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OPEC Pegs Global Oil Demand At 100.6mbd In 2022

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The Organisation of the Petroleum Exporting Countries (OPEC) has said that world total oil demand in 2021 is pegged at 96.5million barrel per day (mb/d) and at 100.6mb/d in 2022, surpassing pre-pandemic levels.
OPEC outgoing Secretary General, Mohammad Barkindo disclosed this at the 58th virtual meeting of the Joint Technical Committee “ its first meeting of 2022.
Barkindo, in an opening remark, explained that looking at demand, it estimated world oil demand increasing by 5.7mb/d in 2021 and by 4.2mb/d, both unchanged from December, 2021.
He stated that some of the recovery previously expected in the fourth quarter of 2021, shifted to first quarter of 2022, followed by a more steady recovery throughout second half of 2022, though risks were skewed towards the downside.
According to him, our world has learned several hard lessons over the past two years, and many economies are now better equipped today to manage COVID-19 and its side-effects.
“In addition to closely monitoring the evolving impacts of Omicron variant, other factors to consider will be varying speed of vaccine rollouts worldwide; the uneven pace of economic growth across global regions; and continued supply chain disruptions.
“Additionally, rising inflationary pressures and potential central bank responses remain key factors that require close monitoring,” he said.
In terms of the supply-side, he said that non-OPEC supply in 2021 was expected to grow by 700,000 b/d to average 63.7mb/d, unchanged from December, 2021.
He added that for 2022, non-OPEC supply growth was forecasted at 3.0mb/d for an average of 66.7mb/d, also unchanged from last month.
“We continued to monitor the potential near-term impacts if some leading consuming countries carry through with their announced plans to release an estimated 70mb from their strategic oil reserves.
“Looking at inventories, preliminary data shows total OECD commercial stocks fell by 16mb in November, 2021 to 2.721billion barrels, which is 389mb lower than the same month one year ago and 211mb below the 2015-2019 average.
“However, today we will particularly focus on the prospects for a global supply surplus developing this year.
“As another chapter begins with the New Year 2022, let us remember with a sense of pride all that we have accomplished to date through our landmark Declaration of Cooperation.
“As we usher in the sixth year of collaboration, we move forward with confidence knowing that this highly effective and well-reputed framework for multilateral energy cooperation will once again prove to be the way of the future for this industry,” he said.
The OPEC secretary-general, however, said the industry stakeholders around the world would continue to validate the highly productive and valuable role that the group of producers continued to play.
He said that it had developed the system and tools for success, and now, would merely need to remain flexible and agile in constantly adapting to the latest requirements of the market.

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May Day: Labour Seeks Inclusiveness In Policy-making 

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The Organised Labour yesterday, called on the Federal Government to ensure inclusiveness in policy making and guide against erosion of rights, such as free speech and association.

The President, Nigeria Labour Congress (NLC), Mr Joe Ajaero made the call at the 2025 Workers’ Day celebration held at the Eagle’s Square, Abuja.

The Tide source reports Ajaero and the President, Trade Union Congress, Mr Festus Osifo delivered a joint statement on behalf of the organised labour at the event.

Ajaero described May Day as, not only a moment to honour workers’ sacrifices, but also a platform to demand justice and accountability from those in public office.

He frowned at the alleged suppression of protests, and the erosion of rights  of workers by some agents

According to him, workers have a duty to resist economic injustice, insecurity, and policies that undermine their dignity.

Speaking on the theme of the day, the NLC President underscored the need for Nigerian workers to reclaim the civic space and resist policies that contribute to worsening economic conditions.

“Our theme this year – “Reclaiming the Civic Space in the midst of Economic Hardship – reflects the urgent need for citizens to protect democracy and push back against repression.

“The civic space, where Nigerians express their concerns and challenge injustices is shrinking.

“If we fail to reclaim this space, the foundation of our democracy risks collapse,” he said

Ajaero, therefore,  urged workers to unite and resist division, fear, and despair.

He also urged them to mobilise and organise for change, declaring that the right to  demand better conditions is non-negotiable.

“Without workers, there is no society; without labour, there is no development. We must take our place in the fight for economic justice and democratic governance.”

Speaking in the same veins, Osifo said workers are the backbone of the nation—the educators, healthcare providers, builders, farmers, and innovators who sustain its economy -.

He stressed the need for the labour to reclaim the civic space even in the midst of economic hardship.

 

 

 

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2025 UTME: JAMB Disowns Site Requesting Payment From Candidates

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The Joint Admissions and Matriculation Board (JAMB) has disassociated itself from a fraudulent site requesting payments from candidates who missed the ongoing 2025 Unified Tertiary Matriculation Examination (UTME).

The board said that the site, “Copyrightwriter Personal J Rescheduling Flw” and account number 8520641017 at Sterling Bank, associated with it, are scam.

The disclaimer is contained in a statement made available to newsmen in Abuja on Thursday by the Board’s Public Communication Advisor, Dr Fabian Benjamin.

Benjamin said the account is being exploited to defraud unsuspecting candidates who missed their UTME.

“We issue this urgent notice to inform the public about this nefarious scheme targeting candidates who were unable to participate in the UTME.

“Some unscrupulous individuals are deceitfully soliciting payments of N15,700 under the false pretence of offering rescheduling services for the examination.

“Let us be unequivocal: this, it is a blatant scam, and we are confident that the public will not fall prey to such cheap and regressive tactics.

” The individuals behind this scam have no affiliation with JAMB or any legitimate government agency.

“The account details provided in these communications are entirely fictitious and bear no connection to any official processes; they exist solely for the purpose of perpetrating fraud,” he said.

Benjamin called on Sterling bank to take immediate and decisive action against this criminal activity.

According to him, JAMB has reported the matter to the relevant security agencies and actively pursuing those responsible for this deceitful act.

He further said that “JAMB does not reschedule examinations for candidates who miss their scheduled tests due to reasons unrelated to the Board’s actions”.

He, however, said that the Board is conducting a thorough investigation for candidates whose biometrics failed during verification and were thus unable to sit for the examination.

He said those without discrepancies would be invited to retake the examination at no cost , stressing that “no cost is required”

“It is imperative to understand that JAMB does not charge any fees for examinations after a candidate has completed their registration.

“We strongly urge all candidates to remain vigilant and not to succumb to these fraudulent schemes.

“Protect yourselves and report any suspicious activity immediately,” he explained.

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NDDC Seeks UN’s Support To Accelerate Niger Delta Development

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The Niger Delta Development Commission (NDDC) has expressed its willingness to partner with the United Nations (UN) to accelerate the development of the Niger Delta region.

Dr Samual Ogbuku, Managing Director of the NDDC, made the appeal in a statement issued by the commission’s Director of Corporate Affairs, Mrs Seledi Thompson-Wakama, in Port Harcourt on yesterday.

According to the statement, Ogbuku sought the UN’s support during his visit to the UN Resident and Humanitarian Coordinator (UNRHC), Mr Mohammed Fall, at the UN regional office in Abuja.

He called on the global body to provide the NDDC with technical assistance and expert services to support the region’s development.

“We are eager to collaborate with the UN, recognising that the state governments in the region and the NDDC alone cannot achieve the level of regional development required,” he said.

Ogbuku identified key areas where support would be needed, including the provision of portable and affordable drinking water powered by high-tech solar energy sources.

He also highlighted the importance of reforesting the mangrove swamps, which have been severely damaged by decades of environmental degradation caused by oil exploration in the Niger Delta.

“Although the NDDC has made progress in providing solar-powered streetlights across the region, we still require UN support in delivering solar energy solutions for residential buildings.

“We also wish to explore the possibility of installing solar mini-grids in homes across communities, which would boost local commerce and trade,” he added.

The NDDC managing director further appealed for increased UN involvement in areas such as healthcare, education, youth training, gender development, and food security.

Ogunku stated that such interventions would significantly enhance the standard of living in the region.

In response, Fall affirmed the UN’s readiness to collaborate with the NDDC to fast track development in the Niger Delta.

He assured that the UN would support initiatives in food security, job creation, education, and renewable energy, among other areas.

“We aim to approach development in the Niger Delta holistically, rather than focusing solely on environmental pollution.

“This is merely an entry point; however, the UN’s development vision aligns with the Sustainable Development Goals (SDGs), which are designed to positively impact various aspects of people’s lives,” Fall stated.

He assured the NDDC of continued and fruitful engagements to drive the region’s development.

 

 

 

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