Oil & Energy
The Middle East And Global Tsunami
The extraordinary events in Tunisia, Egypt and Libya are the initial high tides of an eventual tsunami that will impact the world that globalists have so fervently promoted for decades, in ways not necessarily to their liking. The first wave has struck and is now retreating from the shore, but will shortly return with redoubled force, and what and who will be swept away and what will be left standing is anyone’s guess.
Per usual, America’s intelligence agencies on which $60 billion a year is lavished, or $200 for every man, woman and child in the United States, have given zero benefit to the American citizenry in anticipating events in the North African Magreb, as the Central Intelligence Agency (CIA) along with America’s 15 other federal intelligence agencies were completely blindsided by the events, if public information is to be believed. If any comfort can be had in this, it is the fact that America’s favourite bête noire, al Qaida, much less other Islamic fundamentalists such as the Islamic Brotherhood in Egypt, were apparently caught flatfooted as well.
As “Beltwayistan” frantically tries to conceptualize events in North Africa now threatening the larger Muslim world, Washington’s pundit class has tried a number of insta-definitions to explain events.
First, it was an “Arab’ thing. Secondly, a “Muslim’ thing, where dark forces, epitomized by the Muslim Brotherhood and Al Qaida lurking in the wings, were standing poised to hijack events and turn Egypt and now Libya into an Islamic state, with de facto hostility to the West and in particular, towards America’s client state, Israel, threatening the 1979 Camp David accords.
To use an American English cliché, the “bottom line” is that what’s happened in Tunisia, Egypt and now Libya represent an ominous turn for Western (read American) interests in the Middle East. Like a Greenland glacier weakened by global warming, the Middle East system of stability carefully crafted by Western interest focused on the region’s energy reserves over the last 50 years has begun suddenly to fracture and crumble, and what will replace it is uncertain at best.
In reality, complex as the origins for the North African unrest are, major aspects of them are simply incomprehensible to American GS-17 “specialists” in Washington earning six-figure salaries, along with the hordes of denizens of the Dilbert cubicles cloistered in the NSA’s Fort Meade and the CIA’s Langley environs, sifting through the massive amounts of data hoovered in each day by the Echelon intelligence network.
What these “experts” have overlooked in their analysis over events are two critical issues – the massive poverty and income disparity of the states undergoing protests, but even more importantly, the presence of an aware youth, plugged into the digital age since childbirth, questioning the status quo.
Interestingly, and also largely overlooked by Western commentators, is that the region’s favorite bête noirs has been apparently totally blindsided by the recent events in the Magreb. For the Arab world, this includes the CIA and Israel’s Mossad, which are usually seen behind every political event in the region. While such information is tightly held, there is every indication at this stage that both intelligence agencies, vaunted for their abilities, particularly in their native countries, were caught totally flatfooted by the recent events in North Africa.
For the aforementioned two agencies, their initial attempts along with the Western media to portray events in Tunisia, Egypt, Libya and now destabilizing Jordan, Yemen and Bahrain as part of a nefarious, long developed part of a master plan by Islamists to topple their respective regimes have similarly proven to be as false as those peddling them.
Islamic militants in recent events have been conspicuous by their absence, not in the vanguard of events mobilizing popular support streaming into the streets, nor taking advantage of the resultant political chaos to bring the masses over to their side in proclaiming that whatever succeeds the newly toppled old regime will have a predominantly Islamic tinge. Nowhere have these Western and Israeli fears been more assiduously stoked than in Egypt, where the deep rooted and long banned Islamic Brotherhood maintains a formidable presence.
Given the absence of the region’s favorite evil covert intelligence agencies as well as the West’s mirror imaged paramount and paranoid fears of covert Islamic fundamentalist jihadis, the causes for the unrest roiling North Africa must be sought elsewhere.
They lie in two root causes simply off the pundit’s and intelligence service’s radar – poverty and the emergence of a bright, computer literate generation, the first in world history, that sees its options for a decent livelihood, much less prosperity, blocked by a brutal plutocracy designed exclusively to profit the scions of the ruling class, while their corrupt governments buy off Western criticism by waving the specter of Islamic fundamentalism.
The catalyst? The suicide on 17 December of Tarek el-Tayyib Mohamed Ben Bouazizi, a Tunisian street vendor who set himself alight in the town of Sidi Bouzoud, a poverty stricken locale with an unemployment rate of 30 percent, after being harassed by officials who confiscated his pushcart’s wares of fruit and vegetables, harassing and humiliating him. Nothing to see here, move along.
Except the Tunisian people did not. While the government clamped down on the Internet, tech-savvy young Tunisians quickly evaded the restrictions and furthermore, used cutting edge digital facilities such as Twitter and Facebook to spread the word about events. The anger and violence against President Ben Ali mounted to the point where he fled Tunisia for Saudi Arabia with his family on 14 January, which now seems a lifetime ago.
The Tunisian “jasmine revolution” and the subsequent events in Egypt and Libya now igniting unrest throughout the Middle East were instigated and largely belong to the dispossessed Twitter generation. This is a far larger development than is being portrayed with global implications. The pundits who have prattled on for years about “globalization” are now seeing the first stirrings of that and are furiously explaining away their lack of foresight as they assumed that globalization’s benefits would forever benefit the ruling classes while those at the bottom of the economic food chain would continue to remain, as they have for decades, quiescent and passive, awaiting the “trickle down” benefits from the tables of their masters which in fact never arrived. Reaganism on a global scale.
If poverty were the sole cause of social and political unrest, then as Karl Marx once observed, the poor would be in a constant state of turmoil. But millions of educated young Middle Easterners can now use the Internet and other digital media and have become aware of their situation and the grotesque financial inequities in their countries making their training largely worthless for finding employment, and unlike their parent’s generation, have mobilized for change.
What has largely been overlooked by Western intelligence agencies in their eagerness to find fundamentalists underpinning events in the Magreb is that the events of the last five weeks have not only been initiated by economic issues of extreme poverty, but the emergence of a global phenomenon largely overlooked up to now, the emergence of the world’s first totally computer literate generation, that can circumvent Internet restrictions.
The implications of the emergence of this generation, technologically literate and noting the disparity between their lives and the persistent, hypocritical bleatings of Washington about democracy have proven a potent mix and not only underlay today’s events, but are ominous harbingers for those affluent international plutocrats looting worldwide on the assumption that those young will forever passively accept the same conditions as their downtrodden parents.
Another extraordinary moment totally overlooked by the western media is how the events in Egypt represent al Jazeera’s coming of age. For media coverage of the events in North Africa, al Jazeera has consistently proven that it is the equal with any global television channel and deserving of wide dissemination. Tunisia, Egypt and Libya should prove their breakthrough moment for their brilliant and unwavering coverage of events, much as the 1991 Gulf War catapulted CNN into worldwide prominence.
“Walk like an Egyptian.” To those plutocratic governments that have asset-stripped their populations for decades for the benefit of their affluent ruling class, the watchword is now, “Be afraid, be very afraid.”
Long oppressed Middle Eastern peoples led by their tech-savvy youth have determined that their organized masses if tightly and consistently focused on Tahrir Square or elsewhere outweigh the repressive forces of the state if they are willing to accept casualties. Even beleaguered self-styled Libyan “King of Kings” ( or “Mad Dog,” if you prefer Reagan’s appellations) Moammar Qadaffi can’t kill them all.
As all repressive systems are ultimately based on the threat of using force to ensure the population’s passivity, this, along with the information age young spearheading the information revolution, are the true lessons of recent events in Tunisia, Egypt and Libya, while Bahrain, Saudi Arabia, Jordan and Yemen are on notice.
In America, technologically capable young people currently organize fun “flash mobs” or pants-less days – but certain elements deny them jobs for years and crush their employment opportunities while saddling them with decades of debt for their education, the future is not so bright.
As events in Wisconsin are proving, this is not solely an issue of the young, but of perceived assaults on declining standards of living imposed by spendthrift governments, as even America’s older working class is discovering ‘red lines.”
The turmoil transcends national boundaries – it is notable, though not reported in the American media, that Egyptian labor unions sent a message of solidarity after their protest began, thanking them for their earlier messages of solidarity, saying, “We stand with you now as you stood with us then.” America’s billionaires, relentlessly promoting globalization over the last three decades outsourcing American jobs abroad in search of increased Third World profits where labor is cheap, are now seeing some ‘blowback,” to use a CIA phrase.
We are all cheese-heads now. In the United States, 48 years after Dr. Martin Luther King delivered his stirring “I have a dream” speech at the base of the Lincoln Memorial, 45 per cent of young African-Americans have no jobs and the top hedge fund managers are paid, on average, $1 billion a year, a thoughtful American can only expect the mass protests against cuts in services and jobs in Wisconsin to spread.
And America’s propensity for eventual chaos is far higher than the Middle East, demonized in the press as a violent region, when one considers that America’s 300 million citizens have between 238 million and 276 million privately owned firearms.
As a prescient 23-year old from Hibbing, Minnesota, Bob Dylan warned an earlier generation 47 years ago about to embark on its misguided mission to safeguard and democratize in Vietnam, “There’s a battle outside and it is raging, It’ll soon shake your windows and rattle your walls, For the times they are a-changin’.”
America has older prophets on the current situation – as Thomas Jefferson observed, “A wise and frugal government, which shall leave men free to regulate their own pursuits of industry and improvement, and shall not take from the mouth of labor the bread it has earned – this is the sum of good government.”
Take heed, Governor Walker of Wisconsin and all the rest of you political leaders in Washington DC – or fuel up your learjets and head for the Cayman Islands.
Daly of the Global Intelligence Report, writes from Washington, DC, USA.
John Daly
Oil & Energy
Reps Launches Probe Into N200bn CBN Loan To DISCOs
The House of Representatives has launched an investigation into the disbursement and utilisation of the N200billion Central Bank of Nigeria (CBN) loan allocated for the National Mass Metering Programme (NMMP) to Electricity Distribution Companies (DISCOs).
Chairman, House Committee on Public Assets, Rep. Uchenna Okonkwo, disclosed this in a statement in Abuja.
He confirmed that a 19-member sub-committee had been inaugurated to probe the matter thoroughly.
Okonkwo recalled that the NMMP, initiated in 2020, was designed to provide free electricity meters to Nigerian consumers through the Licensed Electricity Distribution Companies (DISCOs).
He said the programme was a joint initiative of the CBN, the Nigerian Electricity Regulatory Commission (NERC), and other stakeholders in the Nigerian Electricity Supply Industry (NESI), aimed at eliminating estimated billing, improve transparency in energy usage, and enhance customer satisfaction.
Speaking on the launch of the NMMP, the Rep said the programme was to be implemented in three phases to ensure the reduction of collection losses and improve market remittances in the industry.
“Under the pilot phase of the programme’s implementation, CBN commenced with the sum of N59.280 billion for procurement and installation of one million meters in 2020 at an interest rate of 9 per cent after a two year moratorium.
“Preliminary research on the NMMP has shown that instead of the pronounced amount of N59.280 billion naira for the phase 0, what was released was N55.4 billion for procurement and installation of 962,832 meters instead of one million meters pronounced by CBN”, he noted.
Okonkwo stated futher that concerns have been raised regarding repayment, with the committee noting discrepancies in the repayment of the funds by the DISCOs.
According to Okonkwo, “Research has also shown that the eleven Electricity Distribution Companies who received the loan have paid back to CBN as refund for the N54.4 billion they received in 2020 without mentioning the 9 per cent interest on the loan.”
The lawmaker, however, said the subsequent phases of the programme, which were expected to significantly expand metering across the country, have stalled, explaining that Phase 1, which was to be funded by the CBN and Deposit Money Banks (DMBs) for 1.5 million meters, and Phase 2, expected to be financed by the World Bank for four million meters, are yet to take off.
He said the House, exercising its constitutional powers under Sections 88(1) and (2) of the 1999 Constitution, resolved to investigate the matter with a view to safeguarding public interest.
According to him, the sub-committee is expected to scrutinise all aspects of the NMMP funding, from disbursement and meter procurement to distribution and repayment mechanisms.
The 19-member committee comprises Reps. Obed Shehu, Ali Shettima, Abel Fuah, Salisu Koko, Ahmed Munir, Sani Umar Bala, Gbefwi Jonathan, Abdulmaleek Danga, Chinedu Obika, and Okunlola Lanre.
Others include Reps. Abass Adekunle, Akinosi Akanni, Obuzor Victor, Peter Akpanke, Ngozi Lawrence, Ogah Amobi Godwin and Ikeagwuonu Onyinye.
It would be noted that the NMMP was expected to be a game-changer in Nigeria’s power sector by reducing estimated billing, enhancing energy accountability, and restoring consumer trust.
However, the current revelations point to implementation failures and possible mismanagement of public funds.
Analysts believe that the outcome of the House probe could lead to reforms in electricity metering policy and strengthen regulatory oversight of loan disbursements to DISCOs.
Oil & Energy
“Renaissance Energy, NNPC JV Donate ICU Equipment To RSUTH

Renaissance Africa Energy Company Limited and its joint venture partners, including the Nigerian National Petroleum Company Limited (NNPC), have donated vital medical equipment and essential drugs to the Intensive Care Unit (ICU) of the Rivers State University Teaching Hospital (RSUTH).
Among the equipment are three ventilators, a laser therapy machine, as well as significant supply of seed stock drugs targeted at enhancing the hospital’s capacity to provide critical care and ensuring consistent drug availability.
Speaking at the Handover Ceremony at Renaissance Energy Headquarters, in Port Harcourt, the General Manager, Relations and Sustainable Development, Renaissance Africa Energy, Igo Weli, said, “The gesture by Renaissance and our partners is to enhance the capacity of the hospital to provide critical care to patients in need; improve the training of upcoming healthcare personnel; and provide support to dedicated healthcare professionals in their mission to save lives and improve patient outcomes.”
The Chief Upstream Investment Officer, NNPC, Oluwaseyi Omotowa, noted that the donations were part of a broader social intervention strategy of the Renaissance-operated joint venture.
Omotowa, who was represented by the Lead, Stakeholder Relations, NNPC Upstream Investment Management Services, Mrs. Uzo Ejidoh, further said “the JV has a deliberate corporate social responsibility strategy to serve the people.
“This is an unchanging commitment, hence our steadfast support and investment in social impact projects for the healthcare sector to continue to transform lives”.
Recieving the donations, the Chief Medical Director, RSUTH, Professor Chizindu Alikor, stated that the hospital was committed to the delivery of excellent healthcare along with research and training.
Alikor said, “The teaching hospital is on an upward trajectory. The ICU facilities were over stretched, and we are excited that our request to Renaissance and its partners for assistance was granted.
The CMD expressed the hospital’s confidence in Renaissance’s capacity and people-centric interventions, especially as it concerns Corporate Social Responsibility (CSR) in the health space.
By: Lady Godknows Ogbulu
Oil & Energy
Tight Now, Loose Later: Oil Futures Flash Warning

Last week, OPEC+ announced it will once again accelerate the pace of unwinding of production cuts, with output targets for June increasing by 411,000 barrels per day, equivalent to three monthly increments.
This follows a similar move in April, with the organization appearing willing to stay the course amid low oil prices and fears of weakening demand.
We reported that global crude inventories remain low enough, thus giving OPEC+ a window to scale back its voluntary cuts until the market surplus finally arrives.
Saudi Arabia appears intent on “punishing” OPEC+ rascals such as Kazakhstan and Iran for repeatedly violating their quotas.
Commodity analysts at Standard Chartered have reported that the latest OPEC survey of secondary sources reveals that Kazakhstan’s crude oil output clocked in at 1.852 mb/d in March, 384 kb/d above its OPEC+ quota.
Further, the country also failed to keep its promise to cut 38 kb/d in compensation for overproduction in March, bringing its total overproduction to 422 kb/d.
The same scenario is expected to unfold in the coming months. Kazakhstan produced 240 kb/d more y/y in March, a sharp contrast from the other eight OPEC+ members who produced a combined 612 kb/d less.
And now, the oil futures markets are sending a dire warning that oil bulls could find themselves in trouble quite soon due to a combination of the OPEC+ output hike and Trump’s tariffs.
Oil futures curve has formed a rare “smile” shape, a structure Morgan Stanley says was last seen briefly in February 2020 just before the infamous oil price crash.
On Wednesday, Brent futures’ July contract was trading at a premium of 74 cents to the October contract, a market structure known as backwardation, foreshadowing immediate tight supply.
However, prompt prices from November have formed a contango, with forward prices flipping to a discount, indicating oversupply as traders predict Trump’s tariffs will eventually weaken oil demand. Having backwardation and contango together leads to the rare “smile” shaped curve.
According to the latest available data by the International Energy Agency (IEA), global oil inventories stood at 7.647 billion barrels in February, down from 7.709 billion barrels for last year’s corresponding period and close to the bottom of their historical five-year range.
Meanwhile, refiners’ appetite for crude is climbing ahead of the peak driving season in July and August, “Refinery maintenance in the Atlantic basin will start to taper off, increasing oil demand (for refining)… Summer driving should provide some support,” BNP Paribas analyst told Reuters.
Global oil demand is expected to rise by 1.3 million barrels per day in the third quarter of the current year, up from an average of 104.51 million bpd in the second quarter, the IEA has predicted.
The 1 million bpd output increases announced by OPEC+ so far, coupled with another 400 kb/d increase in July, almost matches the predicted demand increase, implying oil markets will not face a surplus till late in the year.
Meanwhile, oil prices jumped in Thursday’s session after the Trump administration announced it has struck a trade deal with the UK. Brent crude for July delivery was up 2.7% to trade at $62.75/bbl at 12.50 pm ET while WTI crude contract for June delivery added 3.0% to change hands at $59.86 per barrel. However, terms of the deal appear to fall well short of the “comprehensive” package Trump earlier touted.
According to Trump, UK Prime Minister, Keir Starmer, will further reduce non-tariff barriers and fast-track U.S. goods into his country.
Meanwhile, another solid week of jobless claims underscored the Federal Reserve’s ongoing unwillingness to cut rates. U.S. jobless claims fell 13,000 to 228,000 for the period ending on May 3.
Continued claims, however, clocked in at just over 1.9 million, near the highest levels since 2021, suggesting workers are still finding it difficult to secure new jobs as the economy stalls.
That said, commodity analysts at Standard Chartered have predicted that path of least resistance for oil prices is lower in the coming months, with oil prices to remain low before beginning a gradual recovery later in the year as U.S. oil output declines.
StanChart, however, says there’s some technical support in the short-term, with fundamentals remaining fairly positive. Recently, StanChart cut its 2025 oil price forecast to $61/bbl from $76 and also lowered its 2026 forecast to USD 78/bbl from $85 citing Trump’s tariffs.
By: Alex Kimani
-
Sports13 hours ago
“Remo Ladies will win every NWFL Super Six match”
-
Business6 hours ago
NCDMB, Partners Sweetcrude On Inaugural Nigerian Content Awards
-
News7 hours ago
Eleme Indigenes Hail Council Boss Over Evacuation Of Refuse
-
News13 hours ago
Over 80 Army captains to sit for 2025 promotion exam in Benin
-
Politics6 hours ago
LP Crisis, Poetic Justice For Betrayal – Ex-presidential Aspirant
-
Sports13 hours ago
AfroBasket: D’Tigers To Play Against Tunisia, Cameroon, Madagascar
-
Oil & Energy6 hours ago
Stakeholders Laud PINL For Oil Pipeline Safety
-
News7 hours ago
HYPREP Commits To Prioritising Workers’ Welfare, Job Creation