OPEC

Oil prices eased on Thursday after OPEC and allies, such as Russia, agreed to taper record supply curbs from August, though the drop was cushioned by hopes for a swift U.S. demand pick-up after a big drawdown from the countrys crude stocks.

Brent crude fell 27 cents, or 0.6 per cent, to .52 a barrel by 0439 GMT, and U.S. West Texas Intermediate (WTI) crude dropped 32 cents, or 0.8 per cent, to .88 a barrel.

They rose two per cent the previous day, helped by the U.S. crude inventories drop.

The Organisation of the Petroleum Exporting Countries (OPEC) and its allies, known as OPEC , agreed on Wednesday to scale back oil production cuts from August as the global economy slowly recovers from the coronavirus pandemic.

OPEC has been cutting output since May by 9.7 million barrels per day, or 10 per cent of global supply, but from August, cuts will officially taper to 7.7 million bpd until December.

Some investors took profits after the OPEC decision, but a big draw in U.S. crude provided some support, Kazuhiko Saito, Chief Analyst at Fujitomi Co said.

Data from the Energy Information Administration showed U.S. crude inventories fell 7.5 million barrels last week, shrinking much more than the 2.1 million-barrel drop expected by analysts in a Reuters poll.

Despite the official OPEC accord, Saudi Arabian Energy Minister, Prince Abdulaziz bin Salman, said production cuts in August and September would end up amounting to about 8.3 million bpd, more than the headline number.

Thats because countries in the grouping which over-produced earlier this year would compensate by making extra August-September cuts, the minister said.

Oil prices are expected to remain boxed in as more supply from OPEC countries will likely be absorbed by recovering demand, said Tsutomu Kosuge, president of the commodity research firm, Marketedge Co.

I expect Brent will stick to the tight range between .50 and .50 for the next month or so, he said, adding rising tensions between China and the U.S. may weigh on market sentiment.

U.S. Secretary of State, Mike Pompeo, took fresh aim at China on Wednesday, saying the U.S. would impose visa restrictions on Chinese firms like Huawei Technologies that he accused of facilitating human-rights violations.

Rystad Energy also predicted that oil prices will stay where they are for the rest of 2020 as any uptick will hurt already struggling refining margins and negatively impact the most-needed recovery in refinery runs, it said in a note.

Elsewhere, International Energy Agency Executive Director, Fatih Birol, said on Wednesday that global oil markets are slowly rebalancing after the shocks seen during the coronavirus lockdown, with prices expected at about /barrel in the coming months. (Reuters/NAN)

Source: NAN News

7 killed in reconnaissance plane crash in eastern Turkey

Seven security personnel were killed after a reconnaissance plane crashed in Turkeys eastern Van Province, the state-run Anadolu agency reported on Thursday, quoting Interior Minister, Suleyman Soylu.

Soylu, who has arrived at the accident site, told reporters that the plane crashed on Mount Artos at an altitude of about 2,200 meters on late Wednesday and two pilots were among the dead.

An investigation is underway to determine the cause of the crash.

The province is located between Lake Van and the Iranian border.

In early February, two consecutive avalanches in the provinces mountainous Bahcesaray area killed at least 41 people.

Source: NAN News

The Defence Headquarters says the Air Task Force of Operation Lafiya Dole has destroyed a Boko Haram camp in Borno, killing several terrorists in a massive air strikes on July 15.

The Coordinator, Defence Media Operations, Maj.-Gen. John Enenche, in a statement on Thursday, said the air raid took place at Ngwuri Gana along the Gulumba Gana-Kumshe axis of the state.

Enenche said the air operation was in continuation of the sustained offensive against terrorists elements in the North-East.

He said the operation was carried out on the heels of intelligence reports indicating that the settlement was one of the locations from where the terrorists launch attacks against own troops positions and villages around the area.

According to him, aerial surveillance missions also confirmed the heavy presence of a large number of terrorists in the settlement, some of whom were seen slinging their rifles.

The Air Task Force therefore, launched coordinated attacks on the various targets within the settlement, employing an enhanced force package of Nigerian Air Force (NAF) fighter jets and helicopter gunships.

The attack aircraft took turns in engaging the designated locations within the settlement, scoring devastating hits which led to the destruction of several structures, including the communication centres, as well as the neutralisation of several terrorists.

The Chief of the Air Staff, Air Marshal Sadique Abubakar, commends the Air Task Force for its dedication, dexterity and professionalism.

The Defence Headquarters equally urges it to intensify the air offensive against the terrorists and all other criminal elements threatening the peace and security of our beloved country, he said.

Source: NAN News

OPEC Sec-Gen, Muhammad barkindo

By Edith Ike-Eboh

The Organisation of Petroleum Exporting Countries (OPEC) and its allies called OPEC has requested the Joint Technical Committee (JTC) to closely monitor the implementation of the required compensation of oil production cut by the underperforming participating countries.

OPEC disclosed this at the end of its 20virtual meeting of the Joint Ministerial Monitoring Committee (JMMC) under the Declaration of Cooperation (DoC), in Vienna.

A statement by the committee on its website also requested the OPEC secretariat to join in monitoring the performance and report to the JMMC.

The committee urged underperforming participating countries to submit their plan for implementation of the required compensation for June to the OPEC secretariat by the end of July 2020.

The body welcomed the participation of Angola, Gabon, South Sudan and Congo and noted that they had pledged their commitment to the DoC production adjustments and compensation plans.

It noted that conformity to the production cut deal by participating countries stood at 107 per in June and commended Saudi Arabia, the United Arab Emirates and Kuwait for their additional voluntary contributions made in June.

The committee noted that removing the credit for over conformity resulted in a conformity level of 95 per cent in June, the highest since the inception of the DoC in January 2017.

It highlighted the importance of the DoC in supporting oil market stability and reiterated the historic decision taken by all participating countries in the DoC.

The committee reviewed and reaffirmed the commitment of all participating countries to achieve full conformity and make up for any shortfall under compensation plans, presented to it.

The body stated that achieving 100 per cent conformity from all participating countries was not only fair, but vital for the ongoing rebalancing efforts and to help deliver long term oil market stability.

The OPEC committee observed that there were encouraging signs of improvement as economies around the world opened up.

While there could be localised or partial lockdowns re-imposed in some places, the recovery signs were clear, both in physical and futures markets.

Moving to the next phase of the agreement, the extra supply resulting from the scheduled easing of the production adjustment would be consumed as demand recovers, it noted.

The committee said that the seasonality was more pronounced this year, due to the pandemic, noting that for many DoC participants, there would be an increase in demand for utilities, as well as changes in travel patterns.

This, it said, would boost domestic demand for gasoline and diesel and as a result the impact on DoC participating countries exports that would be limited.

The committee maintained that the compensation schedule that had been agreed by participating countries would mean that the effective level of adjustments would be deeper.(NAN)

Source: NAN News

COVID-19

Chinese movie theatres in low-risk areas have been allowed to resume operation starting from July 20 following an improvement in the COVID-19 epidemic situation, the China Film Administration announced Thursday.

These movie theatres should reopen on the premise that proper prevention and control measures have been put in place, the administration said in a circular.

Attendance per show must not exceed 30 per cent, according to a guideline on the sectors work resumption issued by the Chinese Film Circulation and Projection Association on Thursday.

Cinemas are required to sell non-adjacent tickets in every other row, and moviegoers who are strangers to each other should keep a distance of at least one metre.

All moviegoers must make real-name reservations and purchase tickets online.

Those who do not wear masks or with a body temperature above 37.3 degrees Celsius will not be admitted into the theatres, the guideline read. (dpa/NAN)

Source: NAN News

Ag. MD of NAN, Alhaji Biola Lawal

By Ismail Abdulaziz
Alhaji Biola Lawal, the acting Managing Director of News Agency of Nigeria (NAN) has congratulated Rev. Yakubu Pam over his appointment as the Executive Secretary of Nigeria Christian Pilgrims Commission (NCPC).

The felicitation message is in a statement signed by Lawal on behalf of management and staff of NAN on Wednesday in Abuja.

He stated that Pam has shown great capacity in the past to steer the ship of the faith-based agency of government.

In the past, you held sensitive and strategic appointments which puts you on a pedestal to move the commission to greater heights.

As a leader in the vineyard of God, we urge you to use your position to promote national unity and make NCPC a rallying point for all Christians in Nigeria.

We particularly urge you to use your religious background to assist Federal Government to fight Coronavirus by using NCPC platform to further sensitise Nigerians on the persisting dangers of the virus and the need to keep safe by continuously following safety guidelines of the Presidential Task Force.

Lawal also assured the third NCPC executive secretary that NAN would continue to offer its services and support to make pilgrims and pilgrimage pleasurable and participants well informed about processes and rules.

As partners in progress in the task of nation building, we assure you of the support of News Agency of Nigeria.

We will help to promote activities and programmes of NCPC, using our multimedia projection and publicity platforms. We look forward to a robust partnership between NAN and NCPC.

Congratulations once again for your well deserved appointment. We pray that God Almighty will grant you the wisdom and knowledge to move NCPC to the next level, Lawal said.

Until his appointment, Pam was the Chairman of the Plateau State Christian Pilgrims Welfare Board.

Born on Feb. 20, 1960 in Gyel, Jos South Local Government Area of Plateau, Pam holds a first degree in Christian Education.

As an ordained Minister, he brings to the position more than 30 years of leadership experience in the Christian community, coupled with a deep understanding of promoting inter-religious harmony and conflict resolution in the northern part of the country.

The new NCPC boss held many leadership positions in the Church, including Chairman of the Christian Association of Nigeria (CAN) of Northern from 2016 till date; and Vice President, Pentecostal Fellowship of Nigeria, 2013 till date.

Source: NAN News

Dangote Cement

By Chinyere Joel-Nwokeoma

Dangote Cement Plc. on Wednesday launched the Dangote Cement Bag of Goodies Season 2, targeted at making 1,000 Nigerians millionaires to cushion the economic hardship caused by COVID-19.

At the unveiling of the promo in Lagos, the companys Group Managing Director,
Mr Michel Puchercos, said the promo was instituted to reward its loyal customers.

Puchercos gave the assurance that the company, through the promo, would change the standard of living of its consumers and end users during the COVID-19 pandemic.

He said that 1,000 lucky Nigerians would win a star prize of one million naira each, over a period of 16 weeks of the promo.

Puchercos, who observed that many families lost their sources of livelihood as a result of the pandemic, said that the company launched the promo to alleviate the pains.

He said that the company opted for cash prize to enable the beneficiaries to set up small businesses in the face of COVID-19.

Puchercos said that the Season 2 Promo, launched following a huge success recorded in the 2019 promotion, would run from July 15 to Nov. 15.

He said that the company was determined to reward the consumers and add value to their economic well being, with the promo.

According to him, other prizes to be won apart from one million naira cash, include tricycles, refrigerators, television sets, generators, goodies packs, smaller monetary prizes and airtime.

Mrs Funmi Sanni, Dangote Cement, Marketing Director, said at the event that the promo was launched to delight the companys old and new consumers.

Sanni said that the companys consumers, who participated in the 2019 edition, requested for a repeat.

Our consumers are the major reason we are still existing and they have been with us in thick and thin.

Consumers are important and a fundamental factor of production without which production process is incomplete and our ability to remain in business becomes impossible, she said.

Sanni said that the company understood the importance of value chain and would continue to create value to its stakeholders in terms of quality product and services.

Sanni said: The management of Dangote Cement recognises the importance of every member of its value chain
distributors, wholesalers and retailers and have invested in growing their businesses through various empowerment schemes.

We are very obsessed to empower our partners, distributors and retailers; as we are growing, they are growing too.

Sanni said that, to participate in the promo, consumers would be expected to buy any bag of any Dangote Cement.

Every promo bag of cement contains a scratch card carrying winning items carefully inserted in each bag, when you scratch, whatever is revealed is what you win.

You should not throw away the card as a consumer; at the back of the card, there is an alphabet, and once you get a card that spells Dangote, its automatic N1 million, Sanni said.

The News Agency of Nigeria (NAN) reports that the promo was also validated by the National Lottery Regulatory Commission (NLRC), Lagos State Lottery Board, as well as the Federal Competition and Consumer Protection Council, Lagos Office.

Mrs Nkiru Onuzulu, Deputy Director/Coordinator, NLRC, Lagos Zonal Office, described the promo as a big one.

Onuzulu, who expressed confidence that the promo would be a huge success, assured that stakeholders interests would be well protected by the regulators.

Dangote Cement is a big brand and it is expected that the right thing should be done, she said.

Mrs Susie Onwuka, Head, Federal Competition and Consumer Protection Council, Lagos Office, commended the company for putting up the promo at the period of COVID-19 pandemic.

Onwuka gave the assurance that regulators would ensure due process throughout and monitor the exercise to ensure redemption of prizes won. (NAN)

Source: NAN News

The red Chamber

By Naomi Sharang

The Senate has passed a bill seeking to establish the City University of Technology, Auchi, Edo and two other tertiary institutions in the country.

The two other bills were the Nigerian Maritime University Okerenkoko, Delta and the Federal College of Education, Giwa, Kaduna bill.

The bills were passed by the upper chamber following a clause-by-clause consideration of the report of the Senate Committee on Tertiary Institutions and TetFund as presented by the Chairman, Sen. Babba Kaita during Wednesdays plenary.

The bill seeking to establish the Nigeria Maritime University was sponsored by Sen. James Manager (PDP-Delta).

The other two bills which were for the University of Technology, Auchi and Federal College of Education, Giwa, were separately sponsored by Sen. Francis Alimikhena (APC-Edo) and Sen. Uba Sani (APC- Kaduna).

While presenting the report, Kaita said that the Federal Polytechnic Auchi was currently running degree programmes in affiliation with Nnamdi Azikiwe University, Awka, Anambra with enrollment of over 50, 000 students in full and part time.

He said that upgrading the institution to a federal university would provide training for high skills in the areas of technical and vocational education.(NAN)

Source: NAN News

Dr Chikwe Ikekweazu NCDC Boss

By Franca Ofili

The Nigerian Association of Pharmacists and Pharmaceutical Scientists in the Americas ( NAPPSA) has donated diagnostics and Personal Protective Equipment (PPE) to the Nigerian Centre for Disease Control (NCDC) to help fight the COVID-19 pandemic.

Dr Anthony Ikeme, the President of the association made the donation on Wednesday in Abuja.

Ikeme, represented by Dr Ali Onoja, a member of the association said that members intended to encourage the centre in the important role of coordinating the overall COVID-19 response in Nigeria.

He said that the association was an umbrella organisation of Nigerian Pharmacists and Pharmaceutical Scientists in the Americas.

The items donated are 10,000 pieces of nitrile examination gloves; 2,000 bottles of hand sanitiser gel; 2, 000 pieces of regular face mask; 1,000 pieces of KN95 valved face mask with respirator; 1,000 pieces of face shield (anti-fog, anti-splash) and 100 pieces of finger pulse oximeter with lanyard.

He said that the association had been involved in capacity building and exchange of knowledge with professional colleagues and healthcare institutions in the country.

According to him, the association key message is that Nigeria should not let the pandemic go without lessons that should inform the countrys decision going into future.

The NAPPSA president said that the pandemic reminded the country of the huge opportunity to play actively in the global health and pharmaceutical enterprise.

He called for an urgent need to invest in the creation of robust protocol for the preparedness, prevention and containment of pandemic with their related economic and social impacts.

He said the need to build strong health infrastructure and invest in human capital for the health sector could not be over-emphasised.

Financing must be put in place to ensure that the country has a robust primary care infrastructure, Ikeme said.

He called on the centre to facilitate the creation of a national strategy for medical and pharmaceutical manufacturing in Nigeria.

Dr Chikwe Ihekweazu, the Director-General of NCDC thanked the association for its gesture to help fight the COVID-19 pandemic.

Ihekweazu said that the only way the country could fight the pandemic was to have all hands on desk.

He noted that Nigerians in the Diaspora had been assisting in the fight against the virus.

Mrs Abike Dabiri-Erewa, the Chairman, Nigerians in Diaspora Commission (NiDCOM) said that the commission was working with Nigerians in the Diaspora to return home to do more in the health sector.

Dabiri-Erewa said that such step was important because after COVID-19, other health issues must be addressed. (NAN)

Source: NAN News

Tijani Muhammad-Bande UNGA President

By Harrison Arubu

The President of the UN General Assembly, Amb. Tijani Muhammad-Bande, has called for investment in young peoples response to the novel coronavirus pandemic.

Muhammad-Bande made the call in his remarks at a virtual event to mark the 2020 World Youth Skills Day on Wednesday.

The theme of this years commemoration is Skills for a Resilient Youth in the Era of COVID-19 and Beyond.

He said that although young people were particularly vulnerable to the negative effects of the pandemic, they were not passive victims.

They are also active responders and agents of change, reacting to these difficult times with activism, volunteerism and innovation.

These actions need to be invested in, recognised and amplified. They are resilient.

It is our responsibility as decision makers to work with youths to ensure that they have access to the necessary opportunities to pursue their education, employment and aspirations for the future, he said.

Muhammad-Bande, who is Nigerias Permanent Representative to the UN, urged collaboration by all stakeholders in this regard.

Citing statistics, the Nigerian envoy said that COVID-19 had disrupted education for 1.6 billion children and young people, representing no fewer than 90 per cent of all enrolled learners.

Prior to the onset of COVID-19, young people were already three times more likely to be unemployed, compared to their adult counterparts.

According to him, building back together is only possible with investment in the young generation.

He noted that recovery from the pandemic would be difficult exceptthe youths were empowered to actively participate in society and given increased access to education, training and jobs. (NAN)

Source: NAN News