Oil rises on hopes for non- OPEC output cuts

OPEC

Oil prices extended gains on Friday on optimism that non-OPEC producers would agree to cut output following a cartel agreement to limit production.

The Organization of Petroleum Exporting Countries (OPEC) will meet non-OPEC nations in Vienna on Saturday seeking their help in curbing a global supply glut.

Azerbaijan has said it will come to the Austrian capital armed with proposals for its own reduction.

Brent sweet crude for February delivery was up 17 cents at 54.06 dollars a barrel by 0 after settling up 1.7 per cent on Thursday.

The contract hit its highest since July 2015 at 55.33 dollars on Monday.

NYMEX crude for January delivery was up 33 cents at 51.17 dollars a barrel.

Russia has said it would cut 300,000 barrels per day, meaning other non-OPEC producers combined would need to pledge the same amount to lower output by the 600,000 bpd.

Comments

Court grants Fani-Kayode N50m bail

Fani-kayode sandwiched by EFCC officials Justice James Tsoho of the Federal High Court Abuja on Thursday granted a N50m bail to former spokesman of the Goodluck Jonathan Campaign Organisation, Chief Femi Fani-Kayode. Fani-Kayode was arraigned by the Economic and Financial Crimes Commission (EFCC) on a five-count charge of money laundering to the tune of N26m. Fani-Kayode is the sole defendant in the fresh charges numbered, FHC/ABJ/CR/140/2016. The EFCC accused the defendant of diverting 26 million Naira allegedly received from the ONSA while Sambo Dasuki was in office. The anti-graft agency also accused him of handling the said N26 million without going through financial institution as required under the Money Laundering Act. The embattled former minister is already facing 17-count charge of money laundering before the Lagos Division of the court, along with a former Finance Minister; Nenadi Usman, Danjuma Yusuf and a firm; Joint Trust Dimension Nigeria Limited. They were charg

FG berates US congressman over comment

Lai Mohammed, Minister of Information and Culture Photo: Femi Ipaye/PM News The Federal Government has described as sadly out of tune with reality the published letter from US Congressman Tom Marino to Secretary of State John Kerry, asking the US to withhold security assistance to Nigeria on the strength of some imaginary infraction by the Buhari Administration. In a statement issued in Abuja on Sunday, the Minister of Information and Culture, Alhaji Lai Mohammed, said Congressman Marino was poorly informed about the issues he commented on, wondering why he did not take the pains to get first hand information from the US Embassy in Nigeria or any other credible source before engaging in what is nothing but a ‘propaganda of his own imagination’. The Minister said by asking the US to refrain from selling warplanes and other military equipment to Nigeria based on a faulty premise, the Congressman has demonstrated a poor understanding of global security issues. ”Insecurity anywhere i

Aubameyang leads Gabon to Nations Cup

Pierre-Emerick Aubameyang Pierre-Emerick Aubameyang leads the cast for Gabon as the hosts became the first team to name their final 2017 Africa Cup of Nations squad. The team captain and Borussia Dortmund star will lead the home players out for the opening game of the tournament against debutants Guinea-Bissau on 14 January in Libreville. Gabon have also named Sunderland midfielder Didier Ndong despite the player being left out of November’s World Cup qualifier in Mali. Ndong was in the capital city Libreville but failed to turn up for international duty ahead of the Mali game last month, forcing the Gabonese Football Federation [Fegafoot] to send him back to England. But a remorseful Ndong, who held clear-the-air talks with Fegafoot has been included in a 23-man Panthers squad. Other names to make the final party include Juventus midfielder Mario Lemina, Bruno Ecuélé Manga of Cardiff City and China-based striker Malick Evouna. Gabon coach José Antonio Camacho included three do

Global Naija Info

Search This Blog