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EU States to Return Migrants to Greece From March

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  • EU States to Return Migrants to Greece From March

The EU recommended Thursday that member states resume sending asylum seekers back to Greece from March next year, after transfers were halted for five years because of poor conditions there.

Brussels said it was a key step towards restoring the European Union’s migration policies and the passport-free Schengen zone, which nearly collapsed under the pressure of the 2015 migrant crisis.

But rights group Amnesty International said it was “outrageously hypocritical” to put pressure on Greece when it had borne the lion’s share of the more than one million migrants who have flooded into the EU.

“We are recommending the gradual resumption of Dublin transfers of asylum seekers starting next year” from March 15, EU Migration Commissioner Dimitris Avramopoulos told a press conference.

Avramopoulos said Athens had made “significant progress” in improving conditions for asylum seekers in line with 2011 court rulings, which had suspended transfers because of “degrading” conditions at time in Greece.

The commissioner, who is Greek, insisted there would be a “very small number of people” going back to Greece as a result of the change announced Thursday.

Only people who move countries from Greece after March 15 will be affected, while unaccompanied minors and vulnerable people will be excluded, he added.

Greece and Italy have been the first point of entry for most of the more than one million migrants who have entered the bloc since 2015 fleeing war and poverty in the Middle East and Africa.

– ‘Outrageously hypocritical’ –

Under the EU’s Dublin asylum rules, the country where a migrant first lands must first process their asylum request, and must also take them back if they travel to other countries in the 28-nation bloc.

But many of those who landed in Greece moved on to richer northern countries like Germany, especially after Chancellor Angela Merkel opened the door to all Syrian refugees.

In turn, that huge pressure on transit countries, leading to many to bring back border controls and effectively suspending free movement in the Schengen area.

Merkel led calls to overhaul what she called the “obsolete” asylum system, and Brussels has since pushed all EU countries to share the migrant burden, while sending aid to Greece.

But there has been heavy opposition from Eastern Europe and a scheme to relocate 160,000 refugees from Greece and Italy around the bloc has moved at a snail’s pace with only 8,162 having moved so far.

Greece is however benefiting from an deal with EU membership-candidate Turkey which has drastically cut the number of refugees and migrants making the dangerous sea crossing to the Greek islands.

Crossing have dropped to 90 a day from 1,740 before the March 20 EU-Turkey deal, the European Commission said.

Under the deal, 748 people, including 95 Syrians, have been returned from Greece to Turkey since March 20, while 2,761 Syrian refugees have been resettled from Turkey to Europe.

Turkish President Recep Tayyip Erdogan has however threatened to sink the deal amid tensions with Europe.

Amnesty’s Iverna McGowan slammed the commission for implying that Greece alone is to blame for the poor conditions.

“It seems that for the European Commission all roads for refugees lead to Greece,” McGowan said in statement.

“It is outrageously hypocritical of the European Commission to insinuate that Greece alone is to blame for dire conditions, when the overcrowding and insecure climate on the Greek islands are for the most part caused by the EU-Turkey deal,” she said.

The conditions — including overcrowding, freezing temperatures and violence — were compounded by a “lack of solidarity from other EU countries to relocate people”, she added.

Is the CEO and Founder of Investors King Limited. He is a seasoned foreign exchange research analyst and a published author on Yahoo Finance, Business Insider, Nasdaq, Entrepreneur.com, Investorplace, and other prominent platforms. With over two decades of experience in global financial markets, Olukoya is well-recognized in the industry.

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Crude Oil

Oil Prices Surge as Hurricane Threat Looms Over U.S. Gulf Coast

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Oil jumped in Asian trading on Monday as a potential hurricane system approached the U.S. Gulf Coast, and as markets recovered from a selloff following weaker-than-expected U.S. jobs data on Friday.

West Texas Intermediate crude oil rose 72 cents, or 1.06%, to $68.39 a barrel while Brent crude oil was up 71 cents, or 1%, at $71.77 a barrel.

Prices had gained as much as $1 during early Asian trading before pulling back.

Analysts said the bounce was in part a reaction to a potential hurricane in the U.S. Gulf Coast.

A weather system in the southwestern Gulf of Mexico is forecast to become a hurricane before it reaches the northwestern U.S. Gulf Coast, the U.S. National Hurricane Center said on Sunday.

The U.S. Gulf Coast accounts for some 60% of U.S. refining capacity.

“Sentiment recovered somewhat from last week’s selloff,” said independent market analyst Tina Teng.

At the Friday close, Brent had dropped 10% on the week to the lowest level since December 2021, while WTI fell 8% to its lowest close since June 2023 on weak jobs data in the U.S.

A highly anticipated U.S. government jobs report showed nonfarm payrolls increased less than market watchers had expected in August, rising by 142,000, and the July figure was downwardly revised to an increase of 89,000, which was the smallest gain since an outright decline in December 2020.

A decline in the jobless rate points to the Federal Reserve cutting interest rates by just 25 basis points this month rather than a half-point rate cut, analysts said.

Lower interest rates typically increase oil demand by spurring economic growth and making oil cheaper for holders of non-dollar currencies.

But weak demand continued to cap price gains.

The weakness in China is driven by economic slowdown and inventory destocking, Jeff Currie, chief strategy officer of energy pathways at U.S. investment giant Carlyle Group, told the APPEC energy conference in Singapore on Monday.

Refining margins in Asia have slipped to their lowest seasonal levels since 2020 on weak demand from the two largest economies.

Fuel oil exports to the U.S. Gulf Coast fell to the lowest level since January 2019 last month on weaker refining margins.

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Crude Oil

Oil Prices Rebound on OPEC+ Output Delay Talks and U.S. Inventory Drop

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Oil prices made a modest recovery on Thursday on the expectations that OPEC+ may delay planned production increases and the drop in U.S. crude inventories.

Brent crude oil, against which Nigerian oil is priced, rose by 66 cents, or 0.9% to $73.36 per barrel while U.S. West Texas Intermediate (WTI) crude appreciated by 64 cents or 0.9% to $69.84 per barrel.

The rebound in oil prices was a result of the American Petroleum Institute (API) report that revealed that the U.S. crude oil inventories had fallen by a surprising 7.431 million barrels last week, against analysts 1 million barrel decline projection.

The decline signals better than projected demand for the commodity in the United States of America and offers some relief for traders on global demand.

John Evans, an analyst at PVM Oil Associates, attributed the rebound in crude oil prices to the API report.

He said, “There is a pause of breath and light reprieve for oil prices.”

Also, discussions within the Organization of the Petroleum Exporting Countries (OPEC) and its allies, collectively known as OPEC+, are fueling speculation about a potential delay in planned output increases.

The group was initially expected to increase production by 180,000 a day in October 2024.

However, concerns over softening demand in China and potential developments in Libya’s oil production have prompted the group to reconsider its strategy.

Despite the recent rebound, analysts caution that lingering uncertainties around global oil demand may continue to weigh on prices in the near term.

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Energy

Power Generation Surges to 5,313 MW, But Distribution Issues Persist

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Nigeria’s power generation continues to get better under the leadership of President Bola Ahmed Tinubu.

According to the latest statement released by Bolaji Tunji, the media aide to the Minister of Power, Adebayo Adelabu, power generation surged to a three-year high of 5,313 megawatts (MW).

“The national grid on Monday hit a record high of 5,313MW, a record high in the last three years,” the statement disclosed.

Reacting to this, the Minister of Power, Adebayo Adelabu, called on power distribution companies to take more energy to prevent grid collapse as the grid’s frequency drops when power is produced and not picked by the Discos.

He added that efforts would be made to encourage industries to purchase bulk energy.

However, a top official of one of the Discos was quoted as saying that the power companies were finding it difficult to pick the extra energy produced by generation companies because they were not happy with the tariff on other bands apart from Band A.

“As it is now, we are operating at a loss. Yes, they supply more power but this problem could be solved with improved tariff for the other bands and more meter penetration to recover the cost,” the Disco official, who pleaded not to be named due to lack of authorisation to speak on the matter, said.

On Saturday, the ministry said power generation that peaked at 5,170MW was ramped down by 1,400MW due to Discos’ energy rejection.

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