Nigeria News
Bleak future for OPEC nations as oil demand falls
PARIS (AFP)The International Energy Agency has trimmed its outlook for oil demand over the next 18 months and highlighted threats to the dominance of OPEC, in a report on Friday.
The IEA said that new data on the difficulty the global economy is having in picking up speed meant that demand for oil would grow by slightly less than it had foreseen in July.
But the critical underlying factors are the rise of North American shale energy and the threat this poses to OPEC, the IEA said, referring to debate over whether OPEC may have had its day.
The agency said that it was trimming its forecast for growth of global oil demand this year by 30,000 barrels per day to 895,000 barrels per day because the International Monetary Fund had lowered its forecast for growth of the global economy from 3.3 percent to 3.1 percent.
The speed at which oil demand would pick up next year had also been reduced to 1.1 million barrels per day from 1.2 mbd because economic growth now looked like being 3.8 percent instead of 4.0 percent.
However, US demand had risen firmly in the first six months, but in the long term was expected to edge down, whereas production of shale oil and gas was rising fast.
In the first six months of the year, US demand had shown the strongest growth since the first quarter of 2011.
In London the price of Brent North Sea oil rallied by 72 cents to $ 107.40 per barrel on firm data for the Chinese economy.
– New, and old, oil shocks –
The IEA forecast in November that the United States could become the biggest oil producer, ahead of Saudi Arabia, by 2017, and spoke in May of a shale energy “shock” to energy markets.
On Friday it said that in July non-OPEC oil supplies had risen by 570,000 bd to 54.9 mbd “with North America providing around 40 percent of the growth”.
The agency also spotlighted a dilemma for the Organization of Petroleum Exporting Countries.
The global supply of oil rose by 575,000 bd per day in July from the figure for June to 91.8 mbd, and by 785,000 bd on a 12-month basis.
But the monthly increase was accounted for by the rise of supplies from outside OPEC.
OPEC oil production fell by 165,000 bd to 30.41 bd “due to supply disruptions in Libya where civil unrest continues to derail exports”, even though Saudi Arabia had increased its supplies by 150,000 bd to a 12-month high of 9.8 mbd.
But OPEC also raised production of natural gas liquids, which are akin to crude oil, by 175,000 bd.
The IEA also reported that output by Iraq fell below 3.0 mbd for the first time for five months and exports were expected to plunge by about 500,000 bd from September owing to work on infrastruture at southern ports. Meanwhile attacks on the “key” northern pipeline were sharply reducing exports from Kirkuk.
The agency also spotlighted violence, unrest or tension in Algeria, Nigeria, Egypt and Syria.
These factors largely explained a rise in the price of benchmark West Texas Intermediate to a 16-month high level in July.
“Many commentators, recognising in the new North American supply a defining feature of tomorrow’s market, are questioning its implications for the future of OPEC,” the IEA wrote.
OPEC would have to cut its supplies under pressure from shale oil “unless falling prices curb shale oil production first.”
But at the moment, OPEC’s main problem is “in bringing production to market”.
OPEC’s production last month “was down 1.1 mbd on the year” mainly owing to “domestic developments in some member countries.”
The comment was made just two months before the 40th anniversary of the Yom Kippur war when several Arab countries, as part of their attack on Israel, made OPEC a household name by engineering the first of two oil-price shocks in the 1970s.
Those shocks were defining events in how economies evolved in the decades since.
One consequence was the creation of the IEA as the energy and oil strategic reserve monitoring arm of the Organisation for Economic Cooperation and Development (OECD) which groups leading democracies.
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Posted in Nigeria News. A DisNaija.Com network.
Source: PM News
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Nigeria News
Kano Transfers Over 1,000 Almajiris To Different States Amidst COVID-19 Pandemic
The Kano State Government on Saturday said it has transferred 1,098 ‘almajiris’ to different states of the country.
The commissioner for local government, Murtala Garo, disclosed this while presenting a report before the state’s task force on COVID-19 at the government house, Kano.
Almajiris are children who are supposed to be learning Islamic studies while living with their Islamic teachers. Majority of them, however, end up begging on the streets of Northern Nigeria. They constitute a large number of Nigeria’s over 10 million out-of-school children.
Mr Garo said the Kano government transported 419 almajiris to Katsina, 524 to Jigawa and 155 to Kaduna. He said all of them tested negative for coronavirus before leaving the Kano State.
Despite the coronavirus test done in Kano for the almajiris, the Jigawa government earlier said it would quarantine for two weeks all the almajiris that recently arrived from Kano.
Mr Garo said another 100 almajiris scheduled to be taken to Bauchi State also tested negative to COVID-19.
In a remark, Governor Abdullahi Ganduje said the COVID-19 situation in Kano was getting worse. He appealed for a collaborative effort to curtail the spread of the virus in the state.
Mr Ganduje, who commended residents for complying with the lockdown imposed in the state, said the decision was taken to halt the spread of the virus.
Kano State, as of Saturday night, has 77 coronavirus cases, according to the Nigeria Centre for Disease Control.
The decision to transfer the Kano almajiris is part of the agreement reached between Northern governors that almajiris in each state be transferred to their states of origin.
However, even before the latest agreement by the governors, the Kano government had been transferring almajiris to other states and neighbouring countries after it banned street begging in the state, most populous in Northern Nigeria.
Despite the transfers, however, no concrete step has been taken to ensure such children do not return to Kano streets as there is freedom of movement across Nigeria although interstate travel was recently banned to check the spread of the coronavirus.
Sourced From: Premium Times Nigeria
Nigeria News
COVID-19: ‘Bakassi Boys’ Foil Attempt To Smuggle 24 Women Into Abia In Container
By Ugochukwu Alaribe
Operatives of the Abia State Vigilante Service, AVS, popularly known as ‘Bakassi Boys’ have arrested 24 market women hidden in a container truck, at Ekwereazu Ngwa, the boundary community between Abia and Akwa Ibom states.
The market women, said to be from Akwa Ibom State, were on their way to Aba, when they were arrested with the truck driver and two of his conductors for violating the lockdown order by the state government.
Driver of the truck, Moses Asuquo, claimed he was going to Aba to purchase stock fish, but decided to assist the market women, because they were stranded.
A vigilante source told Sunday Vanguard that the vehicle was impounded while the market women were sent back to Akwa Ibom State.
Commissioner for Home Land Security, Prince Dan Okoli, who confirmed the incident, said that smuggling of people into the state poses great threat to the state government’s efforts to contain the spread of COVID- 19.
Sourced From: Vanguard News
Nigeria News
Woman Kills Her Maid Over Salary Request
Operatives of the State Criminal Investigation and Intelligence Department (SCIID), Yaba of the Lagos State police command have arrested one Mrs Nene Steve for allegedly killing her maid, Joy Adole
The maid was allegedly beaten to death by Nene for requesting for her salary at their residence located at 18, Ogundola Street, Bariga area in Lagos.
Narrating the incident, Philips Ejeh, an elder brother to the deceased said that he was sad when they informed him that his sister was beaten to death.
He explained that the deceased was an indigene of Benue State brought to Lagos through an agent and started working with her as a maid in January 2020.
‘’She reported that her boss refused to pay her and anytime she asked for her salary she will start beating her.
She was making an attempt to leave the place but due to the total lockdown she remained there until Sunday when her boss said she caught her stealing noodles and this led to her serious beating and death,’’ Ejeh said.
He called on Lagos State Government and well- meaning people in the country to help them in getting justice for the victim.
The police spokesman, Bala Elkana, stated that the woman and her husband came to Bariga Police Station to a report that their house girl had committed suicide.
Detectives were said to have visited the house and suspected foul play with the position of the rope and bruises all over the body which confirmed that the girl had been tortured to death and the boss decided to hang up the girl to make it look like suicide.
He said: “The police moved on with their investigation and found a lot of sign of violence on her body that she has been tortured before a rope was put on her neck.’’
He added that the police removed the corpse and deposited it in the mortuary for autopsy to further ascertain the cause of the death.
Elkana said the matter has been transferred from Bariga police station to Panti for further investigation while the couple have been arrested and will be charged to court.
Tribune
Boko Haram Attacks: Buhari Summons Urgent Meeting Of Service Chiefs
Ostensibly alarmed by the latest killings of dozens of soldiers by Boko Haram insurgents, President Muhammadu Buhari has summoned an urgent meeting of Service Chiefs to find ways to stop the trend.
He has also dispatched the Minister of Defence, Mansur Dan Ali, to the neighbouring Republic of Chad for an urgent meeting with President Idris Deby and his defence counterpart.
Knowledgeable sources said in Abuja on Friday that the president is worried by on the deterioration of security situation on the Nigeria – Chad Border that has led to the recently increased Boko Haram terrorism in the area.
The sources which did not want to be named in Abuja said: “Nigeria has a Chad problem in the Multi-National Joint Task Force (MNJTF) put together to secure the Lake Chad basin areas and repeal the Boko Haram terrorist attacks against all the countries neighbouring the Lake.”
The sources noted that Chad is believed to be having their own internal security challenges and this has reportedly led to their pulling away their own troops manning their own border around Lake Chad, saying: “That lacuna is being exploited by the Boko Haram terrorists, who go in and out of Nigeria, Niger and Cameroon to launch terrorist acts. This is a clear illustration of the fact that terrorism is beyond national borders.”
When contacted, the Senior Special Assistant to the President on Media and Publicity, Garba Shehu, confirmed that the Defence Minister is going to Chad but said he is unaware of the purpose.
Meanwhile, the military authorities are said to be in the process of identifying the families of the latest victims with a view to making contact with them.
Credible sources revealed that it is the reason the president is yet to make any pronouncement on the matter.
“The President has called an urgent meeting with the Service Chiefs, as well as the fact that families of the latest victims of the Boko Haram are being identified and contacts made before a government pronouncement on the tragic attacks. This, it is understood, is the reason for the silence of the government over the incident,” the source said.
Sourced From: Tribune