News

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

Published

5 years ago

March 5, 2021

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.”

News

Cleric Predicts Breakthrough, Warns of Political and Security Challenges in 2026

Published

9 hours ago

January 12, 2026

The Tide

The Founder and Senior Pastor of Liberty Hour Ministry, Port Harcourt, Apostle Chikadibia John Wodo, has expressed optimism that 2026 will usher in uncommon breakthroughs and good fortune for Nigeria, particularly in the areas of political, economic, and spiritual development, with Rivers State playing a key role.

Apostle Wodo made this declaration in his special New Year message, where he stated that individuals and forces standing as obstacles to the manifestation of God’s will in the new year would face bitter consequences. He cautioned that corrupt political leaders risk backlash from the very people they govern if they fail to change their ways.

The cleric warned against the escalation of political tension in Rivers State and called on residents and religious leaders to intensify prayers for lasting peace. He also urged Governor Siminalayi Fubara to remain resolute in leadership, reminding him to uphold his vows to God by continually seeking divine guidance in decision-making and governance amid evolving challenges.

Assessing the broader national situation, Apostle Wodo called on Nigerian leaders to repent and govern with a heightened sense of responsibility, noting that the cries and supplications of the masses have drawn divine attention. He further warned of alleged plots to disrupt a smooth democratic transition in 2027 and appealed for prayers to avert such an agenda.

According to him, Nigerians are yearning for genuine socio-economic transformation and freedom from political oppression. He challenged the Independent National Electoral Commission (INEC) to redeem its credibility by ensuring free, fair, and credible elections devoid of undue political interference.

The cleric also predicted that insecurity could worsen in the coming year and warned of the possible emergence of a strange ailment, stressing that Nigeria’s political challenges can only be resolved through equity, fairness, and justice, especially in the treatment of minorities, the vulnerable, and the disadvantaged.

Apostle Wodo further claimed that some clerics and General Overseers have compromised their faith and incurred divine displeasure, calling for sincere repentance to restore their relationship with God. He also advised early preparedness to mitigate natural disasters such as fire outbreaks and flooding, particularly in rural communities.

He concluded by urging Nigerians to remain prayerful, vigilant, and united as the nation navigates the opportunities and challenges of 2026.

News

Ado Royal Family Disowns Alleged Installation of Amanyanabo of Okrika

Published

9 hours ago

January 12, 2026

The Tide

The Ado Royal Family of Okrika has firmly disassociated itself from the alleged self-enthronement of Hon. Godknows Tam George as the Amanyanabo of Okrika and Clan Head, describing the action as unlawful, illegitimate, and a threat to the peace of the ancient kingdom.

The family, which described itself as the sole legitimate custodian of the history, traditions, and stool of the Amanyanabo of Okrika, stated that it has not installed any king and has not commenced the formal process for such installation.

This position was contained in a statement jointly signed by Prof. Sotonye Fyneface-Ogan (Ogan Ado Royal House), Alabo Engr. Henry Semenitari Abam (Abam Ado Royal House), and Alabo Prince Oriyeorikabo Fibika (Fibika Ado Royal House). The statement was presented to journalists on Friday at the Nigeria Union of Journalists (NUJ) Press Centre, Moscow Road, Port Harcourt.

According to the statement, the purported action by Hon. Tam George amounts to “a blatant assault on the collective integrity of the Okrika people” and constitutes “a criminal act of impersonation with the potential to destabilize the peace and socio-political fabric of our ancient kingdom.”

The family stressed that Hon. Tam George was never presented as a candidate by the Ado Royal Family and did not undergo any of the mandatory rites, consultations, or confirmations required by Okrika customs.

“The Ado Royal Family has never presented him as a candidate, nor has he undergone any of the prerequisite rites, consultations, or confirmations. His actions are those of a lone interloper, operating in a vacuum of legitimacy,” the statement read.

It further emphasized that the stool of the Amanyanabo of Okrika and Clan Head is a sacred institution rooted in centuries-old traditions and spiritual heritage, not something to be claimed through academic qualifications, political ambition, or personal interest.

Speaking during the briefing, Prof. Sotonye Fyneface-Ogan reiterated that the process of crowning an Amanyanabo is clearly defined and has not yet begun.

“To crown a king, there is a process, and those processes have not taken place,” he said. “We are the chiefs; we are the ones that will be part of the selection. Honestly, we have not started the selection process; we have only begun discussions.”

He explained that during the proper selection process, chiefs supervise nominations from each constituent house, with each house expected to nominate two or three candidates—steps which, he noted, have not been carried out.

“I want to assure the public that none of the Ado family chiefs has given Hon. Tam George any sign of approval,” Prof. Fyneface-Ogan added.

Efforts to obtain the reaction of Hon. Godknows Tam George proved unsuccessful. Repeated attempts through phone calls, text messages, and WhatsApp messages were unsuccessful, as he did not respond as of the time of filing this report.

By: Tonye Orabere

News

PH Traders Laud RSG’s Fire Safety Sensitisation Campaign

Published

10 hours ago

January 12, 2026

The Tide

Traders in Port Harcourt, Rivers State, have commended the Rivers State Government (RSG) for its ongoing fire emergency and safety sensitisation campaign across major markets in the state.

Speaking on behalf of traders at Nowa Market, Borikiri Old Port Harcourt Township, the market chairman, Mr. Innocent Chukwuma, praised Governor Sir Siminalayi Fubara for initiating the awareness programme in designated markets and public places.

Chukwuma described the exercise as timely and impactful, noting that it was the first time the Rivers State Government had carried out such a campaign in Nowa Market. According to him, the sensitisation would educate traders on fire emergencies and the necessary precautions to prevent outbreaks.

He urged traders to strictly apply the safety measures taught during the campaign, both during business hours and after closing their shops.

“I want to thank the Rivers State Governor, Sir Siminalayi Fubara, and the Ministry of Special Duties for coming to our aid, especially during this dry season,” Chukwuma said.

“This is the first time we are seeing government presence in our market in this manner. We lack words to thank our God-sent governor, particularly for providing us with fire extinguishers and other firefighting equipment.

“We will do exactly what we have been taught today to ensure there is no fire incident in our market. We will always switch off all electrical appliances before closing for the day,” he added.

Similarly, the Chairman of Mile 3 USTRE Modern Market, Mr. Gift Nkesi Benjamin, applauded the state government for the distribution of fire extinguishers and other fire safety equipment.

“We will adhere strictly to the safety guidelines and instructions given to us today to ensure there is no fire outbreak in our market,” Benjamin stated.

“On behalf of Mile 3 USTRE Modern Market, I sincerely thank the Rivers State Government and the Ministry of Special Duties for bringing this important campaign to our market.”

At Rumuwoji Market (popularly known as Mile 1 Market), the Chairman, Chief Hon. Godpower O. Wobo, also expressed gratitude to the state government for the sensitisation exercise. He assured that traders would comply fully with government directives to prevent future fire incidents.

Responding on behalf of Governor Siminalayi Fubara, the Permanent Secretary of the Ministry of Special Duties, Mr. Sokari D. P. George, thanked the traders for their cooperation and warm reception.

He emphasised that safety remains paramount, especially during the dry season, and urged traders to be cautious in their daily activities.

Mr. George disclosed that the theme of the 2025 fire safety campaign is “Controlled Fire Is a Friend, Uncontrolled Fire Is an Enemy.”

He cautioned against refuse and bush burning around buildings and warned traders not to store fuel in unauthorized places such as homes, offices, markets, or public buildings.

“Follow all fire safety guidelines and instructions,” he urged.

The permanent secretary also noted that Governor Fubara prefers a zero-fireworks approach during festive periods to ensure public safety, stressing that the government has invested heavily in markets and expects traders to take responsibility for protecting them.

By: Kiadum Edookor