Connect with us

Economy

Oil Prices Rise On Strong Demand In United States

Published

on

Petroleum

Oil Prices Rise On Strong Demand In United States

Oil prices rise on strong demand in United States. Oil prices rose on Thursday, boosted by a strong outlook for demand in the United States after fuel inventories fell more than expected, and a weaker U.S. dollar.

Brent crude futures were up 34 cents, or 0.5%, to stand at $71.12 a barrel by 0745 GMT, their highest level since March 3. U.S. West Texas Intermediate crude (WTI) gained 42 cents, or 0.6%, to $67.58.

The price of OPEC basket of twelve crudes stood at $74,12 a barrel on Tuesday, compared with $73,65 the previous day, according to OPEC Secretariat calculations. U.S. government data showed a higher-than-expected drawdown last week in distillate inventories, including diesel and heating oil, which fell by 2.8 million barrels, outstripping a drop of 300,000 barrels predicted in a Reuters poll.

Also, OPEC’s Monthly Oil Market Report for March 2025, says the Secretariat expects robust oil demand growth to continue in 2026.
Global oil demand for 2026 is forecast to grow by 1.4 mb/d, year-on-year, unchanged from last month’s assessment.

The Organization for Economic Co-operation and Development (OECD) is forecast to grow by about 0.1 mb/d, y-o-y, while demand in the non-OECD is forecast to increase by about 1.3 mb/d.

Oil Prices

Oil Prices

“U.S. oil demand outlook remains healthy despite lower air travel passenger volumes,” JPMorgan analysts said in a note, adding that reduced U.S. travel activity did not signal broader weakness in the demand outlook.

Global oil demand averaged 101.8 million barrels per day (bpd), an annual increase of 1.5 million bpd, the analysts said.

U.S. crude inventories, rose 1.7 million barrels, however, exceeding expectations for an increase of 512,000 barrels in an earlier Reuters poll.

Economy

President Tinubu Appoints Oloriegbe As NHIA Chairman

Published

on

By

Tinubu Appoints Oloriegbe

President Tinubu Appoints Oloriegbe As NHIA Chairman

President Tinubu appoints Oloriegbe as NHIA chairman. Mr Oloriegbe served as the chairman of the Senate committee on health from 2019 to 2023.

President Bola Tinubu has appointed Ibrahim Oloriegbe as chairman of the National Health Insurance Authority (NHIA), effective March 11.

The appointment of the former Kwara central senator would  be for an initial term of four years, Bayo Onanuga, the president’s spokesman, said in a statement on Sunday.

Mr Oloriegbe represented Kwara central senatorial district at the ninth senate of the National Assembly.

He holds a Master’s in Coaching and Consultation from the University of Oxford, UK, and HEC, Paris, and a Bachelor of Medicine and Surgery from the  Ahmadu Bello University, Zaria, Kaduna State.

Tinubu Appoints Oloriegbe

Tinubu Appoints Oloriegbe

He is a member of the Nigerian Medical Association (NMA), Association of General and Private Medical Practitioners of Nigeria (AGPMPN), Nigeria Venereal Disease Association, Guild of Medical Directors of Nigeria, International Aids Society (IAS), and the Africa Health Leadership and Management Network.

Mr Oloriegbe served as the chairman of the Senate committee on health from 2019 to 2023 and the chairman of the Joint National Assembly Committee on Health.

Continue Reading

Economy

Eid-el-Fitr: Atiku Urges Leaders To Prioritise Welfare Of Nigerians, God’s Fear

Published

on

By

Atiku

Eid-el-Fitr: Atiku Urges Leaders To Prioritise Welfare Of Nigerians, God’s Fear

Eid-el-Fitr: Atiku urges leaders to prioritise welfare of Nigerians, God’s fear. He also urged leaders to lead in the fear of God.

Aformer vice president, Atiku Abubakar, has admonished leaders at all levels to prioritise the wellbeing of Nigerians.

Mr Abubakar made the plea in a statement by his Media Adviser, Paul Ibe on Sunday in Abuja. He also urged leaders to lead in the fear of God.

“While the Ramadan season encourages charity to the less privileged, it becomes imperative on leaders to make sure that after Ramadan, governments  initiate interventions that will ensure that  wellbeing and welfare of the people are  sustained.

“It is important to call the attention of those in positions of authority to the practices of the Noble Prophet Muhammad (SAW) that teaches  about obligations of leadership to the people.

“It is not enough that the government will ask that the people should brace themselves for harsh economic conditions.

“It is more sufficient for the leadership to show compassion on the masses and by acting with fear of God,” Mr Abubakar said.

Atiku

Atiku

Mr Abubakar congratulated the Muslim faithful in Nigeria and around the world on the successful completion of the Ramadan fasting.
He described the completion of Ramadan fasting as a blessing from the Almighty.

He reminded Muslim faithful that the celebration of Eid-el-fitri, “should be an opportunity to remind ourselves to continue to intensify the good deeds that were embraced during Ramadan.

He also advised people to continue to pray for progress in their private lives and that of Nigeria.

Continue Reading

Economy

Eid-el-Fitr: Power Minister Adebayo Adelabu Urges Tolerance, Peaceful Co-Existence

Published

on

By

Federal Government

Eid-el-Fitr: Power Minister Adebayo Adelabu Urges Tolerance, Peaceful Co-Existence

Eid-el-Fitr: Power minister Adebayo Adelabu urges tolerance, peaceful co-existence. The minister also prayed for Nigeria’s peace, progress, and prosperity.

The Minister of Power, Adebayo Adelabu, has called for unity, tolerance, and peaceful co-existence among all Nigerians, irrespective of religious or ethnic differences.

According to a statement by his media aide, Bolaji Tunji, the minister made the call in his message to the Muslims on Sunday.

The minister said, “National development could only thrive in an atmosphere of harmony and mutual respect.”

Mr Adelabu commended the Muslim faithful for their devotion, sacrifice, and steadfastness during Ramadan, urging them to sustain the virtues of piety, charity, and unity beyond the holy month.

He said the self-discipline exhibited during fasting should inspire Nigerians to work collectively towards national progress, particularly in critical sectors such as power.

”As we celebrate Eid, let us carry forward these values in our daily lives, fostering harmony and contributing to the growth of our nation,” he said.

Mr Adelabu reassured Nigerians of the federal government’s unwavering commitment to improving electricity supply nationwide.

He acknowledged the challenges faced by citizens and reiterated the ministry’s dedication to implementing sustainable solutions that would ensure stable, affordable, and reliable power for all.

”We are working tirelessly to address infrastructure gaps, enhance generation, strengthen transmission and distribution networks to meet the energy needs of every Nigerian, including our Muslim brothers and sisters celebrating the joyous occasion,” he said.

Federal Government

Power Minister Adebayo Adelabu

Mr Adelabu, however, urged Nigerians to support government efforts by promoting energy conservation, reporting illegal connections, and safeguarding power installations in their communities.

The minister also prayed for Nigeria’s peace, progress, and prosperity, adding that with collective effort and divine guidance, the country would overcome its challenges and achieve greater heights.

”May the blessings of Eid bring joy, peace, and fulfilment to every home. May Allah (SWT) accept our acts of worship, grant our nation enduring peace, and bless us with prosperity,” he said.

Continue Reading

Trending