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‘Global Growth’ll Increase Oil Demand, Market Stability In 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.”
The National Drug Law Enforcement Agency (NDLEA) has intercepted 1.63 million pills of tramadol concealed in two long trailers heading for Kano as it intensified efforts to dismantle a transnational drug trafficking syndicate operating along the Togo-Benin Republic-Nigeria corridor.
The agency also arrested an 80-year-old suspected drug dealer in Rivers State, a businesswoman linked to cannabis shipments from Canada, a Chadian woman, a couple and other suspects in coordinated operations across Lagos, Edo, Kogi and Rivers states.
The NDLEA’s Director of Media and Advocacy, Femi Babafemi, disclosed this in a statement, yesterday.
According to the statement, the latest intelligence-led operation came barely one week after NDLEA operatives recovered 558,900 pills of tramadol concealed in the false-bottom compartment of a truck that entered Lagos through the Togo-Benin Republic route.
Babafemi said, “Ongoing efforts to dismantle a transnational drug trafficking syndicate smuggling tramadol from Togo, through Benin Republic into Nigeria have yielded another success with the interception of two long trailers used to move One Million Six Hundred and Thirty (1,630,000) pills of tramadol 250mg concealed in fabricated compartments of the trucks across multiple borders into Lagos.”
He added that one of the two trailers was intercepted on July 2 along the Lagos-Ibadan Expressway, where operatives recovered 853,000 pills of tramadol 250mg concealed in a fabricated compartment beneath the cargo floor.
Babafemi said, “One of the two trucks already heading to Kano was tracked and located on 2nd July 2026 along the Lagos-Ibadan Expressway where NDLEA officers recovered 853,000 pills of tramadol 250mg concealed in a fabricated compartment beneath the cargo floor of the trailer and arrested the 22-year-old driver Jabir Kabiru.”
He further disclosed that another trailer was intercepted two days later on the same route.
“Two days later, 4th July, NDLEA operatives acting on processed intelligence successfully tracked and recovered the second trailer from the Lagos-Ibadan Expressway while heading to Kano. A total of 777,000 pills of tramadol 250mg concealed in a fabricated compartment beneath the cargo floor of the truck were evacuated and the 22-year-old driver Muhammed Nuhu arrested,” the statement read.
According to Babafemi, investigations established a link between the three intercepted consignments.
He said, “Investigations revealed that all three trucks and consignments intercepted on 21st June, 2nd July and 4th July belong to the same transnational drug trafficking syndicate operating along the Togo-Benin Republic-Nigeria axis.”
The agency also intercepted 4.70 kilograms of Canadian Loud, a synthetic strain of cannabis, at the import shed of the Murtala Muhammed International Airport, Ikeja, Lagos.
Babafemi said, “Two consignments of Canadian Loud, a synthetic strain of cannabis, with a combined weight of 4.70 kilograms have been intercepted at the import shed of the Murtala Muhammed International Airport (MMIA), Ikeja, Lagos. The cargoes, which arrived the Lagos airport from Canada in cartons with ‘Odugwu’ boldly written on them, came aboard British Airways and Ethiopian Airlines flights on 24th June and 3rd July respectively.”
He said two cargo agents, Ali Rotimi Samson and Orimolade Oluwagbenga, were initially arrested in connection with the shipments, while another suspect, Edeh Onyeamachi Stanislus, was apprehended after arriving at a logistics company to take delivery of the consignments.
The Federal Ministry of Humanitarian Affairs and Poverty Reduction has denied claims that it has commenced registration for a purported ?50,000 National Support Allowance.
The ministry, in a public notice posted on its official X handle, yesterday, described messages, links and websites advertising the alleged programme as fraudulent.
It urged Nigerians to disregard such claims and verify information only through official government channels.
“The Federal Ministry of Humanitarian Affairs and Poverty Reduction has NOT commenced registration for any ?50,000 National Support Allowance,” the ministry said.
It added, “Disregard fraudulent messages, links and websites claiming otherwise. Verify any info only through official govt channels.”
The alert is in response to a circulating scam flyer that falsely claims the program is ongoing under President Bola Tinubu’s directives.
The fake advertisement, which includes text in Hausa and English, directs victims to a suspicious website (kluspz.com) for applications.
The ministry’s warning comes amid heightened concerns over digital fraud targeting vulnerable populations seeking social support.
Similar scams have previously surfaced around programs like N-Power, prompting questions from citizens in replies to the official post.
The Nigeria Labour Congress (NLC) has expressed its preparedness for a major national struggle for a comprehensive review of the national minimum wage.
NLC President, Comrade Joe Ajaero, hinted at this while making his remarks at the commissioning of the Comrade Godwin Abumisi Pensioners Legacy House and Multipurpose Hall in Abuja.
Ajaero said it is no longer acceptable to discuss the welfare of workers without also discussing the welfare of those who have completed their active years of service.
He advised workers and pensioners to get prepared for the ideological and economic battles that lie ahead.
According to the NLC president, “The Nigeria Union of Pensioners (NUP) is one of the proud affiliates of the Nigeria Labour Congress. Therefore, your struggle is our struggle, and your welfare remains a priority for the organised labour movement.
“We are currently in the preparatory stages for a major national struggle for a comprehensive review of the national minimum wage.
“However, let me state unequivocally that it is no longer acceptable to discuss the welfare of workers without also discussing the welfare of those who have completed their active years of service.
“Accordingly, the Nigeria Labour Congress will not only push for a new national minimum wage but will also demand the establishment of a national minimum pension. It is a historical injustice that men and women who devoted their youth, strength and productive years to the service of this nation should be condemned to live below the poverty line after retirement.”
Ajaero noted that the cost of living has risen astronomically as food, healthcare and transportation have become increasingly unaffordable.
“We cannot continue to allow our senior citizens to survive on pensions that have become poverty wages. Every retiree deserves to live with dignity after decades of faithful service to the nation,” he said.
He urged pensioners across the country to remain united and prepared as the process begins, adding: “This Legacy House should not merely be seen as a physical structure; it should become a centre for mobilisation, strategic engagement and solidarity as we prepare for the struggles ahead.”
The NLC president pointed out that the working class has always understood that “those who exploit workers are united in advancing their interests. We too must remain united in defending our collective interests and ensuring that government fulfils its obligations to both serving workers and retirees.”
He urged pensioners across the country to remain united and prepared as the process begins, adding: “This Legacy House should not merely be seen as a physical structure; it should become a centre for mobilisation, strategic engagement and solidarity as we prepare for the struggles ahead.”
The NLC president pointed out that the working class has always understood that “those who exploit workers are united in advancing their interests. We too must remain united in defending our collective interests and ensuring that government fulfils its obligations to both serving workers and retirees.”
He said the completion of the project should serve as a clarion call to all workers and lovers of the masses.
“We must not only build physical structures but also build a strong movement capable of compelling government to honour its commitments,” he said.
Ajaero further stated: “We will continue to demand the immediate payment of all outstanding pension arrears and the implementation of a pension regime that guarantees every retiree a life of dignity and security.
“Together, we shall continue to fight until every Nigerian worker and pensioner receives the justice, respect and welfare they deserve.”