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Tag: US

  • US may hit 12m bpd by mid-2019

    The United States (US) crude oil production may hit 12 million barrel per day (bpd) by mid-2019, Energy Information Agency (EIA) has said.

    The agency in its November 2018 report said the US remained the largest producer of crude oil globally as it produces 11.6million bpd, which is 800,000 bpd  and 700,000 bpd ahead of Russia and Saudi Arabia.

    In the report entitled: Updates on Crude Movements among Oil Producing Countries, said US would maintain its leadership position for some time in the event that the country is able to sustain its crude oil production.

    “That is a threshold increase from the US low reached a decade ago and a 22.2 per cent rise just this year. The feat makes the US the world largest producer of crude. More US oil will likely come.US is expected to break through 12 million bpd by mid-2019, largely thanks to a surge in shale oil production”

    Oil markets, according to the report, were held back somewhat after the US became the world’s top crude producer as its output hit record levels. Crude oil imports rose as uncertainty around tariffs on US imports and sanctions on Iran eased, the report added.

    The report said production has just risen in the US as well as in countries such as Russia, Saudi Arabia, Iraq and Brazil, a development, which suggests a return of oversupply of crude in the market, which depressed oil prices between 2014 and 2017.

  • Boko Haram: How US, UN pressure forced army to rescind UNICEF ban

    There were indications last night that high- level diplomacy by the United States and the United Nations with the Presidency led to the restoration of United Nations International Children’s Emergency Fund (UNICEF) activities in the Northeast.

    The US intervention was said to have averted a diplomatic face-off between Nigeria and the UN.

    The UN has however directed the UNICEF office in the country not to react to the decision of the Nigerian Army.

    But it was gathered that security agencies will now strictly monitor the activities of more than 50 Non-Governmental Organizations in the zone.

    The Theatre Command, Operation Lafiya Dole of the Nigerian Army on Friday announced the suspension of UNICEF activities by accusing UNICEF of allegedly “sabotaging counter-terrorism efforts.”

    It accused UNICEF and some NGOs of playing the terrorists’ script.

    Although there was no formal warning, the Theatre Command was said to have acted on some intelligence.

    UNICEF however found the allegation spurious because it has stuck to its mandate.

    According to findings by our correspondent, the suspension of UNICEF created a diplomatic jolt and the United States had to wade in.

    A top source said: “Following the announcement of the suspension, Washington and the UN waded in the spat and opened up talks with the presidency.

    “The need to avoid a diplomatic face-off led to the lifting of the suspension by the Nigerian Army barely some hours after.

    “We are hopeful that the Army will make its observations available to the US, UN and other parties in order not to jeopardize the activities of UNICEF in the Northeast.

    “The truth is that about 80-90 per cent of UNICEF resources are deployed in the Northern part because of insurgency and other health challenges affecting children.

    “We are hopeful of amicable resolution of all issues.”

    A military source, however, said: “The Theatre Command has been having issues with UNICEF since April this year. In fact, three staff of UNICEF, namely Priscilla Hoveyda, Maher Farea and Milen Kidane were declared persona non grata by the Nigerian Army over false allegations on troops of Operation Lafiya Dole.

    “Some UNICEF staff alleged that the Nigerian Army was using children below 18 years to fight Boko Haram in the Northeast when the guidelines for recruitment of troops are clearly spelt out.

    A top UNICEF staff, who spoke in confidence, said: “We have been directed by the UN not to speak on this issue. If is being handled at a diplomatic level.”

    This is coming as the Nigerian Army has lifted the suspension of UNICEF’s operations in the region. This came less than 24 hrs after the international organisation’s activities were suspended in the area.

    A statement by Col. Onyema Nwachukwu, Deputy Director, Public Relations Theatre Command yesterday said the decision followed high level meetings with stakeholders and commitment on the part of UNICEF, just as the army warned them to desist from activities that will be detrimental to military operations in the theatre.

     

     

     

     

     

     

     

  • US pledges prompt delivery of fighter jets to NAF

    The United States of America has assured it will deliver the 12 units of Super Tucano aircraft ordered by the Federal Government on time.

    The Director of the US Air Force Security Assistance and Cooperation (AFSAC) Brig. Gen. Sean Farrell said everything would be done to deliver the aircrafts on schedule to enable Nigeria step up the fight against terrorism.

    He spoke during a visit to the Nigerian Air Force (NAF) headquarters in Abuja.

    Farrell, according to the spokesman for the NAF, Air Commodore Ibikunle Daramola, is one of the officers overseeing the ongoing process of the procurement of the A-29 Supper Tucano aircraft.

    Daramola, in a statement in Abuja, said an American delegation of which Farrell was a member was in the country to discuss the delivery schedule of the aircraft and construction of a base to keep the aircraft.

    He said the delegation expressed its readiness to complete the execution of the contract in record time, noting the visit to the Base would provide the team with firsthand knowledge of the construction site as well as help avoid delays in schedule and risks in the future.

  • Oil rises two per cent on US, China trade truce

    Oil prices jumped yesterday after the United States (U.S.) and China agreed a 90-day truce in a trade dispute, Canada’s Alberta province ordered a production cut, and as exporter group Organisation of Petroleum Exporting Countries (OPEC) looked set to reduce supply.

    U.S. light crude oil last traded $1.31, or 2.6 per cent, higher at $52.24. Brent crude was up $1.36, or 2.3 per cent at $60.82.

    Both benchmarks surged by more than five per cent earlier in the session.

    China and the U.S. agreed during a weekend meeting in Argentina of the Group of 20 leading economies not to impose additional trade tariffs for at least 90 days while they hold talks to resolve existing dispute.

    The trade war between the world’s two biggest economies has weighed heavily on global trade, sparking concerns of an economic slowdown.

    Crude oil has not been included in the list of products facing import tariffs, but traders said the positive sentiment of the truce was also driving crude markets.

    Oil also received support from an announcement by the Canadian province of Alberta that it would force producers to cut output by 8.7 per cent, or 325,000 barrels per day (bpd), to deal with a pipeline bottleneck that has led to crude building up in storage.

    “From Argentina to Alberta, the oil market news is about supply curtailments. A brightening market mood will likely extend today’s price rally in the very near term,” said Norbert Rücker, head of commodity research at Swiss bank Julius Baer.

    OPEC meets on Dec. 6 to decide output policy. The group, along with non-OPEC member Russia, is expected to announce cuts aimed at reining in a production surplus that has pulled down crude prices by around a third since October.

    “Markets are expecting to see a substantial production cut after Russian President Vladimir Putin said his country’s cooperation on oil supplies with Saudi Arabia would continue,” said Hussein Sayed, chief market strategist at brokerage FXTM.

    Within OPEC, Qatar said yesterday it would leave the producer club in January.

    Qatar’s oil production is only around 600,000 bpd, but it is the world’s biggest exporter of liquefied natural gas (LNG).

     

  • US, Iran feud may boost Nigeria’s forex earnings 

    The United States/ Iran face-off has resulted in oil sanction, which in the long run may improve the earnings of many OPEC member states, including Nigeria, writes AKINOLA AJIBADE

    Penultimate week, the United States (US) imposed a sanction on the oil-rich state of Iran, after weeks of threats and permutations on what would be the likely consequence of such action on the oil rich country. Iran is reputed to be the third largest member of the Organisation of Petroleum Exporting Countries (OPEC) and the global oil industry.

    Fuelled by alleged failure of the Iranian government to respect the earlier agreements reached with the US and other world powers on the issue of producing nuclear energy for growth, the sanction as declared by the US government on November 4, this year, has generated discussion, among  stakeholders in the value chain.

    The reason being that the sanction coincided with when OPEC was duly guided to monitor oil  supply quota allocated to countries that are its members, while at the sametime, placed a ceiling on the barrels of oil produced daily by some members, including Nigeria.

    Coupled with this is the fact that the prices of crude oil are rebounding at the international market for the first time since the global oil market was hit by recession and its subsequent fall in the prices of crude oil. This development, which has delighted governments, as they believe that the development, if its continues, will enable them meet their fiscal responsibilities.

    For instance, price of Brent crude recorded a four-year high in late September, this year, as it closed at $86.74 per barrel, a development that was greeted with excitements, globally.

    Though the price dropped later to $84.75, per barrel, following the decision of the International Monetary Fund (IMF) to lower its forecasts, among other issues, the rise in price of crude was not an issue to be forgotten soon.

    Days after, the price rose to $85 per barrel early October as the US continued its push to sanction Iran.

    A university don, Prof  Wunmi Iledare, said the sanction is flexible and as such will not have immediate effects on Nigeria.

    According to him, the US imposed the sanction on Iran with some measures of flexibility by granting waivers to countries that buy crude from Iran.

    He said China, India and five other countries are allowed to buy some barrels of oil from Iran, adding that the development suggested that the US did not outrightly ban those  countries from buying Iranian crude.

    Iledare said: “By allowing some countries to buy crude from Iran, however, small it may be, the US government has reduced the pressures, which the sanction would have on the global oil market and members of OPEC. “This means that those countries that the pressures or shocks, which the sanction is going to have on Iran and other members of the cartel, if it was outright sanction, has reduced. Based on this, the decision by the US to sanction Iran is not going to impact negatively on Nigeria.”

    He said the increase in shortage and price of crude oil is expected to occur in the event that the sanction continued, adding that the issue is going to impact tremendously on the earnings of Nigeria, which relies on revenues from oil to sustain itself.

    “If the ban on Iranian crude persists, obviously, it is a blessing to oil producing countries, especially Nigeria, which relies on crude oil exports for more than 70 per cent of its foreign exchange earnings. The sanction is a gain to some countries and a loss to others. While the countries buying the crude oil are going to pay more for the product, the oil producing countries are expected to make more money in the process,“ he said.

    Iledare said Nigeria and Iran are members of OPEC, adding that unfavourable developments in one member state needed not cause major problem in other state or country.

    He said Iran is a country, which is always resilient, as it moves from one crisis to another, adding that the issue may have little effect on its partners.

    “ Obviously, there would be protests in Iran if the sanction continues, because Iranians would take to the streets to express their feelings.

    “This may take the form of vandalism of oil installation, a development, which would affect production of crude and further cause shortage of the product. This is good for Nigeria that is eyeing increase in the price of crude to finance its fiscal responsibilities,“ he said.

    Also, the former  President, International Association of Energy Economist ( IAEA), Prof Adeola Akinnisibu, said many barrels of Iranian crude would still get to the market, as long as the US allows some countries to buy the product.

    Akinnisibu said the issue is a good development for Nigeria, because the shocks on Brent crude, which is the country’s crude oil, would not be much.

    He urged the Federal Government to put in place measures to improve oil production, adding that OPEC will soon  exempt Nigeria from crude oil cut imposed on the country and Libya since last year.

    According to him, developments in the global oil market have presented opportunities for Nigeria to plan ahead by exploring potentials in areas considered green fields for improved oil production.

  • Leah Sharibu: Student theologians urge EU, US, UK to intervene

    The newly elected First Chairman of National Theological Students Body, Mr. Okorie Chukwuemeka, has called on the European Union, United Kingdom and United States of America, to support Nigeria’s efforts to secure the release of Leah Shaibu and others in captivity.

    Chukwuemeka, of World Harvest Bible College and Seminary, Calabar, Cross River State, in his inaugural address, demanded that the plight of the girl should be of concern not only to the Christians but to all countries and organisations of conscience.

    In his speech, Okorie said “we are concerned because we are students of the Word of God, and we also know that people in captivity have the right to move freely and choose who to worship”.

    He called on youths to know their rights, develop strong morals and seek national unity and peace.

    The chairman of the student theologians warned upcoming Christian leaders to avoid heresy and worldliness.

  • Femi Slide gears up for US, Europe tour

    NIGERIAN afro beat musician, Oluwafemi Akinbodunwa, popularly known as Femi Slide has started warming up for his Europe and United States shows and tours.

    Femi Slide, being a trombonist has musical skills in playing various genre of music including, Jazz, Afro Funk, highlife and he is admired as a fantastic vocalist.

    He has performed at international concerts, produced albums and live recordings with acts such as Seyi Sholagbade, Bisade Ologunde aka Lagbaja, Jesse King, Charly Boy, Waje, MI, Mike Aremu and hosts of other foreign acts.

    For his effort, Femi and his band were also recognised with the Afro Contemporary Award on their tour to South Africa in 2016 for their incredible performances. He was also honoured with an Outstanding African art/Best Group of the year in African traditional performance award.

    Aside from singing, Femi Slide is also a song writer, a coach and an instructor in African traditional music. His music has influenced both Africa and international scenes giving back to the society through his music.

  • US: new funding for lighting research

    The U.S. Department of Agriculture (USDA) has awarded funding to the Lighting Research Center (LRC) at Rensselaer Polytechnic Institute to support new research that has the potential to address one of the grand challenges of this century—food security and the ability to sustainably feed a rapidly increasing world population.

    Elegantly formulated fungicides and insecticides have been developed as fine tactical weapons to defend crops. Yet the intensity of agricultural production systems has driven the evolution of microbial and insect populations that have exhibited resistance to pesticides soon after deployment, and few new chemical classes are in development. Moreover, pesticides may leave undesirable residues on food crops, and may contaminate soil and aquatic systems.

    UV lamps are widely used in water purification and microbiological sterilization, yet are not typically used for plant pathogen suppression. This is primarily due to a lack of understanding as to how much, how long and when light might be applied to control plant pathogens, and also due to the fact that there is no readily accessible, objective and authoritative source of technical support for end users.

    The multidisciplinary team for this USDA-funded project—Dr. Mark Rea (PI) of the LRC, Dr. David Gadoury of Cornell University, and Dr. Natalia Peres of the University of Florida—has pioneered research on novel uses of light to suppress plant pathogens across a broad range of specialty crops, and in recent field trials, has found that light treatments are more effective than the best available fungicides. Still, critical questions remain regarding optimal dosing, lamp life, and design of lighting arrays.

    The U.S. strawberry crop represents an ideal system in which to test the use of light treatments as a model integrated pest management (IPM) system because strawberries are widely grown, and almost universally threatened by powdery mildew. The IPM system proposed by Rea, Gadoury, and Peres has the potential to be environmentally and economically important for growers.

    The project team, including Dr. Jaimin Patel and Leora Radetsky of the LRC, will conduct translational experiments that address all remaining barriers to the use of light treatments for strawberry as a model IPM system. The team will also educate growers and other stakeholders on how to apply the research in their operations by hosting field days, and deploying extension materials, including videos.

  • Obasanjo lobbying US for entry visa for Atiku, says APC

    The All Progressives Congress (APC) has said that former President Olusegun Obasanjo has commenced moves to make the United States government with it’s alleged travel ban on PDP Presidential candidate and former Vice President, Atiku Abubakar.

    In a statement signed by the Acting National Publicity Secretary, Yekini Nabena, the party said it has credible information that Obasanjo has started lobbying the US government to issue Atiku with an entry visa.

    The statement reads “we have come across credible reports that former President Olusegun Obasanjo has made moves to secure United States entry visa for the presidential candidate of the Peoples Democratic Party (PDP), Alh. Atiku Abubakar, whose candidacy he endorsed on Thursday.

    “It is learnt that that the former President who during and after leaving office insisted on Atiku’s unsuitability to govern Nigeria based on his knowledge of the latter’s extensive corrupt practices while he served as Vice President, is lobbying US authorities to withdraw the ban reportedly placed on Atiku from entering the United States following a 2005 $500,000 bribery scandal that involved Atiku, his fourth wife, Jennifer and former United States Congressman, William Jefferson.

    Read Also: I’m under pressure to leave APC – Yari

    “Recall that the former president while in office had deployed enormous resources of the country on a global dragnet coordinated by the Economic and Financial Crimes Commission (EFCC) in getting Atiku prosecuted for corrupt enrichment and money laundering.

    “A report by the United States Senate Permanent Subcommittee on Investigations, chaired by Senator Carl Levin reported that Atiku used offshore companies to siphon millions of dollars to his fourth wife in the United States, Jennifer while still the vice president of Nigeria between 2000 and 2008.

    “The report further stated that then President Bush had on the strength of his report, barred Atiku and other corrupt politically exposed persons from being issued visa to the United States, a reason for which he has been unable to travel to the United States till date.

    “Former President Olusegun Obasanjo’s intervention in Alh.Abubakar Atiku’s ban from the United States of America is evidence of Obasanjo’s legendary hypocrisy and self-serving interest in national affairs.“

  • Chamber woos foreign investors from US, others

    The Nigerian-American Chamber of Commerce (NACC) has concluded plans to host the 2018 session of the independence investment forum (TIIF), a forum aimed at attracting long term investments into agriculture, energy including oil and gas, mining and commodities across the globe.

    President of the Chamber, Oluwatoyin Akomolafe who gave this hint in Lagos, said the gathering would also offer a platform for discussing investment needs and goals without the need for investors to travel to various locations in Nigeria to see projects or for Nigerian companies seeking investments to travel to multiple countries to pitch to investors.

    The investment forum which is scheduled to hold on the Nigeria’s Independence Day, according to him seeks to advance economic cooperation between Nigeria and the United States through promotion of business and services that would improve trade relations and wealth of both nations.

    The NACC he said had grown into an active organisation standing as a pillar of the relationship between the United States of America and Nigeria, and serving as an important catalyst in bringing together people and ideals to strengthen bilateral commercial relations between the two countries.

    He maintained the Chamber had facilitated business-to-business relationships and advanced economic cooperation between Nigeria and the United States through promotion of business and services that improve trade relations and prosperity of both nations; providing programmes and services that would improve economic prosperity and sustainability of businesses.

    “The focus of TIIF upon registration is pivotal as we have created a structure to drive maximum impact in the business space,” he stated.

    The independence forum is an annual event jointly hosted by the Chamber and Footprint to Africa and supported by the Ministry of Foreign Affairs and the Embassy of the United States, Nigeria.

    According to him, interested companies, stakeholders and individuals will be able to register to attend the conference adding it will feature dedicated networking sessions, market knowledge sharing, investment pitches, access to expert insight on local and foreign markets among others.

    The General Manager, Footprint to Africa, Kelechi Chukwu said the two parties came together to conceptualise the idea and have a forum that would support investments and investment corporation between Nigerian entrepreneurs and foreign investors looking into the market.