Day: August 11, 2020

Oil rises above $45, OPEC+ cut compliance dips

The international oil benchmark, Brent crude, rose above $45 per barrel on Monday, supported by an improvement in Chinese factory data, rising energy demand and hopes for an agreement in the United States on more coronavirus-related economic stimulus.

Brent, against which Nigeria’s crude oil is priced, climbed by $0.81 to $45.21 per barrel as of 6:40pm Nigerian time on Monday.

Quota compliance by the Organisation of Petroleum Exporting Countries and its allies fell to 96 per cent in July, from 106 per cent in June, with their collective production increasing by 1.10 million barrels per day, the latest S&P Global Platts survey found.

Gulf members led by Saudi Arabia ended their voluntary extra output cuts, while some countries that have struggled to adhere to their quotas continued to pump above their caps, according to S&P Global Platts survey.

OPEC+ output is set to rise even further in August, with the 22-country coalition hiking its quotas by about two million bpd in anticipation of higher global oil demand.

But some of the additional production may be offset by so-called compensation cuts pledged by members that overproduced their quotas in May, June and July.

In particular, Iraq, Nigeria, Angola and Kazakhstan have come under intense scrutiny from their OPEC+ counterparts for their excess output.

Iraq has said it will cut an extra 400,000 bpd below its quota in August and September, after missing its target yet again in July, while Angola and Kazakhstan significantly improved their performance in the month.

Nigeria, meanwhile, maintains that some of its production should be categorised as condensate, which is not subject to the quotas.

A key monitoring committee co-chaired by Saudi Arabia and Russia, the two largest OPEC+ members, will meet August 18 to assess compliance and hash out the compensation cuts.

OPEC’s 13 countries produced 23.39 million bpd of crude oil in July, the survey found, up 1.08 million bpd from June. The 10 members with quotas under the OPEC+ accord achieved 94 per cent compliance with their committed production cuts, according to Platts calculations.More in Home

Nigeria was well above its cap in July, producing 1.56 million bpd, the survey found, though the country and OPEC officials say its offshore Agbami grade should be re-categorised as condensate.

 Copyright PUNCH.

UPDATED: Tanker drivers suspend strike, reach agreement with Lagos govt

THE Nigeria Union of Petroleum and Natural Gas Workers, NUPENG, on Monday, directed its Petroleum Tankers Drivers, PTD, to suspend its ongoing strike in Lagos State after the union reached an agreement with Lagos State government and other stakeholders.

Recall that the tanker drivers had began an indefinite strike, Monday, following Friday’s directive by NUPENG for members of the PTD, Lagos zone, to shut fuel distribution in Lagos and its environs over take-over of access roads to tank farms and fuel depots by containerised trucks, among other grievances.

Other grievances of the union are deplorable state of the roads and extortion of tanker drivers by security operatives in Lagos and its environs,

NUPENG, in a statement by its President and General Secretary, Prince Williams Akporeha, and Olawale Afolabi, respectively, lamented perceived failure of various authorities in the state to address three major issues that have caused pains and harrowing experiences on the hapless petroleum drivers in the state for several months.

Communiqué 

A communiqué, at the end of the closed-door meeting, was signed on behalf of state government by Commissioner for Energy and Mineral Resources, Mr, Olalere Odubote,  and Deputy National President, NUPENG, Solomon Kilanko signed on behalf of  NUPENG. It read:

Security Agenda: The state government will meet with the heads of all security agencies and secure their commitment to ensure the free passage of petroleum products vehicles given their importance to the economy.

Area Boys: The menace of area boys(louts) will be handled by relevant government agencies and a dedicated phone number will be established, within the next week, to ensure that petroleum products transporters have prompt access to security agencies.

Ad hoc levies: The issue of extra-ordinary levies on tankers drivers by a particular local government will be investigated and local government will immediately be advised to collect only levies that are legally due.

Bad Roads:  It is understood by the parties that road works are a necessary path to progress; the state government will continue to relate with all road users in the planning and execution of road works in the state

Over-loading: The downstream petroleum union has committed to ensuring that all tankers are loaded within the capacities provided for in the regulations and communicated by DPR.

Timing of Movement: Lagos State will within the next one week review the restriction of timing of movement of the petroleum tankers and advise a resolution to ease their access to the tank farms. Union also notes that the ongoing road works are a temporary inhibitor of movement.

Coordination: Lagos State Government will immediately set up a standing committee to relate with the union on an ongoing basis to address any issues as may arise.

Others in attendance were Executive Council members: Commissioner for Transportation, Dr. Fred Oladeinde; Local Government and Community Affairs, Dr. Wale Ahmed; Information and Strategy Commissioner, Gbenga Omotoso; Babatunde Williams and Vice Chairman, Presidential Task Team, Mr. Kayode Opeifa,

VANGUARD

11-08-2020

AGO PORT HARCOURT DEPOTDEPOT PRICELIQUID BULK₦ 165.0SHORELINKSTOCKGAPNIPCO₦ 167.0SAHARA/BULK STRATEGICDOZZYAVIDOR₦ 163.0 CALABAR DEPOTDEPOT PRICENORTHWESTAMMASCOMAINLANDSAMON PET₦ 163.0FYNEFIELD₦ 162.0ALKANESYSG (YOUNG SHALL GROW)₦ 162.0BLOKKS FRADOHYDEAZMAN/NIPCO₦ 166.0UGO HANNAH WARRI DEPOTDEPOT PRICERAINOIL OGHARANEPAL OIL₦ 170.0PRUDENT OGHARA₦ 170.0MATRIX₦170.0CYBERNETICSTAURUSOTHNIEL BROOKSOPTIMAPINNACLEFRADROAYM SHAFA LAGOS DEPOTDEPOT PRICEAFRICA TERMINALS₦ 165.0IBACHEM₦ 165.0IBETO₦ 165.0MRS₦ 168.0LEIGHTEN PETINDEXETERNAFOLAWIYOOBAT₦ 162.0CHIPETRAHAMANIYYA₦ 162.0A Z₦ 162.0NIPCO₦ 164.0AITEO₦ 164.0AIPEC₦ 170.0SAHARA₦ 168.0EMADEB ENERGY₦ 157.0A.A RANO₦ 165.0WOSBAB₦ 169.0MAO₦...

This content is for Weekly Plan, Monthly Plan, and Annual Plan members only.
Log In Register

Strike: Lagos govt, NUPENG meet to resolve issues

Representatives of the Lagos State Government and leadership of the Nigeria Union of Petroleum and Natural Gas Workers, NUPENG are currently in a latest meeting in Alausa, Ikeja to resolve issues surrounding on-going strike embarked by Petroleum Tanker Drivers, PTD, in Lagos.

The Monday intervention, according to the state government became necessary to avert possible fuel scarcity and crisis that could result from the strike.

Recall that NUPENG had last Friday, August 7, directed members of the PTD, in Lagos zone to shut fuel distribution in Lagos and its environs over take-over of access roads to tank farms and fuel depots by containerised trucks, among other grievances.

The union is also protesting deplorable state of the roads and alarming extortion of tanker drivers by security operatives in Lagos and its environs.

NUPENG in a statement by its President and General Secretary, Prince Williams Akporeha and Olawale Afolabi, respectively, lamented perceived failure of various authorities in the State to address three major issues that have severely caused pains and harrowing experiences on the hapless petroleum drivers in the state for several months.

The state Commissioner for Information and Strategy, Mr Gbenga Omotoso confirmed the meeting, adding that relevant stakeholders are in attendance.

Also confirming the meeting, Special Adviser to the state Governor, Babajide Sanwo-Olu on Transportation, Mr. Oluwatoyin Fayinka, said, “We are in discussion with the representatives of the  petroleum union. We have been on it since last week, we will further the discussion again to resolve the differences and avert possible fuel scarcity in the state.”More in Home

Fayinka, expressed believe that the  outcome of the latest meeting will be positive in the interest of the general public.

Source: Vanguard