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OPEC Plans Increase In Oil Production …Considers Two Scenarios At Summit …As FIRS Posts N1.5trn In Q1, 2019
The Organisation of Petroleum Exporting Countries (OPEC) and its allies are set to debate at least two scenarios that would increase oil production beyond current levels, according to sources.
If the group ultimately chooses to increase production, there’s a hitch: The cartel’s internal simulations suggest the global crude market could experience a glut if producers relax their current curbs on production too quickly.
According to the Wall Street Journal, a group of key OPEC producers and Russia-led allies are set to hold a consultative meeting yesterday as rising tensions in the Middle East add to output outages in the region. No decision will be made at the summit.
Those gathered will merely debate the issues and make recommendations to be acted on at OPEC’s next full meeting in Vienna in June.
OPEC and its partners agreed in December to output cuts of 1.2 million barrels a day.
The curbs have led to a rebound in oil prices CLN19, -0.08% this year, but the agreement ends in June.
The officials gathering this weekend are looking for a way forward—for the second half of this year—that won’t upset oil markets.
One scenario, presented to delegates late Friday, assumes OPEC and non-OPEC countries are fully complying with their commitments through May and June, the people said.
Since some countries are currently cutting more than agreed, if all the countries reverted to the December agreed levels, their collective output would be the equivalent of an increase of 396,000 barrels a day for participating members of the cartel and 411,000 barrels a day for the Russia-led non-members from April levels, based on OPEC data.
Another scenario would allow individual producers to use as their baseline for cuts the maximum level they reached in one of the last four months of 2018—before they started a new round of cuts of 1.2 million barrels a day—throughout the second half, the people said.
The scenario of strict compliance to the December agreement would lead to a decline in inventories in the second half but the other simulation would lead to a new increase above the five-year average by the fourth quarter, the people said.
Meanwhile, The Federal Inland Revenue Service ((FIRS) generated N1.5 trillion revenue in the first quarter (Q1) of 2019, according to its Chairman, Mr Babatunde Fowler.
Fowler disclosed this to newsmen in New York at the weekend.
He said the amount included revenue from non-oil taxes that were 11 per cent higher than what the agency realised from that sector in Q1 of 2018.
“In the first quarter (of 2019), what I will say is that in the non-oil sector, we generated 11 per cent higher than what we generated in 2018.
“Basically, we have generated about N1.5 trillion,” Fowler told newsmen on the sidelines of a high-level meeting on illicit financial flows hosted by the United Nations General Assembly.
The 2019 amount is N330 billion or 28 per cent higher than the N1.17 trillion reported by FIRS in the same period of 2018.
Our correspondent reports that the Q1 figure also represents 18.7 per cent of the agency’s total revenue target of N8 trillion for 2019.
Fowler said the target, described by economy watchers as quite ambitious, was realistic with the cooperation of tax payers, among other factors.
He said, “It is quite realistic as long as we have the cooperation of tax payers in addition to deployment of technology.
“We have already started the enforcement of over 50,000 accounts that have banking turnover of 100 billion and above that have not filed their returns.”
The FIRS boss also spoke of plans by the agency to surpass the over N1 trillion it realised from Valued Added Tax (VAT) in 2018.
“We will get more people into the tax net and deploy more technology.
“We have what we call Auto VAT Collect, and that basically assists tax payers at the point of transaction, and the VAT portion is sent straight into the federation account.
“So, we know that there is more room for growth in the VAT sector,” he explained.
The N8.83 trillion proposed by President Muhammadu Buhari for spending by the Federal Government in 2019 was based on a revenue target of N6.97 trillion.
The expected income consisted of oil revenue estimated at N3.73 trillion and non-oil oil projected at N1.39 trillion.
To actualise this, the Federal Government in a January launched a ”Strategic Revenue Growth Plan” to be implemented by FIRS and other revenue generating agencies.
Fowler said all hands were on deck to actualise the plan, adding that that everything “seems to be on course”.
Rivers State Governor, Sir Siminalayi Fubara, has said that peace has prevailed because he draws strength from God to resist insults and tantrums thrown at him while frustrating attempts by some disgruntled persons who wanted to plunge the State into unending crisis.
The Governor also said that because he has anchored his Government on promoting peace, the enabling atmosphere has been provided for investments and sustainable development to flourish.
Governor Fubara made the assertion when he received a delegation of members of the Bishops and Gospel Ministers’ Association International Incorporated, Rivers State Chapter, at Government House in Port Harcourt, yesterday.
Represented by the Head of Rivers State Civil Service, Dr George Nwaeke, Governor Fubara said while most people took his meekness for weakness, his stance on peace has unarguably enhanced harmonious atmosphere of concord as residents sleep with their two eyes closed, and investors and shareholders are happy with the returns on investment.
He said, “Before, what they hear of Rivers State is that they are fighting, and some genuine investors will not come. Some people even ask you: How are you coping in Rivers State?
“But now”, he asserted: “The Governor has brought about a lot of changes in the State. One of the most important things is that he has changed the negative narrative. It is no longer Rivers of blood. It is now Rivers of peace.
“We are enjoying our lives here. Why? Because there is a change in the narrative. We have peace. The Governor is, as much as possible, absorbing any level of insult at him only for one purpose: that Rivers State may have peace; that we may grow; that this state will experience genuine development.”
Governor Fubara urged them, as members of the Christian family in the State, to continue to pray for the State and the Government so that the enemies of the State will be put to greater shame.
“This peace is what I want you to embrace. Go and continue to pray, because when the sower of the seed went and sowed, the enemy went in the night and sowed tares inside there. But the Governor is sowing peace.
“When I listened to the leader of the team, His Grace Eddy Ogbonda, he said you came all the way from Eleme Junction, and stopped at major junctions, and you uttered prayers for the peace of Rivers State.”
He also said: “I, hereby want to thank you for identifying with the Governor at a time like this. At a time when it looks as if someone wants the Governor’s peace posture misunderstood as weakness.
“When someone has the strength to fight back, but refuses to fight back. That is a bigger strength; that power of restrain does not just come, it can only come from God.
“You cannot give peace, if you do not have peace within you. The Governor is not interested in any form of trouble or violence. What he is interested in is known, and it is: let there be peace in Rivers State,” he said.
In his address, leader of the group, Archbishop Eddy Ogbonda, said they had observed a week-long intensive prayers that culminated into a peace rally, which brought them to Government House, and assured the Governor that God will continue to give him victory over his adversaries while preserving Rivers State.
“It is Rivers State Prophetic Prayer Convocation and Rally 2024 with the theme: ‘Peace be still’. Of a truth, everyone of us understands that we live in a time when we need peace much more than any other thing.
“Rivers State needs peace. Everyone as individuals need peace. The country needs peace, and the world at large needs peace. So, we are here to do a peace march. We pray that God will command His peace to reign in Rivers State,” he said.
The Economic and Financial Crimes Commission (EFCC) has stated that hotels, schools, and other establishments that accept payments in dollars from their customers are at risk of facing arrest.
The Chairman of EFCC, Ola Olukoyede, said this in the agency’s publication called EFCC Alert on Monday, adding that action would be taken against individuals involved in the dollarisation of the economy.
According to him, the exception is if foreigners come in to transact business and the only means of transacting is their credit card and dollar but to charge local customers in dollars or other foreign currencies would no longer be allowed.
He said charging local activities and customers in dollars is against Nigeria’s constitution.
The EFCC chairman said, “Schools that charge Nigerians in dollar, supermarkets that trade in dollar, estate developers that sell their property in dollar, hotels that are invoicing in dollar, we are coming after you and we have made arrests in that area.
“Yes, if foreigners are coming in and the only means of transacting is their credit card, and dollar, why not? You will get that.
“But document it properly as against selling things within the system, local economy and you will be using dollar as the medium of exchange, it is illegal.
“Our law does not allow for that. And we have also affected some arrests.”
Rivers State Governor, Sir Siminalayi Fubara, has enjoined Muslim faithful to remain steadfast to the lessons learnt during the holy month of Ramadan.
Governor Fubara stated this in his message of felicitations to Muslims as they celebrate the 2024 Eid-el-Fitr Sallah, which marks the end of the one-month Ramadan fasting.
The Governor emphasised the importance for Muslims to also uphold the tenets of Islam by exhibiting the fear of God and showing piety in their daily work.
Governor Fubara said, “We must all continue in the good attributes imbibed during the holy month of Ramadan as directed by God through His Prophet, so as to ensure peace, unity and harmony in the society for a better future.”
While praying that the essence of the festival offers them happiness, peace and prosperity in all aspects of life, Governor Fubara said he recognises and appreciates the critical role that the Muslim community continues to play in the development of Rivers State, and indeed, Nigeria at large.
Governor Fubara charged them to remain unwavering and steadfast in their commitment and positive contributions to advance the development of the State and the country.
“I enjoin you all in the State to remain calm, be patient and continue to do what is right,” the Governor added.
He wished the Muslim faithful in the State and across the country a happy Eid-el-Fitr celebration.
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