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EU States to Return Migrants to Greece From March

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APTOPIX Europe Migrants
  • 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/Founder of Investors King Limited. A proven foreign exchange research analyst and a published author on Yahoo Finance, Businessinsider, Nasdaq, Entrepreneur.com, Investorplace, and many more. He has over two decades of experience in global financial markets.

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Crude Oil

Oil Prices Decline for Third Consecutive Day on Weaker Economic Data and Inventory Concerns

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Crude Oil

Oil prices extended their decline for the third consecutive day on Wednesday as concerns over weaker economic data and increasing commercial inventories in the United States weighed on oil outlook.

Brent oil, against which Nigerian oil is priced, dropped by 51 cents to $89.51 per barrel, while U.S. West Texas Intermediate crude oil fell by 41 cents to $84.95 a barrel.

The softening of oil prices this week reflects the impact of economic headwinds on global demand, dampening the gains typically seen from geopolitical tensions.

Market observers are closely monitoring how Israel might respond to Iran’s recent attack, though analysts suggest that this event may not significantly affect Iran’s oil exports.

John Evans, an oil broker at PVM, remarked on the situation, noting that oil prices are readjusting after factoring in a “war premium” and facing setbacks in hopes for interest rate cuts.

The anticipation for interest rate cuts received a blow as top U.S. Federal Reserve officials, including Chair Jerome Powell, refrained from providing guidance on the timing of such cuts. This dashed investors’ expectations for significant reductions in borrowing costs this year.

Similarly, Britain’s slower-than-expected inflation rate in March hinted at a delay in the Bank of England’s rate cut, while inflation across the euro zone suggested a potential rate cut by the European Central Bank in June.

Meanwhile, concerns about U.S. crude inventories persist, with a Reuters poll indicating a rise of about 1.4 million barrels last week. Official data from the Energy Information Administration is awaited, scheduled for release on Wednesday.

Adding to the mix, Tengizchevroil announced plans for maintenance at one of six production trains at the Tengiz oilfield in Kazakhstan in May, further influencing market sentiment.

As the oil market navigates through a landscape of economic indicators and geopolitical events, investors remain vigilant for cues that could dictate future price movements.

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Commodities

Dangote Refinery Cuts Diesel Price to ₦1,000 Amid Economic Boost

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Aliko Dangote - Investors King

Dangote Petroleum Refinery has reduced the price of diesel from ₦1200 to ₦1,000 per litre.

This price adjustment is in response to the demand of oil marketers, who last week clamoured for a lower price.

Just three weeks ago, the refinery had already made waves by lowering the price of diesel to ₦1,200 per litre, a 30% reduction from the previous market price of around ₦1,600 per litre.

Now, with the latest reduction to ₦1,000 per litre, Dangote Refinery is demonstrating its commitment to providing accessible and affordable fuel to consumers across the country.

This move is expected to have far-reaching implications for Nigeria’s economy, particularly in tackling high inflation rates and promoting economic stability.

Aliko Dangote, Africa’s richest man and the owner of the refinery, expressed confidence that the reduction in diesel prices would contribute to a drop in inflation, offering hope for improved economic conditions.

Dangote stated that the Nigerian people have demonstrated patience amidst economic challenges, and he believes that this reduction in diesel prices is a step in the right direction.

He pointed out the aggressive devaluation of the naira, which has significantly impacted the country’s economy, and sees the price reduction as a positive development that will benefit Nigerians.

With this latest move, Dangote Refinery is not only reshaping the fuel market but also reaffirming its commitment to driving positive change and progress in Nigeria.

The reduction in diesel prices is expected to provide relief to consumers, businesses, and various sectors of the economy, paving the way for a brighter and more prosperous future.

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Crude Oil

IEA Cuts 2024 Oil Demand Growth Forecast by 100,000 Barrels per Day

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Crude Oil

The International Energy Agency (IEA) has reduced its forecast for global oil demand growth in 2024 by 100,000 barrels per day (bpd).

The agency cited a sluggish start to the year in developed economies as a key factor contributing to the downward revision.

According to the latest Oil Market Report released by the IEA, global oil consumption has continued to experience a slowdown in growth momentum with first-quarter growth estimated at 1.6 million bpd.

This figure falls short of the IEA’s previous forecast by 120,000 bpd, indicating a more sluggish demand recovery than anticipated.

With much of the post-Covid rebound already realized, the IEA now projects global oil demand to grow by 1.2 million bpd in 2024.

Furthermore, growth is expected to decelerate further to 1.1 million bpd in the following year, reflecting ongoing challenges in the market.

This revision comes just a month after the IEA had raised its outlook for 2024 oil demand growth by 110,000 bpd from its February report.

At that time, the agency had expected demand growth to reach 1.3 million bpd for 2024, indicating a more optimistic outlook compared to the current revision.

The IEA’s latest demand growth estimates diverge significantly from those of the Organization of the Petroleum Exporting Countries (OPEC). While the IEA projects modest growth, OPEC maintains its forecast of robust global oil demand growth of 2.2 million bpd for 2024, consistent with its previous assessment.

However, uncertainties loom over the global oil market, particularly due to geopolitical tensions and supply disruptions.

The IEA has highlighted the impact of drone attacks from Ukraine on Russian refineries, which could potentially disrupt fuel markets globally.

Up to 600,000 bpd of Russia’s refinery capacity could be offline in the second quarter due to these attacks, according to the IEA’s assessment.

Furthermore, unplanned outages in Europe and tepid Chinese activity have contributed to a lowered forecast of global refinery throughputs for 2024.

The IEA now anticipates refinery throughputs to rise by 1 million bpd to 83.3 million bpd, reflecting the challenges facing the refining sector.

The situation has raised concerns among policymakers, with the United States expressing worries over the impact of Ukrainian drone strikes on Russian oil refineries.

There are fears that these attacks could lead to retaliatory measures from Russia and result in higher international oil prices.

As the global oil market navigates through these challenges, stakeholders will closely monitor developments and adjust their strategies accordingly to adapt to the evolving landscape.

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