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‘Global Growth’ll Increase Oil Demand, Market Stability In 2021’

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The Organisation of Petroleum Exporting Countries (OPEC), has stressed that the estimated 4.8 per cent global growth will culminate in oil market stability this year.

This is even as the price of Bonny Light, Nigeria’s premium oil grade, dropped from $65.70 to $63.11, while OPEC Basket, and other crudes also dropped marginally over uncertainty about the outcome on the ongoing 49th Meeting of the Joint Technical Committee (JTC) (Videoconference).

However, speaking at the meeting, Secretary General, OPEC, Mohammad Sanusi Barkindo, stated, “The economic recovery is gaining momentum. This is reflected in our latest global growth estimate of 4.8% for 2021, up from the 4.4% projection we shared at our last meeting. This is a major turnaround from the grim conditions of 2020, with our most recent estimates showing the global economy plummeting by 3.9%.

“2021 is the Year of the Ox in China, a fitting symbol for this sturdy economy. China, which emerged from last year as the only major economy to remain in positive growth territory, continues to exceed expectations and is forecast to grow by 7.4% this year.

“India’s economy, which fell 8.2% in 2020, is now expected to expand by 7.5% in 2021. We had earlier expected these key economies to expand by just under 7% this year. Globally, historic levels of fiscal and momentary support continue to lubricate the economic engines and keep us in forwarding gear.

“Last week, Federal Reserve Chairman, Jay Powell, put to rest any idea of an immediate course reversal when it comes to supporting the US economy. This welcome news was followed by the G20 finance ministers and central bankers announcing on Friday (February 26) that they will continue to support a strong global recovery, and they lent support to the idea of boosting the International Monetary Fund’s firepower so it can further assist developing countries.”

Barkindo,, who noted that the actions of the United States will also impact positively on the market, stated, “The Joseph Biden administration’s massive fiscal stimulus package, which passed its first legislative hurdle by winning US House approval last Saturday, continues to kindle hope for a sustained rebound. Against the backdrop of encouraging developments, oil demand remains on course to grow by 5.8 mb/d to just around 96 mb/d.

“The encouraging global economic developments and resilient demand in Asia are upside factors, especially beyond this quarter. Initial data from January this year show that crude oil processing in India rose to its highest level since November, 2019, fuelled by rising economic and industrial activity.

“This positive regional outlook is underscored by the comments of India’s Minister of Petroleum, Natural Gas and Steel, Dharmendra Pradhan, at the recent IEA-IEF-OPEC Symposium on Energy Outlooks. Pradham stated that his country’s energy demand is expected to rise by 3% per annum through to 2040, around three times the anticipated global demand increase.

“Our capable OPEC analysts will go into more detail about inventory levels in a moment. For now, let me say that the outlook continues to move in the right direction, and the data we have before us reflects improvements over last month’s report to this Committee. Preliminary data for January shows that OECD commercial stocks declined by around 11mb. At 3 billion barrels, they were around 140mb higher than the same time one year ago and about 126mb above the average for 2015 to 2019.

“Turning to the latest figures on days of forwarding cover, OECD commercial stocks fell by 1.4 days from December to January, to 69.2 days, which is slightly lower than a year earlier, but 7.4 days above the pre-pandemic five-year average.

“The oil storage situation also appears to be aided by a refocus in the US tight oil sector from production to generating cash flow and rewarding investors. US crude production fell by more than 10% in mid-February following extreme winter in key producing states like Texas, helping to offset the rise in US crude stocks due to the significant drop in refinery utilization rates. Also regarding inventories, global short-term floating storage has fallen every month since October and stood at 142mb in January this year, significantly less than the 250mb reached in mid2020.”

He, however, added, “In a further sign of light on the horizon, the key benchmarks have risen steadily so far this year along with other commodities, in particular metals, and traders continue to take a strong positive position in oil. Since January, the futures price structure of all three key markets has been in sustained backwardation, an indication that the market is tightening and the rebalancing process is gaining speed. We have come a long way from a year ago. The days of GDP and oil demand figures being in the red because of the pandemic-induced shock appear to be behind us.”

 

 

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Residents Nab Man Dumping Fresh Corpse In PH

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A middle-aged man has been caught dumping the fresh corpse of a male with suspected machete cuts on it.
The suspect identified as Israel Israel, who claimed to be a native of Andoni Local Government Area of Rivers State, was apprehended, last Friday, while carting away a truck used in dumping a fresh male body on the Cherubim Road Bridge, Mile 3, Diobu axis in Port Harcourt City Local Government Area of the state.
A local security personnel in the area, Richman Jogwe, said the suspect was apprehended with the truck used in dumping the dead body.
Jogwe said: “This truck was used in dumping a dead body with machete cuts in the face, head, leg and hands. So, in early hours of today, this man came to take the truck, and we got him arrested.”
He further disclosed that the suspect had been handed over to the Nkpolu Divisional Police Headquarters, Mile 3, Diobu, for interrogation.
In his reaction, the state Police Public Relations Officer (PPRO), SP Nnamdi Omoni, said he was aware of the incident, but insisted he had no detailed information.
Omoni was quoted as saying: “I am aware that the man who brought the truck has been arrested. When I get the full details, I will let you know.”

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Wike, Real Madrid Sign Cooperation Ratification Pact

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Real Madrid and the Rivers State Government have signed a cooperation ratification agreement for promotion of sports amongst children and youths at the Real Madrid Academy, Port Harcourt.
The signing of the ratification of the framework for cooperation agreement between the international football club and the Rivers State Government took place over the weekend at the Auditorium of Real Madrid Sport City, Fuerzas Armadas Avenue, 402, Madrid, Spain.
Rivers State Governor, Chief Nyesom Wike, on behalf of the Rivers State Government; the Executive Vice President of the Real Madrid Foundation, Mr. Enrique Sanchez; and President of Interact Sports, Mr. Jihad Saade; jointly signed the agreement.
Speaking at the event, Wike commended the Real Madrid Foundation and the Interact Sports for the opportunity given to the Rivers State Government to partner with the Real Madrid Football Club in order to encourage Rivers’ youths to develop their talents and skill through sport.
He said the state government was pleased to ratify the agreement with the Real Madrid Foundation, and assured that everything has been done to fully kick-start the Real Madrid Academy in Port Harcourt.
Wike, who was accompanied by the Abia State Governor, Dr. Okezie Ikpeazu, and the Rivers State Attorney General and Commissioner for Justice, Prof. Zacchaeus Adangor (SAN), explained that the initial intention was to admit only boys as students into the Real Madrid Academy, but following the huge application received from prospective female students, the state government had to reconsider the policy.
“We had to stop to include the girls. We are very ready to kick-start the school, and we believe that this is a very good opportunity for our people. We are honoured to be identified with the Real Madrid; it is a good brand for us.”
Wike reaffirmed his belief that sport was an important factor in social integration and in the promotion of ethical values such as solidarity, participation, team spirit, respect for one’s opponent and non-discrimination.
The Real Madrid Foundation maintained its resolve to continue to promote sports amongst children and youths in the understanding that sports contributes to the comprehensive development of a young person’s personality, offering positive alternatives to situations of risk and fostering healthy habits and ways of life amongst children and youths.
On his part, the President of Interact Sports, Jihad Saade, said that Interact Sports has been an active contributor to the dynamic transformation of Nigeria, moving forward with modernity without forgetting Nigeria’s rich culture and heritage.
All the parties mutually acknowledged that they have the necessary legal capacity and authorisation to execute and subscribe to the protocol.
The Real Madrid Foundation is the instrument by which Real Madrid uses to promote, both in Spain as well as abroad, the values inherent in sports, and the latter’s role as an educational tool capable of contributing to the comprehensive development of the personality of those who practice it.

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…Omehia Hails Wike On Feat

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Former governor of Rivers State, Sir Celestine Omehia, has said that The Sun Man of the Year 2020 Award conferred on Rivers State Governor, Chief Nyesom Wike, was very fitting and timely.
Omehia also expressed gratitude to The Sun Publishing Limited, publishers of Daily Sun, Saturday Sun, Sunday Sun and Sporting Sun for recognising the achievements of Wike for the third consecutive time.
In a statement, yesterday, Omehia said that Wike was deserving of the award considering the giant developmental strides he has recorded in Rivers State.
He described Wike as an astute administrator and a distinguished politician who listens to the needs of the people of Rivers State and implements them accordingly.
Omehia said that Wike has during his over six years’ stint as governor of Rivers, performed excellently in the different facets of the lives of the Rivers people.
He maintained that as someone who has had the opportunity of occupying the coveted office, he can bear testimony to the fact that the Nyesom Wike-led administration has done excellently well.
According to Omehia, “his records in infrastructural development, security, urban and rural development, human resources development, including his political prowess, are unrivalled.
“Governor Wike has deployed the resources of the state to the benefit of the people, justifying the mandate massively and duly given to him by the people of Rivers State.”
Omehia also called on the opposition political parties in the state to emulate the leadership qualities of Wike, and join hands with the performing governor to move the state forward.
While noting that in unity, the state stands to gain in all ramifications, Omehia stated that division would do no one any good, irrespective of his status or political affiliation.
He further said he was not regretting his performance during his short stay in Government House, Port Harcourt as governor of the state, saying that he left significant landmarks for residents of the state.

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