Oil and Gas
Oil Price falls in the wake of second coronavirus wave
Oil prices fell, on Wednesday, as potential OPEC+ plans to deepen supply cuts were overshadowed by demand concerns exacerbated by a possible second wave of coronavirus infections as countries ease lockdowns. adsbygoogle || []).push({}); js">
Brent crude LCOc1 dropped 56 cents, or 1.9 per cent, to $29.42 a barrel by 0855 GMT, having risen 1.2 per cent on Tuesday.
West Texas Intermediate crude futures fell 23 cents, or 0.9 per cent, to $25.55 after gaining 6.8 per cent in the previous session.
“Fears are running rife that easing lockdown measures will trigger a second wave of coronavirus infections,’’ said Stephen Brennoc at oil brokerage PVM.
The U.S. infectious disease expert, Anthony Fauci, on Tuesday told the Congress that easing coronavirus lockdowns could set off new outbreaks of the COVID-19 disease that has killed 80,000 Americans and badly damaged the world’s biggest economy and oil consumer.
New outbreaks have been reported in South Korea and China, where the health crisis started before spreading across the globe, prompting governments to lock down billions of people, devastating economies and demand for oil.
The U.S. Energy Information Administration (EIA) now expects world oil demand to fall by 8.1 million barrels per day (bpd) this year to 92.6 million bpd, compared with a previous forecast for a drop of 5.2 million bpd.
The agency also expects the U.S. output to fall by 540,000 bpd, against a previous forecast of 470,000 bpd.
It expects global output of 11.7 million bpd this year and 10.9 million bpd in 2021.
On the supply side, OPEC+ is looking to maintain existing cuts beyond June, when it meets next in Vienna, sources told Reuters.
The Organisation of the Petroleum Exporting Countries (OPEC) and other producers including Russia – a group known as OPEC+ – agreed to cut output by 9.7 million bpd in May and June and to scale back cuts to 7.7 million bpd for the rest of the year.
Saudi Arabia’s cabinet has urged OPEC+ countries to reduce output further to restore balance in global crude markets, the country’s state news agency reported early on Wednesday.
Riyadh said it would add to planned cuts by reducing production by a further one million bpd next month, bringing output down to 7.5 million bpd.
“Suffice to say, the tug-of-war between OPEC-led cuts and virus anxieties will limit upside price potential,’’ PVM’s Brennoc said.
In the U.S., crude oil inventories rose by 7.6 million barrels last week to 526.2 million barrels, against analyst expectations for an increase of 4.1 million barrels, the American Petroleum Institute (API) said on Tuesday.
Still, stocks of crude at the Cushing delivery hub in Oklahoma fell by 2.3 million barrels, API said.
If confirmed by official data, that would be the first drawdown since February, ING Economics said.
“Concerns over hitting storage capacity have eased, as we see demand gradually recovering, along with supply cuts hitting the market,’’ ING said in a note, pointing to the decline in Cushing stocks.
Official EIA storage data is due later on Wednesday. (Reuters/NAN)
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Oil and Gas
KOSOPADEC Pledges Purposeful Governance For Development Needs Of Host Communities
From Joseph Amedu, Lokoja
The Kogi State Oil Producing Area Development Commission (Kosopadec) has assured of running a purposeful governance that will prioritize the welfare and developmental needs of the host communities and the state.
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This was disclosed by the commission on a 4 day peer review tour of Imo State Oil Producing Area Development Commission (Isopadec) in Owerre, Imo state capital.
The Chairman of the Commission , Comrade Suleiman Ndalayi Abdullahi noted that the visit was to compare notes , cooperate and work in synergy for the benefits of Kogi and Imo states.
He said as a young commission,to understudy the older ones has become imperative to tap into their opportunities and filter their challenges.
The Chairman added that the tour has given him the needed guides that will be judiciously applied in the running of the commission, which he said, will fast track development to the people
He assured the people of kogi state that the Commission has a mutual relationship between the Management and the Board and promised to work as a team to deliver visions and missions set by Governor Usman Ahmed Ododo to deliver development for the interest of the communities and the state
He added that the interest of the communities is uppermost for the Commission.and as such the knowledge gathered from the interaction has equipped them with the ingredients to make a difference and have resolved to ward- off rumours with tendencies to impinge on the smooth running of the commission.
He commended Governor Ododo for given the commission the needed apparatus to take off on sound footing and thanked Governor of Imo State, Hope Uzodinma for graciously approving the visit.
Meanwhile, the Managing Director of Kosopadec, James Omonu Jackson noted that the strategic position of Isopadec and the mutual relationship between kogi and Imo state governments were the reason for the choice of Imo state as first state to be visited
He explained that the Management and Board members have to undertake the study tour of Isopadec because of its wealth of experience and long standing development which it has been offering the people, which is worths emulating for the success of the commission
He said “the experience that the Isopadec had gathered since it’s inauguration had made it a force for a newer commission like Kosopadec to understudy for the benefits of tightening potential loose ends to fast tract development by the commission.
” Out of the commissions earmarked for visit , Isopadec was chosen to be the first to be visited This is as a result of a long standing relationship between the two states. Our coming here today, whatever experience we gather will be replicated in our state. We have seen the advancement so far made and we are prepared to bring the idea back home” He emphasized.
The MD assured the state that the commission is well prepared to upscale the activities of the commission to meet the yearnings and aspirations of the people.
Meanwhile, the host Chairman, HRH Amuzienwa Dele Odigbo, and ex. Sole Administration Joakis Uzoka together with some of his officials in an interactive sessions, emphasized the need to establish functional departments such as Administration, Finance and Accounts, Works, Education, planning, Monitoring and Evaluation, legal and Agriculture Departments to assist in the translation of the programmes and projects into reality.
He advised for cooperation on the issues of procurement and process of tendering to avoid friction stressing that if not handled properly could undermine all the successes so far recorded.
While advising for adherence to the extant Act, said, no two laws are the same, as they are promulgated for the specific needs of the commissions, he,however said , there is room for amendment.
According to him, The Chairman of the Board as a matter of necessity should work harmoniously with the MD, who is the Chief Executive Officer and saddled with the day to day running of the commission.
The two must follow due process in all they do . Any attempt to subjugate each others functions may spell doom and will do no one good.
Therefore every one , from the Commissioners and in the case of Kogi , Executive Directors, Secretary and the civil servants must observe highest level of professionalism.
While speaking on the importance of Youth, women and traditional institution in the oil producing communities, noted that their interest must be factored into the plans and program of the commission for seamless peace and tranquility.
He warned that any attempt to undermine them could lead to unmitigated restiveness that could retard the growth and development of the commission.
He called for frequent exchanges and nurturing of relevant ideas that will galvanize the commissions for utmost performances.
In the same token, APC woman leader, Princes Chinwe Njoku stated that as an interventionist Agency , all hands must be on deck in prioritizing the welfare of the Youths, women and traditional rulers to stem the tide of crisis that may arise from lack of effective communication.
She suggested that Liaison offices should be created both at the Local Government Council and the state to feed the Commission with the special needs of the communities.
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Former EFCC Chairman Abdulrasheed Bawa Justifies PMS Subsidy Removal in a New Book
By AbdulRahman Obaje
The Former chairman of Economic and Financial Crimes Commission (EFCC) Abdulrasheed Bawa has justifies the removal of Petroleum Motor Spirit (PMS) by the current administration of President Bola Ahmed Tinubu in his new explosive book on Nigeria’s fuel subsidy fraud.
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Bawa, in his groundbreaking new book titled ‘The Shadow of Loot & Losses: Uncovering Nigeria’s Petroleum Subsidy Fraud’., give a powerful exposé providing the most authoritative account yet of Nigeria’s multi-trillion-naira fuel subsidy scandal, exposing the inner workings of one of the country’s most pervasive financial crimes.
In the book published by CableBooks, an imprint of Cable Media & Publishing Ltd, Bawa Drawing from his firsthand experience as a key investigator on the EFCC’s special team that probed the 2012 subsidy fraud, reveals the staggering scale, complexity, and audacity of the schemes used to siphon public funds under the guise of fuel subsidy payments. His insider narrative chronicles how billions of naira were recovered and several culprits brought to justice, while also shedding light on how entrenched corruption allowed the fraud to flourish for years.
He details multiple fraudulent strategies as ghost importing and over-invoicing whereby Companies submitted claims for fuel that was never imported or inflated shipment volumes to receive excessive subsidy payouts.
Manipulation of bills of lading which is By altering shipping documents, fraudsters exploited international price fluctuations to claim higher subsidies.
Round-tripping and double claims whereby Single shipments were often used to obtain multiple subsidy payments.
He further revealed that there was also the problem of diversion and smuggling whereby subsidised fuel was frequently diverted to black markets or smuggled out of Nigeria for profit.
In a statement, Bawa said, “The Shadow of Loot & Losses is not just a chronicle of fraud, it is a call to action — a demand for transparency, accountability, and reform in Nigeria’s public finance management, especially in the oil sector.”
These practices, Bawa explains, were enabled by forged documents, weak regulatory oversight, and systemic collusion between corrupt government officials and private sector actors.
Having served as EFCC chairman from 2021 to 2023, Bawa brings rare credibility and insight into the institutional challenges and political dynamics that have shaped the anti-corruption fight in Nigeria. His book is both a revelation and a reckoning — offering evidence-based analysis and personal reflections on one of the most controversial chapters in Nigeria’s recent history.
President Bola Ahmed Tinubu had announced removal of fuel subsidy during his inauguration speech citing that the economy can no longer sustain it.
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Oil and Gas
Nigeria’s Oil Production Reaches 1.53m bpd in January, Meets OPEC Quota
By AbdulRahman Obaje
For the first time since it was set for the 2024 period, Nigeria has met the Organisation of Petroleum Exporting Countries (OPEC) production quota of 1.5 million bpd.
According to OPEC’s monthly oil market report, Nigeria’s crude oil production reached an average of 1.
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The report explained that the country’s production increased by 3.6% from December’s output of 1.48 million bpd. This development solidifies Nigeria’s position as Africa’s largest oil producer, surpassing Algeria, which produced 907,000 bpd in January.
Vangaurd reports that the quota, initially set in November 2023, was extended to 2026 due to Nigeria’s struggles to meet the target in 2024. However, the recent increase in production indicates a positive turnaround.
OPEC gathers oil production data from two sources: direct communication with Nigerian officials and secondary sources such as energy intelligence platforms. While direct figures confirm that Nigeria met its quota, secondary sources report a slight decline of 2% in January to 1.49 million bpd from 1.52 million bpd in December.
The report also highlights that Nigeria’s oil production is expected to rise further as the Dangote Refinery nears full capacity. Once fully operational, the refinery will process 650,000 barrels of crude daily, potentially stabilising petroleum supply and lowering fuel prices.
“…the oil sector remains central to the economy, and the Dangote Refinery reaching full production capacity should help stabilize the petroleum product supply and possibly lower petrol prices,” OPEC said.
On February 10, Edwin Devakumar, Vice-President of Dangote Industries Limited, stated that the refinery is expected to reach full operations within 30 days. Meanwhile, Minister of State for Petroleum Resources (Oil).
Heineken Lokpobiri reaffirmed the federal government’s plan to increase crude oil production to three million barrels per day by 2025.
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