable global oil market
The Organisation of Petroleum Exporting Countries and non-OPEC ministerial meeting has reaffirmed its commitment to a stable global market in the mutual interest of producing countries. The meeting gave the assurance at the end of its virtual 17th OPEC and non-OPEC ministerial meeting on Tuesday. “In view of current oil market fundamentals and the consensus on its outlook, the meeting reaffirmed the existing commitment of the participating countries in the Declaration of Cooperation (DoC) to a stable market in the mutual interest of producing nations. “Also, the efficient, economic and secure supply to consumers; and a fair return on invested capital. “Reconfirmed the existing commitment of the 10th OPEC and non-OPEC ministerial meeting in April 2020, amended in June, September, and Decemb...
OPEC: Gas is vital to Nigeria’s future
The Organisation of Petroleum Exporting Countries (OPEC) says gas remains vital to Nigeria’s future in the global oil and gas sector. The OPEC Secretary General, Mohammad Barkindo, disclosed this on Monday in Abuja, at the pre-summit conference on “Decade of Gas”. He said that the move of the country to develop its huge gas deposit was a step in the right direction. “Gas is vital to Nigeria’s future, as is oil, and both will be fuels of choice globally for the foreseeable future and instrumental in facilitating the energy transition,” he said. The secretary-general said that the ‘Decade of Gas’ from 2021 to 2030 was likely to place Nigeria at the forefront of the vital global industry. Barkindo commended President Muhammadu Buhari’s effort as Head of Nigeria’s Delegation to OPEC, in the or...
Nigerian government gets revenue boost as oil prices near $60
File Photo Nigeria revenue profile may get a further boost in the days ahead as oil prices near $60 per barrel in a move propelled by the Organisation of Petroleum Exporting Countries (OPEC). U.S. West Texas Intermediate crude oil futures rose to their highest levels in nearly a year on Friday with Brent traders zeroing in on the psychological $60 a barrel level on economic revival hopes led by strong compliance with the planned output cuts by OPEC+. Also contributing to the gains were a government report that showed another draw in crude stockpiles, optimism over a speedier U.S. economic recovery on the prospect of additional stimulus from Washington and a successful rollout of the U.S. vaccination program. OPEC+ maintained its oil output policy at a meeting last Wednesday, a sign produce...
NESG: Nigerian economy to beat IMF growth forecast in 2021
The Nigerian Economic Summit Group has predicted a growth rate of 2.9 per cent for the Nigerian economy in 2021, higher than the 1.5 per cent growth rate suggested by the International Monetary Fund. The NESG identified eight key policies and events that will help shape the outlook of Nigerian economy in 2021. This is contained in the group’s 2021 Macroeconomic Outlook Report titled, “Four Priorities for the Nigerian Economy in 2021 and Beyond,” launched virtually on Tuesday. According to the report, for Nigeria’s economy to get back on track, the economy needs a high, robust and sustained economic growth that will deliver a significant reduction in unemployment and poverty. The report said the government’s most important agenda in 2021 must be to address these problems as a foundation for...
Economist: Official exchange rate may depreciate to N420 to the dollar
The managing director of Financial Derivatives Company, Bismarck Rewane, has projected that the naira will depreciate to N420 against the dollar on the official window by the end of 2021. Rewane was speaking at a virtual event tagged ‘Vantage Forum 2021’, organised by The Elevation Church (TEC) on Saturday. The economist also projected that the naira will exchange at N470 to the dollar at the parallel market. At present, the naira trades at N480/$ at the parallel market and N380 at the official rate operated by the Central Bank of Nigeria. This, he said, is based on a worst-case scenario where Nigeria produces 1.5 million barrels per day (bpd) with an inflation rate of 16.15 percent in the full year. “In the worst-case scenario, it goes the other way, in all cases you find that the average...
World Bank predicts 4% global economic growth, 1.1% for Nigeria in 2021
ABS-CBN The World Bank says global economy is expected to grow by 4 per cent in 2021, assuming an initial COVID-19 vaccine rollout becomes widespread throughout the year. It said this in a statement issued in Washington D.C. on Tuesday at the presentation of the January 2021 Global Economic Prospects. It added that the said recovery would likely be subdued unless policy makers moved decisively to tame the pandemic and implement investment-enhancing reforms. The bank also said that growth in Sub-Saharan Africa was forecast to rebound moderately to 2.7 per cent in 2021, while Nigeria’s growth was expected to resume at 1.1 per cent. For the region, it said that while the recovery in private consumption and investment was forecast to be slower than previously envisioned, export growth was expe...
Kuwaiti opposition make gains in first parliamentary vote under new emir
Opposition candidates made gains in a parliamentary vote in Kuwait in which two thirds of MPs lost their seats and no women were elected, a result which analysts said could hamper government reform efforts to address a severe liquidity crunch. Emir Sheikh Nawaf al-Ahmad al-Sabah, who took the reins in September following the death of his brother, had raised hopes of a detente between the ruling family and their critics in the perpetually deadlocked and fractious parliament. The final count carried on state media on Sunday showed that 31 new lawmakers had been elected to the 50-seat assembly, which is unusually outspoken for the highly authoritarian Gulf region. None of the 29 female candidates who stood in the election were successful. There was no official figure for turnout but local med...
Oil jumps 4 percent on upbeat coronavirus vaccine news
Global benchmark Brent crude rose 4.2 percent while US WTI jumped 4.6 percent after Moderna became the latest drug firm to release promising trial data on a COVID-19 vaccine. The post Oil jumps 4 percent on upbeat coronavirus vaccine news appeared first on TODAY. You Deserve to Make Money Even When you are looking for Dates Online. So we reimagined what a dating should be. It begins with giving you back power. Get to meet Beautiful people, chat and make money in the process. Earn rewards by chatting, sharing photos, blogging and help give users back their fair share of Internet revenue.
Police arrest nine for ‘armed robbery, cultism’ in Enugu
Nine persons have been arrested by the Police in Enugu state for involving in offences of conspiracy, armed robbery, unlawful possession of firearm, cultism, and receiving of stolen property. Their arrest followed a renewed charge by the State Commissioner of Police, CP Ahmad AbdurRahman, that police operatives should increase the tempo to rid the state of criminal elements. The suspects according to the State Police Public Relations Officer, Mr. Daniel Ndukwe are, 21-year-old Victor Obute (a.k.a. “Choiyi”) from Igbo-Etiti local government; Ebuka Omene (a.k.a. “OPEC”) aged 21 of Edemani Nsukka; Chekwube Alumona (a.k.a “Electric”) aged 22 of No. 1B Aludele Street, Nsukka; Chibuike Onoja (a.k.a. “Ginger”) aged 24 of Enugu-Ezike; and Odoh Nnaemeka (a.k.a “Pastor”) aged 24 of Enugu-Ezike. Othe...
OPEC: Nigeria cuts oil production to 1.4 million barrels per day
Reuters For the first time in many years, the Organisation of Petroleum Exporting Countries, OPEC, has confirmed Nigeria’s ability to cut its output from 1.7 million barrels per day, mb/d in May to 1.4mb/d in June 2020. In its July Oil Market Report, OPEC stated that the data was based on information obtained from official sources, adding that when unofficial sources are considered, Nigeria produced 1.5 mb/d during the period. Get more stories like this on Twitter You Deserve to Make Money Even When you are looking for Dates Online. So we reimagined what a dating should be. It begins with giving you back power. Get to meet Beautiful people, chat and make money in the process. Earn rewards by chatting, sharing photos, blogging and help give users back their fair share of Internet revenue.
Petrol price hike a move to end subsidy regime – expert
AHA Taxis Nigeria’s first professor of the Capital Market and former Imo State Finance Commissioner, Prof Uche Uwaleke, on Wednesday described the hike in petrol price from N123.50k/litre to a price band of N140.80 to N143.80 as an indication that the Federal Government was ready to gradually exit the fuel subsidy regime. The Petroleum Products Pricing and Regulatory Agency (PPPRA), in a memo to oil marketers on Wednesday, said that the upward review of petrol price stemmed from existing market realities which were taken into consideration before the new pump price was released. Prof Uwaleke told newsmen that exiting the subsidy regime was necessary in view of plummeting government revenue and the pressure on government finances occasioned by COVID-19. ‘Fortunately for the Nigerian economy...
Iran’s OPEC governor dies of brain haemorrhage
Iran’s OPEC governor Hossein Kazempour-Ardebili has died of a brain haemorrhage two weeks after falling into a coma, the oil ministry said on Saturday. “Kazempour-Ardebili, who had gone into a coma over a brain haemorrhage two weeks ago in a hospital in Tehran, has passed away,” a ministry statement said, without giving further details. He died on Saturday morning aged 68, according to state news agency IRNA. The veteran politician was appointed governor to the OPEC oil cartel in 1985. He had also served as Iran’s ambassador to Japan from 1990 to 1995. Ardebili was a survivor of the 1981 bombing of the Islamic Republic Party headquarters in Tehran which killed 73 top Iranian officials. He was serving as trade minister at the time, appointed the year before. The bombing was blamed on the Pe...
