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Brent crude rises to $83.99/barrel

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Brent crude rises to $83.99/barrel

 

Things may be looking for Nigeria, as the Brent Crude at 12:50pm on Monday rose to $84.50 per barrel, according to the Nigerian National Petroleum Corporation (NNPC).

Its data indicated that the black gold gained $2.11 per barrel to rise at 2.56%.

The surge followed a rise in demand for energy that resulted from rebound activities in the face of the refusal of the Organsation of Petroleum Exporting Countries (OPEC) to increase supply.

Reuters had reported that oil prices rose more than 2% on Monday, extending gains as an energy crisis gripping major economies shows no sign of easing amid a pick up in economic activity and restrained supplies from major producers.
Brent crude was up $1.70, or 2.1%, at $84.09 a barrel by 1100 GMT, its highest since October 2018.

U.S. West Texas Intermediate (WTI) crude rose $2.08, or 2.6%, to $81.43 for its highest since late 2014.

“Oil prices are likely to continue climbing in the short term,” said Commerzbank analyst Carsten Fritsch.

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Prices have risen as more vaccinated populations are brought out of coronavirus lockdowns, supporting a revival in economic activity, with Brent advancing for five weeks and U.S. crude for seven.

Coal and gas prices have also surged, making oil more attractive as a fuel for power generation, pushing crude markets higher.

Reuters later reported that oil prices rose more than $2 on Monday, extending gains as an energy crisis grips major economies amid a pick-up in economic activity and restrained supplies from major producers.

The pace of economic recovery combined with cold weather have increased the demand for energy, while pressure on governments to accelerate the transition to cleaner energy have slowed investment in oil projects to boost supplies.

World leaders are due to meet in November at the United Nations Climate Change Conference (COP26) taking place in Glasgow to flesh out commitments on energy transition.

 

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JUST IN: Tinubu, Shettima to pay toll at airport gates

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President Bola Tinubu and Vice-President Kashim Shettima will now pay the required toll whenever they use the gates at airports.

 

Festus Keyamo, minister of aviation, announced this to journalists after the federal executive council (FEC) meeting chaired by Tinubu at the presidential villa in Abuja on Tuesday.

 

 Keyamo said he presented two memos which were approved by the council.

Details later…

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Tinubu suspends 0.5% cybersecurity levy

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President Bola Tinubu has suspended the 0.5 percent cybersecurity levy after criticism and protest trailed the announcement.

 

Mohammed Idris, minister of information and national orientation, announced the suspension.

 

Idris said Tinubu directed the Central Bank of Nigeria (CBN) to suspend the implementation and review the modalities for its implementation.

Details later…

 

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Minister to sue Niger speaker over plans to ‘marry off’ 100 girls, says it’s ‘totally unacceptable’

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Uju Kennedy-Ohanenye, minister of women affairs, has petitioned the inspector-general of police (IGP) and sought a court injunction to halt the marriage of 100 girls in Niger state.

 

Abdulmalik Sarkindaji, speaker of the Niger state house of assembly, announced last week that he would sponsor the wedding of 100 girls, some of whom were orphaned by insurgency, as part of his Maringa constituency project.

 

He said he had procured materials for the event scheduled for May 24, and promised to pay dowries for the bridegrooms.

 

Following the outcry that trailed the announcement, the speaker explained that he was only financing the wedding — not forcing the girls into marriage.

 

However, Kennedy-Ohanenye said the plan is unacceptable, and that the future of the girls should be a priority.

 

Speaking to journalists in Abuja on Monday, the minister said a thorough investigation into the circumstances surrounding the issue will be carried out.

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She said the ministry will take responsibility for the girls’ education and vocational training.

 

“I want to let the honorable speaker of house in Niger state know that this is totally unacceptable by Federal Minister Of Women Affairs and by the government,” Kennedy-Ohanenye said.

 

“Because there is something called the Child’s Right Act and I said it from the onset, that is no more business as usual.

 

“These children must be considered, their future must be considered, the future of the children to come out of their marriage must be considered.

 

“So I have gone to court. I have written him a letter and written a petition to the IG of police.

 

“And I have filed for injunction to stop him from whatever he is planning to do on the 24th, until a thorough investigation is carried out on those girls, find out whether they gave their consent, their ages, find out the people marrying them.

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“As the speaker did not think about empowering these women or sending them to school or giving them some kind of training support financially.

 

“The women affairs have decided to take it up and we are going to educate the children.

 

“Those that do not want to go to school, we will train them in a skill, empower them with sustainable empowerment machines to enable that child build his or her life and make up her mind who and when to get married.

 

“If for any reason the speaker tries to do contrary to what I have just mentioned, there will be a serious legal battle between him and the Federal Ministry of Women Affairs.”

 

The minister added that based on the Child Rights Act, every child belongs to the state, hence the rights of every child will be protected from harm and violence.

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