Minister of State for Petroleum Resources, Dr. Ibe Kachikwu thinks freezing supply at certain levels would help drive up oil prices. But International Oil Companies (IOCs) and energy experts, yesterday, said he is wrong.
They stated that freezing the supply of crude oil alone would not likely lead to a rebound in the price of the commodity, stating that other factors needed to be considered also.
Speaking at the ongoing Sixth African Petroleum Congress and Exhibition (CAPE VI) in Abuja, the IOCs and the energy experts disclosed that due to inefficiencies in terms of energy use, the demand curve at the moment was not what obtained in the past and would hamper a rebound in oil prices to levels seen in the past.
Mr. Clay Neff, Chairman, Oil Producer Trade Section, OPTS, of Lagos Chamber of Commerce and Industry, LCCI, stated that effective collaboration was critical in overcoming the challenges facing the petroleum industry.
According to him, success at the continental level and, indeed, globally starts with a critical recognition that producing and consuming countries, IOCs and all stakeholders in the oil and gas industry must all recognize that when it comes to the challenges of the industry, they are all playing for the same team.
Neff, who is also Chairman/Managing Director, Chevron Nigeria Limited, maintained that collaboration would throw up practical solutions which would help drive the industry.
Several Injured As Thugs Attack #EndSARS Protesters, Governor Oyetola In Osun
Some of the vehicles in the Governor’s convoy were also destroyed by the thugs but the Governor himself was evacuated to safety by his security team.
As the convoy was leaving the protest venue, some of the youths continued to stone his vehicles.
While the protest was disrupted, Governor Oyetola assured the injured victims that the government would be responsible for their medical bills.
#EndSARS: Sanwo-Olu Constitutes Panel Of Enquiry
In a bid to quell the #EndSARS protest which is spreading like a raging inferno across the country, Babajide Sanwo-Olu, the Governor of Lagos State has set up a panel of inquiry and restitution for victims of SARS.
This was announced in a statewide broadcast on Thursday.
The panel will be a 7-man panel which will ensure that all those with verifiable cases of SARS brutality or fatality receive compensation.
The Panel will be chaired by retired Justice Doris Okuwobi, while members are Ebun Adegboruwa, SAN (representing the Civil Society), Taiwo Lakanu (a retired Deputy Inspector General of Police), Patience Udoh (representing the Civil Society); Segun Awosanya aka Segalink (Human Rights Activist).
Others are Olutoyin Odusanya (Director, Citizens Mediation Center), a rep/member of the youth-led protest, and a representative of the Human Rights Commission.
There will be a help desk for the complaints and petitions to the panel.
Governor Seyi Makinde Loses 81-Yr-Old Mother
Abigail Makinde, the mother of the governor of Oyo State, Seyi Makinde, is dead.
The Chief Press Secretary to Mr Makinde, Taiwo Adisa, however, told newsmen that the family will soon make an official statement on the death of the deceased.
He said: “Yes. The family will make an official statement.
“The family will soon make an official statement. In the next few minutes, the family will make an official statement, in few minutes.”
It was gathered that Mr Makinde lost his father, Olatunbosun Makinde, a few years ago.
It was learnt that Mrs Makinde died in the early hours of Thursday.
She died at the age of 81.
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