Oil rose to around 113 dollars a barrel on Tuesday as tension over Iran‘s nuclear programme outweighed persistent concerns about the strength of Europe’s economy.
Iran has begun enriching uranium deep inside a mountain and has sentenced an American to death for spying, angering the West and undermining expectations that diplomacy could avert further sanctions or even war.
Brent crude rose 65 cents to 113.10 dollars a barrel, following a decline of 61 cents on Monday. U.S. crude was up 1.33 to 102.64 dollars.
“On balance the bulls seem to be winning, despite the strong dollar, weak demand in the euro zone and a mild winter in the northern hemisphere,” said Christopher Bellew, a broker at Jefferies Bache.
The tension over Iran’s nuclear programme, which Tehran insists is for peaceful purposes, have included threats by Iran to shut the Strait of Hormuz, the world’s most important oil export route.
European Union states, which have already agreed in principle to an embargo on Iranian oil to ratchet up pressure on Tehran, are due to hold a meeting to decide on the measure on January 23, EU diplomats said on Monday.
Iran produces 3.5 million barrels per day (bpd) of crude, making it the second-largest producer in the Organisation of the Petroleum Exporting Countries after Saudi Arabia.
The EU imports about 500,000 bpd from Iran.
“Despite demand conditions being relatively weak, oil prices are still above 100 dollars because of the geopolitical tensions.
There is a floor on prices at the moment,” said Natalie Robertson, an analyst at ANZ.
Supply risks were also in focus in Nigeria, where trade unions began a second day of strikes on Tuesday to protest the removal of fuel subsidies.
The strike has so far not affected shipments from Africa’s largest oil exporter.
Brent is trading close to its 200-day moving average at 112.70 dollars, which remains a key level of technical support, said Olivier Jakob of Petromatrix.
First resistance is at 114 dollars, where recent rallies have run out of steam.
MOSIEND Threatens ExxonMobil Operations Over N82bn Court Judgement
The Movement for the Survival of Izon Ethnic Nationality in the Niger Delta, MOSIEND has issued the American oil firm, ExxonMobil, 14-days ultimatum to pay the N82 billion awarded against them by the Federal High Court, for damaging the environment of her host communities in Ibeno, Akwa Ibom State or have her operations disrupted.
Vice-Chairman, MOSIEND, Akwa Ibom chapter, Mr. Patrick Afaiko, who gave the ultimatum said it will not fold it hands to watch the company carry-out its clandestine and habitual manner of damaging the environment without adequate compensation.
Afaiko noted instead of paying the N82bn compensation to Ibeno communities that were affected by oil spillage, ExxonMobil has gone ahead to appeal against the High Court judgement.
He observed that rather than assuaging the damage done to the people and the environment, ExxonMobil has choosen to spend huge sums of money going from one court to the other in order to subvert justice.
“ExxonMobil has appealed against the judgment of the High Court which directed that it should pay N82bn to communities in Ibeno LGA and environs that were affected by its oil spillage some years ago.
“It is more saddening to note that ExxonMobil rather than paying for the great damage it had done to our aquatic life, choose to spend all that sum going from one court to another.
“It is glaring the insidiousness of ExxonMobil for its inapproachable disposition depicted in the wanton sack of workers who are now indigents and the keeping of all major contracts and sharing same amongst its executives is insensitive, ruthless, oppressive and treacherous, as can be seen in all its policies and activities towards the host communities and catchment areas over the years.
“It is based on these and more that MOSIEND in its decisive resolution agreed never to fold its hands and watch ExxonMobil proceed with its habitual and clandestine manner of damaging our land and aquatic life without quantum compensation”.
MOSIEND warned that after the expiration of the ultimatum on the 8th of August, 2021, it will mobilise its units, clans, chapters, national and sister ethnic organisations including militants to shut down ExxonMobil operations at Eket Terminal.
“ExxonMobil should, as a matter of concern, abide by this order to avert the unforeseen consequences of actions that will follow. MOSIEND will not tolerate this callousness anymore. We want to use this platform to urge all local and foreign workers to vacate the terminal for their own safety. He who is down, fears no fall. We can no longer stomach their devilish treatment.
“We are also calling on Governor Udom Emmanuel, Minister of State for Petroleum Resources, Chief Timipre Slyva; past ministers for Petroleum Resources, Dr Ibe Kachikwu and Mr Odein Ajumogobia, who have strong ties with ExxonMobil to prevail on the company to as a matter of urgency, engage the Local Government, the King and good people of Ibeno for discussions and prompt payment of compensations, rather than hiding under the cover of judiciary to avert justice and fairness which is a sinequanon for peace.
“ExxonMobil ought not to be operating and making profit while the affected indigenes suffer untold hardship due largely to the reckless and unprofessional conduct of their staff, causing misfortune, hence, leaving the casualties redundant and jobless for years, not even some sort of palliative to cushion shock and agony of the victims.
“ExxonMobil will be held responsible for any consequences that will arise from the actions. We will apply all conventional and unconventional strategies to drive home our demand. The Niger Delta people have been taken for granted for too long, this multinational has been taking our patience, tolerance and cooperation for granted”, MOSIEND.
Shell Unveils First Female Managing Director For Deep-Water Nigeria
World energy giant, Shell, has named Elohor Aiboni as the Managing Director of its Nigeria deep-water business, Shell Nigeria Exploration and Production Company Limited (SNEPCo) with effect from 1st August 2021.
Elohor is the first female to lead a Shell exploration company in the over 60 years of Shell’s operations in Nigeria. She succeeds Bayo Ojulari who retired on 31st July 2021 after five years as SNEPCo’s MD and over 30 years of service in the Shell group.
Until this appointment, Elohor was the Bonga Asset Manager responsible for overseeing end-to-end production delivery for Nigeria’s pioneer deep-water Floating Production, Storage and Offloading (FPSO) vessel, Bonga, an offshore asset that has produced over 900 million barrels of oil since it began operations in 2005.
“Elohor’s appointment is a product of diligence, competence and commitment to the Shell ideals and core values amidst our strong focus on diversity and inclusion,” Shell’s Senior Vice President for Nigeria, Marno de Jong, said, adding: “We take pride in our intention of being one of the most diverse and inclusive organisations in the world, and focus on further improving inclusion and representation in critical areas including gender.”
Elohor joins over 300 women in senior leadership positions in the Shell Group representing more than 31 percent of executive positions in the leading global energy company.
Her 19-year career in Shell has seen her move from a field engineer to several roles in production operations; project and asset management; operations readiness and assurance. She was at a time the Business Adviser to the Executive Vice President for Shell Sub-Saharan Africa, and had also managed third-party interface across several Shell assets in Nigeria and Kazakhstan.
Prior to her role as Bonga Asset Manager, Elohor led production delivery for shallow offshore as Asset Manager for Sea Eagle FPSO in Nigeria’s Niger Delta.
Elohor holds a master’s degree in Integrated Environmental Management from the University of Bath, UK and a bachelor’s degree in Chemical Engineering from University of Benin, Nigeria.
IPMAN Makes Case For East-West Road Completion
Following the recent blockade of the Eleme-Akpajo axis of the East-West Road by youths in Rivers State, the Independent Petroleum Markers Association of Nigeria, (IPMAN), has enjoined the Federal Government to accede to the demands of the protesting youths on account of the deplorable state of the said road.
The youths stated that the importance of the Eleme-Akpajo section of the East-West Road cannot be over-emphasised as it plays host to several multimillion dollars investments such as the Oil and Gas Free Zone, Onne, Nigeria Ports Authority (NPA), Port Harcourt Refining Corporation(NNPC), Indorama Petrochemicals Limited, Eleme among others.
Chairman of IPMAN in Rivers State, Dr. Joseph Obele, in a chat with newsmen, lamented that petrol tankers have not been able to load products at the Port Harcourt refinery since the protest began, last Monday.
According to him, “Yes the road is very bad, we are calling on all the relevant authorities to mobilise contractors to commence construction work on the road, because the youths have said they won’t leave the road until they see construction equipment on site. The protest is affecting us in the petroleum sector. Since Monday we have not been able to load”.
Meanwhile, leader of the protest and President of Ogoni Youth Federation, Lergbosi Yamaabana, has vowed that the protest will continue until tractors and caterpillars were seen on site, noting that the aim of the protest was to cripple economic activities, especially multi-million dollars investments in the area, until their demands were met, adding that government reacts only to forceful agitations.
He said, “we are still here like we promised, we are not leaving here until Federal Government will mobilise contractors handling the road to site in view of reconstructing the entire stretch of the road together with all the four bridges that have been demanded for, that is our resolve.
“I want to address the government at this point that the more they keep quiet, the more we are strong. If they know what is good for them they should mobilised contractors to site.”
Recall that youths in Rivers State since last Monday, blocked the Eleme-Akpajo axis of the East-West Road with petrol trucks and other articulated vehicles demanding the immediate reconstruction of the deplorable sections of the road by the Federal Government.
By: Tonye Nria-Dappa
- Sports4 days ago
Amuneke To Train Coaches In Three Nigerian Cities
- Sports4 days ago
WAFU B Qualifier: Angels Thrash AS Police 5-0, Book Semi’s Ticket
- Editorial4 days ago
Fix Eleme–Onne Road, Now
- Business4 days ago
AKK Project Will Enhance Gas Utilisation For Industrialisation – Buhari
- Business4 days ago
CBN Releases N756bn To Over 3m Farmers To Boost Food Security
- Sports4 days ago
NFF Blames Covid-19 For Salary Delay
- Business5 days ago
NESG Unveils 27th Economic Summit Theme …Calls For Urgent Measures On Nigeria’s Future
- Sports4 days ago
NPFL/Aiteo Cups: Our Focus Is On Both Competitions- Eguma