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Iran Sanctions Lifted, Plan to Export 500,000 Barrels a Day

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Iran people celebrate

United Nations officially lifted economic sanctions that have crippled Iran’s economy for more than a decade after the agency certified that Iran has met all the terms of the deal reached with the U.S. and European powers to curb its nuclear program.

Iran has immediately commence efforts to boost oil production and exports even with current global supply glut, the Persian Gulf country is targeting an immediate increase in shipments of about 500,000 barrels a day, said Amir Hossein Zamaninia, a deputy oil minister for commerce and international affairs.

“The plan to increase Iran’s crude exports by 500,000 barrels a day kicked off today as the oil ministry has ordered companies to boost production and oil terminals to be ready,” the official Islamic Republic News Agency reported.

Going forward, Iran plans to add another half a million barrels within months, the additional sales is expected to push crude prices lower as markets are already oversupplied, said Robing Mills, a Dubai-based oil consultant.

“There’s still the cloud of uncertainty around how much Iranian crude will come to market and when,” said Mills, Qamar Energy’s chief executive officer. According to Mills, global price impact depend on how aggressive Iran is in offering discounts and how quickly it sales rises.

With the sanctions lifted, Iran gains access to over $50 billion in frozen accounts, funds the government says will help rebuild industries to make its economy more attractive to foreign investors.

In a separate but related report, Iran and the U.S agreed to swap prisoners including Washington Post reporter, Jason Rezaian, a U.S. pastor and four Iranian-Americans accused of hacking U.S. companies. Though American officials said it was a coincidence that the swap discussion has been going on for a while, reporters believes it’s connected as it create more friendly atmosphere between the two nations.

CEO/Founder Investors King Ltd, a foreign exchange research analyst, contributing author on New York-based Talk Markets and Investing.com, with over a decade experience in the global financial markets.

Government

UK Government Has Approved Pfizer-BioNTech COVID-19 Vaccine

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The United Kingdom on Wednesday Approved Pfizer-BioNTech COVID-19 Vaccine

British government on Wednesday became the first country to approve Pfizer and BioNTech COVID-19 vaccine for use, according to the UK government.

The vaccine will be rolled out from next week and the first dose could be administered as early as December 7th, stated people familiar with the matter.

Last week, the UK government announced it had ordered 40 million doses of Pfizer and BioNTech COVID-19 and appointed Nadhim Zahawi, the current junior business minister, as the minister responsible for the deployment of the vaccines.

British government on Wednesday morning said, “The Government has today accepted the recommendation from the independent Medicines and Healthcare products Regulatory Agency (MHRA) to approve Pfizer-BioNTech’s COVID-19 vaccine for use” 

“The vaccine will be made available across the UK from next week.”

Matt Hancock, Health Secretary, revealed that the programme would commence early next week.

“It is very good news,” Hancock said.

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Government

Zabarmari Massacre: Buhari to Provide More Resources for the Nigerian Military

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President Muhammadu Buhari

President Muhammadu Buhari has promised to provide more resources to the military in the aftermath of the Zabarmari massacre.

On Saturday, Boko Haram killed 43 people with around 70 people still missing in Zabarmari, a village in Borno State.

Reacting to the massacre, Buhari, through his official Twitter handle @MBuhari said “Nothing is more important than ensuring the security of lives and property of Nigerians. Everything is secondary when security is at stake. I will ensure that more resources are made available to the military and other security agencies to prosecute the war against terrorism.

“As we mourn all the lives lost in Zabarmari, the Armed Forces have been given the marching order to take the fight to the insurgents, not on a one-off, but on a continuous basis, until we root out the terrorists.

“We will intensify our cooperation with neighbouring countries on bilateral and multilateral levels, to ensure that there is no hiding place for the terrorists.

“As I noted earlier, the massacre by Boko Haram in Zabarmari is nothing short of senseless, barbaric, gruesome and cowardly. It reinforces our resolve to root out all forms of insurgency and insecurity not just in Borno but everywhere across Nigeria.”

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Boko Haram Kills Rice Farmers in Borno State, Northeast Nigeria

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Rice farmers were killed on Saturday morning in the Northeast Nigeria by suspected Islamist militants, Boko Haram, according to a Reuters Report.

The report also noted that 30 of the people killed were beheaded while over a dozen others were still missing.

However, resident of the Zambarmari Village where the attacks took place said a total of 70 people were feared dead.

Another resident and Amnesty International were quoted as saying at least 10 women were among those missing.

In another statement by Edward Kallon, the United Nations’ humanitarian coordinator in Nigeria, it was armed men on motorcycles that led the brutal attack on civilians harvesting their fields.

Armed men on motorcycles led a brutal attack on civilian men and women who were harvesting their fields,” Edward Kallon stated.

“At least 110 civilians were ruthlessly killed and many others were wounded in this attack,” he added, noting that several women are believed to have been kidnapped.

“The incident is the most violent direct attack against innocent civilians this year. I call for the perpetrators of this heinous and senseless act to be brought to justice,” Kallon said.

On Sunday, Governor Babaganan Umara Zulum of Borno State, who was at the burial told journalists that at least 70 farmers were killed on Saturday.

The Governor, therefore, called on the Federal Government to recruit more Civilian Joint Task Force members, Soldiers and civil defence fighters to protect farmers in the region.

He added that people are facing desperate choices.

In one side, they stay at home they may be killed by hunger and starvation, on the other, they go out to their farmlands and risk getting killed by the insurgents,” he said.

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