Tag Archives: #World Market

Emir Sanusi VS. Osinbajo At The Economic Sustainability Beyond COVID-19

Conversation Between EMIR SANUSI And VP OSINBAJO At The “Economic Sustainability Beyond COVID-19”, A WEBINAR Organized By Emmanuel Chapel.

EMIR SANUSI: “The greater Atlanta (in the United States) has a Gross Domestic Product that is higher than that of the Federal Republic of Nigeria, and Atlanta is not the richest city in the United States.

“I don’t want to be disrespectful, but the annual sales of Tesla exceeds the budget size of our country, so should we not begin to cut our coat according to our cloth; should we not begin to look at all these costs and the constitution itself; maybe turn the legislators to part-time lawmakers, have a unicameral legislature instead of bicameral, have the local governments run by employees of the Ministry of Local Government Affairs?

We just need to think out of the box to reduce structural cost and make government sustainable over the long term.”.

OSINBAJO’s Response
“There is no question that we are dealing with a large and expensive government, but as you know, given the current constitutional structure, those who would have to vote to reduce (the size of) government, especially to become part-time legislators, are the very legislators themselves.

So, you can imagine that we may not get very much traction if they are asked to vote themselves, as it were, out of their current relatively decent circumstances.

“So, I think there is a need for a national debate on this question and there is a need for us to ensure that we are not wasting the kind of resources that we ought to use for development on overheads.

At the moment, our overheads are almost 70 per cent of revenues, so there is no question at all that we must reduce the size of government.

Crude Oil Prices Fall As COVID-19 cases pick up in China, US

Daily Watch Press, gathered that oil prices fell on Wednesday as investors worried about fuel demand due to fresh outbreaks of COVID-19, though prices drew some support after US stocks of diesel fuel fell for the first time in weeks and US oil production dropped sharply.

Brent crude was down 31 cents, or 0.8 per cent, at $40.65 a barrel at 10:50 EST (1450 GMT). US West Texas Intermediate (WTI) fell 43 cents, or 1.1 per cent, to $37.95 a barrel.

US crude inventories rose by 1.2 million barrels, but distillate stockpiles, which include diesel and heating oil, fell by 1.4 million barrels following weeks of significant builds as refiners continued to blend jet fuel into their distillate pool, EIA data showed on Wednesday.

“That snapped a 10-week streak of builds, and the market needed that,” said Bob Yawger, director of energy futures at Mizuho in New York.

US oil production fell last week to 10.5 million barrels per day, lowest since March 2018. Some of that was due to Storm Cristobal, which shut more than one-third of US offshore output.

The World Health Organization said it was moving to update its guidelines after results showed the corticosteroid medication dexamethasone cut death rates by about a third among the most severely ill COVID-19 patients.

However, the virus is spreading in parts of the United States, while scores of flights were cancelled and schools were shut in Beijing to head off a new virus outbreak in the Chinese city.

“We think the oil market is not currently pricing in a significant probability of either second waves of coronavirus cases in key consumers and the associated lockdowns, or anything less than a rapid return to economic business-as-usual,” Standard Chartered analysts said.

Weak economic activity is still weighing on demand for crude. US fuel demand, as measured by product supplied, is down 20 per cent over the past four weeks, compared with the year-ago period, EIA said.

Ghanaian Said They Need President Buhari In GHANA – Daily Watch Press

Ghanaian Said They Need President Buhari In Ghana – Daily Watch Press

The African Facts Zone reported via its Twitter handle about Nigeria’s status or profile about rice importation and now production, where it stated that:

“Nigeria was the world’s largest importer of rice in 2013. It is now Africa’s largest producer of rice.”

And a Ghanaian, Abdul from Accra, Ghana retwitted that:

“Ghana’s case rather worsened. The total cost of our import jumped from $300 Million in 2016 to $1.2 Billion presently.”

With this kind of news coming from African countries, it appears others are appreciative of what President Buhari is doing in Nigeria at the moment. Therefore, it should be sustained.

China REQUIRE 3 oil corporations to transfer the management of half of their liquefied natural gas

Report gathered by Daily Watch Press, shows that China has required the three biggest state-held oil corporations to transfer the management of half of their liquefied natural gas (LNG) terminals to the newly created state-controlled midstream firm, Caixin Global reported, citing industry insiders.

The transfer of 10 LNG terminals owned by China National Petroleum Corporation (CNPC), Sinopec, and China National Offshore Oil Corporation (CNOOC) is the first step in China’s plan to consolidate the oil and gas pipeline infrastructure into a new giant state-held midstream company.

At the end of last year, China launched the long-mooted state oil and gas pipeline group combining the infrastructure assets of the state-owned energy majors into one huge midstream group, which analysts say could be worth between US$80 billion and US$105 billion.

The new company is part of China’s efforts to allow its energy companies to focus on boosting exploration and production. Combining China’s pipeline infrastructure into one firm and opening access to this infrastructure to foreign and private producers would help the state oil and gas firms to focus on exploration at a time when China aims to increase its domestic production.

Earlier this year, CNOOC said it had signed with the new state pipeline giant to transfer to it the management of oil and gas infrastructure projects. 

The ten LNG terminals that are set to be transferred to the new company include seven terminals currently managed by CNOOC, two terminals managed by CNPC, and one by Sinopec, according to Caixin.

The new state pipeline giant, China Oil & Gas Piping, will initially only have the right to manage the assets, while the oil and gas majors will still own the assets until audits are finalized. After the transfer of the LNG terminals to the new company, there still will be 11 other LNG facilities that will continue to be managed by the three oil and gas majors, Caixin’s sources said.

Source: Oilprice.com