Factual Pursuit of Truth for Progress
The Organization of Petroleum Exporting Countries (OPEC) on Monday said limited investments in the oil sector had reduced the capacity of Nigeria and other OPEC member nations to pump the volumes of crude oil approved by the organization.
OPEC also revealed that in April 2022, Nigeria’s oil production plunged by 40,000 barrels per day, translating to 1.2 million barrels during the review month.
While quoting findings contained in a Reuters survey, OPEC stated its oil output in April undershot the rise that was planned under a deal with allies, as declines in Libya and Nigeria offset supply increases by Saudi Arabia and other top producers.
“Output undershot the pledged hikes from October to March, with the exception of February, according to Reuters surveys, as many producers lack the capacity to pump more crude following insufficient investment, a trend accelerated by the pandemic,” OPEC stated.
It added, “As a result, the 10 OPEC members are pumping far less than called for under the deal. OPEC compliance with pledged cuts was 164 per cent, the survey found, versus 151 per cent in March.”
Nigeria is a long-standing member of OPEC, though the country has been failing to meet its crude oil production quota approved by the organization for months now.
The survey stated that OPEC pumped 28.58 million barrels per day in April, up 40,000bpd from the previous month and short of the 254,000bpd increase called for under the supply deal.
OPEC and its allies, known as OPEC+, are slowly relaxing 2020 output cuts as demand recovers from the pandemic.
OPEC+ meets on Thursday and is expected to confirm a previously agreed output hike despite the surge in oil prices after Russia’s invasion of Ukraine.
The deal called for a 400,000bpd increase in April from all OPEC+ members, of which about 254,000bpd is shared by the 10 OPEC producers that the agreement covers.
The survey specifically noted the drop in crude oil production from Nigeria and Libya.
It stated that the biggest drop in output was in Libya, which at one point in April was losing more than 550,000bpd from blockades on fields and terminals. Libya is one of the OPEC members exempted from making output cuts.
“Nigerian output posted a 40,000bpd decline, the survey found, with lower exports than in March. Force majeure remains in place on the Bonny Light export stream,” OPEC stated.
It added, “These outages limited the increase in OPEC’s output as top producers followed through on the pledged hike in supply. The biggest rise in April of 100,000bpd came from Saudi Arabia, the survey found.”
It further stated that Iraq, which reported a month-on-month rise in exports, boosted output by 80,000bpd, while the United Arab Emirates followed through on its higher quota and added 40,000bpd, as Kuwait’s output edged up by 10,000bpd.
It said Iran, also exempted from making output cuts, had been shipping more product to China in 2022 and production rose in April, according to the survey, even as talks on reviving its 2015 nuclear deal with world powers had yet to reach a deal.
OPEC stated that production in Venezuela, another exempted producer, edged higher, adding that production fell or did not increase in Angola, Equatorial Guinea and Gabon, based on the survey, because of a lack of capacity to produce more.
The survey observed that OPEC and allies, known as OPEC+, were unwinding record output cuts made in 2020, but were still struggling to achieve their planned monthly production increases.
2023: ‘I’m focused on AfDB’, Adesina rejects calls to run for president
Factual Pursuit of Truth for Progress
THE President of the African Development Bank (AfDB), Akinwumi Adesina, has rejected the calls from some Nigerians urging him to run for President in 2023.
Some groups had reportedly purchased and submitted the presidential nomination form of the All Progressives Congress (APC) on behalf of Adesina.
But in a statement issued on Tuesday, the AfDB boss said he is “focused on the mission of supporting the accelerated development and economic integration of Africa”.
”I have been extremely humbled by several calls from Nigerians at home and abroad that I should consider running for the office of the President of the Federal Republic of Nigeria. I am very touched by all who have gone to great extent, with such huge sacrifices, of their own volition, to consider me worthy to be proposed for potential consideration,” he said.
”The coalition groups of youth, women, farmers, physically challenged and well-meaning Nigerians that have done this have expressed their genuine free will, political right, freedom of expression and association for my consideration, with the interest of Nigeria at heart. While I am deeply honored, humbled and grateful for all the incredible goodwill, kindness, and confidence, my current responsibilities at this time do not allow me to accept to be considered.
”I remain fully engaged and committed to the mission that Nigeria, Africa and all the non-African shareholders of the African Development Bank have given me for Africa’s development. I remain fully focused on the mission of supporting the accelerated development and economic integration of Africa. May God bless the Federal Republic of Nigeria.”
Many feared dead as explosion rocks Sabon Gari in Kano (video)
Several people are feared killed with others injured in a huge explosion in the Sabon Gari area of Kano State.
Details of the incident are still sketchy at the time of filing this report but it was gathered that the explosion occurred at about 9am, near a primary school along Court Road by Aba Road, with many children affected .
It was not clear whether it was a case of a bomb blast or as a result of a gas explosion.
Meanwhile the police anti bomb unit and several security units have moved to scene of the incident.
‘It would be massive if Liverpool Win Champions League’ – Jurgen Klopp
Liverpool manager, Jurgen Klopp has revealed his thoughts towards the possibility of the club winning the Champions League.
The Reds lifted their second trophy of the season last Saturday after beating Chelsea on penalties in the FA Cup final.
Klopp’s men play Real Madrid next week in the Champions League final and on Tuesday, May 17, they can close the gap between themselves and Manchester City to one point with just one game left in the English premier league.
Speaking ahead of Liverpool’s trip to Southampton on Tuesday, Klopp said:
“If we play a season like we play and we win the Carabao and fight for the title until the end, I think it’s a good season,” Klopp told TribalFootball
“The FA Cup is a massive competition. It felt great. It takes pressure off and that’s what makes it more enjoyable.
“It would be massive if we win in a few weeks’ time in the Champions League. But we play the most experienced Champions League team on this planet.
“We aren’t massive favourites. It’s an open game and every little advantage we can get is good. They have already won the league already. Between now and then, two massive games.”