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Equatorial Guinea joins OPEC

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Africa’s third-biggest oil producer, Equatorial Guinea, has been accepted as a new member of the Organisation of the Petroleum Exporting Countries (OPEC), a source close to the country’s oil minister told a Reuters on Thursday.

Equatorial Guinea said in January it was seeking to become OPEC’s 14th member and the sixth from Africa, an addition that would help raise the continent’s influence and profile in the corridors of global oil production and pricing.

OPEC and non-member oil producers are gearing up to extend output cuts on Thursday, possibly by as long as 12 months, to help clear a global stocks overhang and prop up crude prices.

OPEC is to discuss in Vienna whether to prolong an accord reached in December in which it and 11 non-members agreed to cut oil output by about 1.8 million barrels per day in the first half of 2017.

Most OPEC ministers, delegates and the market see a nine-month extension, instead of the initially suggested six months, as the base-case scenario but some countries including Russia have suggested an unusually long duration of 12 months.

“I think nine months is most likely,” one OPEC delegate said. Four other delegates agreed it was the most probable outcome.

OPEC’s de facto leader, Saudi Arabia, and top non-OPEC producer Russia have said cuts need to be extended to speed up market rebalancing and prevent oil prices from sliding back below 50 per barrel dollars.

OPEC sources have said the Thursday meeting will highlight a need for long-term cooperation with non-OPEC producers.

The group could also send a message to the market that it will seek to curtail its oil exports, which have not declined as steeply as its production.

Sources said however, a decision on deeper output cuts is unlikely on Thursday.

The OPEC meeting is expected to start after 0820 GMT, according to a preliminary schedule, followed by a joint gathering with non-OPEC after 1320 GMT.

By 0804 GMT, Brent crude was trading up almost one per cent, near 54.50 dollars a barrel.

OPEC’s cuts have helped push oil back above 50 dollars a barrel this year, giving a fiscal boost to producers, many of which rely heavily on energy revenues and have had to burn through foreign-currency reserves to plug holes in their budgets.

Oil’s earlier price decline, which started in 2014, forced Russia and Saudi Arabia to tighten their belts and led to unrest in some producing countries including Venezuela and Nigeria.

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Buhari To Make National Broadcast At 7pm

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Buhari To Make National Broadcast At 7pm
Buhari To Make National Broadcast At 7pm

Buhari

Nigeria’s President Muhammadu Buhari will make a national broadcast Thursday evening, following the escalation of violence in different parts of the country.

“Following detailed briefing by security chiefs on the current situation in the country, Buhari will make a national broadcast Thursday, October 22, 2020 at 7pm,” President Buhari’s media adviser Femi Adesina said.

“Television, radio and other electronic media outlets are enjoined to hook up to the network services of the Nigerian Television Authority (NTA) and Radio Nigeria respectively for the broadcast,” says Femi Adesina who is Special Adviser to the President on Media and Publicity.

Lagos and most of Nigeria has been overrun by arsonists and hoodlums since soldiers opened live rounds on peaceful protesters on October 20, 2020.

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End SARS: Gen. John Enenche Reacts To Lekki Toll Gate Shootings

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End SARS: Gen. John Enenche Reacts To Lekki Toll Gate Shootings
John Eneche

John Eneche

Major General John Eneche, the Nigerian defence director of information, has said that the reports about soldiers shooting #EndSARS protesters at Lekki Tollgate on Tuesday are mere ‘allegations.’

Eneche said this during a media briefing in Abuja, where he also mentioned that the analysis of the shooting and video evidence available suggest that they may have been photoshopped.

In his words;

“I even got analysts. People that have analysed the various videos that were cropped and photoshopped put together. If not that I’m not permitted, I could have forwarded it to your Instagram”, he said.

Eneche added that he is not permitted to speak further on the incident so as not to compromise the outcome of the findings by the Commission of Enquiry already constituted by the Lagos State Governor, Babajide Sanwo-Olu.

In his words;

“We are dealing with major operations, anything outside this is what is called Operation MENSA, I may not want to go too much into Operation MENSA because it is not a major operation. We have nine Operations and other subsidiary Operations which I have been directed to focus.

“Operation MENSA is strictly under the policy directive of the various states we have them all over the country and it is the oldest of all Operations. For this Operation you have the Military, Navy Air Force, Civil Defence and the Police put together. So these Operations are still standing and running and I am aware that the state governments are using them in all these capacities, that is internal security, the level we are now is internal security and that is why the Police proactively came out and then deployed all their Force package that are necessary to handle that so that is where we are. So if there was anything and if it is true, why am I saying if it is true because up to this morning, I even called analysts who have analyzed videos that were photoshopped and put together, if not that I am not permitted, I would have forwarded it to you.

“The issue is not an operation that I can respond to. But I can tell you that it is an allegation for now, so let us not set the cart before the horse. If the matter was still open-ended I would have had I response for you but it is no longer open-ended, because immediately, not even up to five hours, before midnight the Governor of Lagos set up an Inquiry, so whatever we say now will not be fair to the Commission.”

Read Also: Sanwo-Olu Confirms Lekki Toll Gate CCTV Still Intact

Watch the video clip below:

 

 

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Ekiti Extends Curfew Indefinitely

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Ekiti Extends Curfew Indefinitely
Ekiti Extends Curfew Indefinitely

Governor Fayemi

Amidst the continued violence across the country, Governor of Ekiti State, Kayode Fayemi has approved the extension of the 24-hour curfew in Ekiti State indefinitely.

The curfew was declared on Tuesday evening following reported cases of violence in Ado Ekiti as hoodlums allegedly the peaceful protest by EndSARS protesters.

The initial curfew lapsed on Wednesday night by 10 pm.

Also Read: “I don’t care about #EndSARS”- Edo state deputy governor’s son slams protesters

However, on Thursday morning, the Commissioner for Information, Mr. Akin Omole, announced that the curfew still continues in every part of the state until further notice.

It reads: “The general public is hereby alerted that the 24-hour curfew announced by the State Government is still in place in all parts of the state until further notice.

“Government appreciates the cooperation of all citizens of the state in obeying the curfew and ensuring that peace returns to the state.”

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