Nigeria’s crude oil output declined by 40,000 in April
The Organisation of Petroleum Exporting Countries (OPEC) has said Nigeria crude oil output declined by 40,000 barrels per day (bpd) in April 2022.
This was contained in “Reuters survey of OPEC crude oil production (the month of April 2022).”
It noted that there was lower export in the period under review than March.
Nigerian output posted a 40,000 bpd decline, the survey found, with lower exports than in March.
It also noted that the increase in OPEC’s oil output in April undershot the rise planned under a deal with allies, a Reuters survey found, as declines in Libya and Nigeria offset supply increases by Saudi Arabia and other top producers.
According to the survey: “OPEC pumped 28.58 million barrels per day (bpd) in April, the survey found, up 40,000 bpd from the previous month and short of the 254,000 bpd increase called for under the supply deal.
“OPEC and its allies, known as OPEC+, are slowly relaxing 2020 output cuts as demand recovers from the pandemic. OPEC+ meets on Thursday and is expected to confirm a previously agreed output hike despite the surge in oil prices after Russia’s invasion of Ukraine.”
“Probably the view is to maintain the plan,” an OPEC delegate said of Thursday’s meeting. The deal called for a 400,000 bpd increase in April from all OPEC+ members, of which about 254,000 bpd is shared by the 10 OPEC producers the agreement covers.
Output undershot the pledged hikes from October to March, with the exception of February, according to Reuters surveys, as many producers lack the capacity to pump more crude following insufficient investment, a trend accelerated by the pandemic.
As a result, the 10 OPEC members are pumping far less than called for under the deal. OPEC compliance with pledged cuts was 164%, the survey found, versus 151% in March. Libya, Nigeria drop.
The biggest drop in output was in Libya, which at one point in April was losing more than 550,000 bpd from blockades on fields and terminals. Libya is one of the OPEC members exempt from making output cuts.
Nigerian output posted a 40,000 bpd decline, the survey found, with lower exports than in March. Force majeure remains in place on the Bonny Light export stream. These outages limited the increase in OPEC’s output as top producers followed through on the pledged hike in supply.
The biggest rise in April of 100,000 bpd came from Saudi Arabia, the survey found. Iraq, which reported a month-on-month rise in exports, boosted output by 80,000 bpd.
The United Arab Emirates followed through on its higher quota and added 40,000 bpd, while Kuwait’s output edged up by 10,000 bpd.
Iran, also exempt from making output cuts, has been shipping more to China in 2022 and production rose in April, the survey found, even as talks on reviving its 2015 nuclear deal with world powers have yet to reach a deal.
Production in Venezuela, another exempt producer, edged higher. Production fell or did not increase in Angola, Equatorial Guinea and Gabon, the survey found, because of a lack of capacity to produce more.
The Reuters survey aims to track supply to the market. It is based on shipping data provided by external sources, Refinitiv Eikon flows data, information from tanker trackers such as Petro-Logistics, as well as information provided by sources at oil companies, OPEC and consultants.
The following table shows crude output by the Organization of the Petroleum Exporting Countries (OPEC) in millions of barrels per day (bpd) in April and March, according to a Reuters survey published on Monday.
OPEC and allies, known as OPEC+, are unwinding record output cuts made in 2020 yet are struggling to achieve their planned monthly production increases.
In April, the cuts required of OPEC stood at 1.368 million bpd, less than the actual cuts by the 10 OPEC members bound by the deal that stood at 2.243 million bpd, Reuters calculations and OPEC figures showed.
That put OPEC’s compliance with its pledged cuts at 164% in April, up from 151% in March. March’s output was not revised. The figures in the first, second and fourth columns in the table are in millions of barrels per day.
E-payment Glitches: Emefiele Apologises to Nigerians
The Governor of Central Bank of Nigeria (CBN) governor, Godwin Emefiele has apologised to Nigerians for the glitches experienced while trying to effect various e-payment transactions.
Emefiele made the apology while responding to questions from journalists after the Monetary Policy Committee (MPC) briefing in Abuja.
The CBN governor admitted that some “isolated cases still persist” but they were being resolved by the various stakeholders.
Commenting on the recent waves of banks collapse in the United States of America, Emefiele said Nigerian banks are safe and sound as a result of the existing prudential guidelines instituted by the CBN to protect banks against collapse that will wipe out depositors’ money.
Emefiele, explained that “no depositor has lost one kobo since 2008 from bank crisis because of the prudential guidelines put in place to protect depositors fund.”
He also warned bank shareholders that banking licence is a privilege and not a right as it will be withdrawn from shareholders who misbehave.
“We would rather dispense with the shareholders than put depositors money at risk.”
At the end of the MPC meeting, it agreed to increase Monetary Policy Rate to 18 percent from previous 17.5 percent adopted in January.
Naira Redesign: Those Opposing and Abusing the Buhari Over Naira Redesign are Major Beneficiaries of the Buhari/APC Administration
…Urges Nigerian Youth to Resist Efforts by Self-serving Governors and Politicians to Incite them Against the Government in Furtherance of their Private Political and Economic Concerns
….Commends CBN for Releasing Adequate Funds to INEC for the Execution of 2023 General Elections.
Chief Eze Chukwuemeka Eze Erstwhile National Publicity Secretary of the defunct New People’s Democratic Party (nPDP) and chieftain of the All Progressives Congress, says those trying to incite Nigerians against the federal government over the Naira redesign are rampaging saboteurs affected by the CBN new monetary policy who have huge cash criminally gotten from public funds stashed in warehouses, septic tanks and homes.
In a statement made available to media houses in Port Harcourt, Eze said the policy though a difficult one, is necessary and strategic in the restoration of the lost value of the Naira against convertible currencies and one would expect leaders across political divide to support the initiative. The Naira has a long history of progressive downward pressure in the forex market and efforts have been devised to bring it to par with its contemporaries in the money market.
The party Chief however stated that it is disappointing to learn that those who prided themselves as patriots and change agents, who rode to power through the change mantra and who have benefited so much from the Buhari/APC administration are the ones at the forefront of the war against this policy of the federal government because the policy is gradually rendering useless the wads of stolen money stashed in their safes and private warehouses.
He said self-serving individuals who are making very untoward and negative utterances in a bid to incite the people and usurp the authority of the President is unhealthy for the country.
It does appears in fact, that some Governors are running parallel federal governments in their respective states with the counter orders they have continued to dish out against the lawful directives of the President who is the commander-in-Chief and numero uno in the government of Nigeria.
For the Executive Governor of Kano State to turnaround and publicly declare that President Buhari and his administration for eight years didn’t achieve anything is very unfortunate. It is a comment made out of ill-will to serve personal interest.
In other words, the efforts of this administration in the areas of road and rail Infrastructure are no longer noteworthy. For the Governor of Kaduna State to issue a contrary directive to that of the Federal Government and inciting the poor masses against the APC administration is totally unacceptable.
If for the duration of over three months some economically powerful persons could not return the heavy wads of cash stored in their homes to their accounts, it clearly means that such calibre of Nigerians have ulterior motive in not returning such monies into the banking system.
Eze commended President Buhari’s insistence in ensuring that the 2023 elections are free and fair and credible, noting that one good legacy the APC administration will be leaving behind is the record of credible polls and the president must be commended for that.
He said those relying on the use of stoked-up cash to aid their vote buying mechanism to win election should replan or better still get ready to retire because corruption has lost its grip on Nigerian elections beginning from Saturday, February 25, 2023.
The party Chief commended the Central Bank of Nigeria for making cash available for the Independent National Electoral Commission (INEC) to execute the elections without a hitch and expressed confidence that votes will count and the will of majority will superintend at the end of the day.
He urged Nigerians to wash their eyes and ensure that those that have ruined our nation, who are glaringly pursuing personal interests are not brought to power for any reason whatsoever.
Eze expressed fear of the outcome of the general elections particularly if it doesn’t favour some of these elements that are sponsoring the destruction of our banks, they are capable also of causing serious havoc if the elections fail to favour them. In this case, the Security Agencies should up their game to avoid these elements from setting up this country on fire if they fail to win this election
Buhari addresses the state of the nation says 1000,500 notes no longer legal tender
President Muhammadu Buhari has on Thursday 16th of February, 2023 addressed the Citizens of the country on the state of the nation due to the effort of his administration to sustain and strengthen the nation’s economy.
This is coming after the outbreak of violent protest across the country by angry citizens who are unable to get cash from banks and POS operators across the country.
President Buhari in his address expressed his sympathy over the difficulties being experienced as his administration continue the implementation of the new monetary policies, aimed at boosting the country’s economy and tightening of the loopholes caused by money launders.
In his statement while re-assuring Nigerians said “I want to re-assure Nigerians, that strengthening our economy, enhancing security and blockage of leakages associated with illicit financial flows remain top priority of our administration. And I shall remain committed to my oath of protecting and advancing the interest of Nigerians and the nation, at all times”.
“In the last quarter of 2022, I authorised the Central Bank of Nigeria (CBN) to redesign the N200, N500, and N1000 Nigerian banknotes”.
“For a smooth transition, I similarly approved that the redesigned banknotes should circulate concurrently with the old bank notes, till 31 January 2023, before the old notes, cease to be legal tender.
“In appreciation of the systemic and human difficulties encountered during implementation and in response to the appeal of all citizens, an extension of ten days was authorized till 10th February, 2023 for the completion of the process. All these activities are being carried out within the ambit of the Constitution, the relevant law under the CBN Act 2007 and in line with global best practices”
“I am not unaware of the obstacles placed on the path of innocent Nigerians by unscrupulous officials in the banking industry, entrusted with the process of implementation of the new monetary policy. I am deeply pained and sincerely sympathise with you all, over these unintended outcomes”
To stem this tide, the President have directed CBN to deploy all legitimate resources and legal means to ensure that all citizens are adequately educated on the policy; enjoy easy access to cash withdrawal through availability of appropriate amount of currency; and ability to make deposits.
To further ease the supply pressures particularly to Nigerians, Buhari have given approval to the CBN that the old N200 bank notes be released back into circulation and that it should also be allowed to circulate as legal tender with the new N200, N500, and N1000 banknotes for 60 days from February 10, 2023 to April 10 2023 when the old N200 notes ceases to be legal tender.
In line with Section 20(3) of the CBN Act 2007, all existing old N1000 and N500 notes remain redeemable at the CBN and designated points.
President Buhari therefore assure Nigerians that his administration will continue to assess the implementation with a view to ensuring that Nigerians are not unnecessarily burdened. In this regard, the CBN shall ensure that new notes become more available and accessible to our citizens through the banks.
He however admonish every Citizens to eschew violence and avoid actions capable of disrupting the electoral processes. “I wish us all a successful General Elections”.
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