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US-Iran Disagreements, US Crude Inventories Pushes Crude Oil to $79

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Petrol - Investors King
  • US-Iran Disagreements, US Crude Inventories Pushes Crude Oil to $79

Oil price rose above $79 a barrel on Wednesday after a report of declines in U.S. crude inventories and US sanctions against Iran raised expectations of limited global supply in the near term.

Brent crude oil, against which Nigeria’s crude oil is measured, climbed 0.6 percent to $79.64 a barrel as at 2:0 am Nigerian time. Brent crude has now gained for four straight days, rising 2.2 percent in the last two days.

U.S. West Texas Intermediate rose 0.9 percent to $69.84 per barrel on Wednesday to bring its total gains from previous trading session to 2.5 percent.

Earlier this year, the US pulled out of the agreement signed by six world powers and Iran in an effort to limit Iran’s reach and possible diplomatic role in its region. The Donald Trump-led administration has threatened to sanction and compel his allies to stop any business transactions with the embattled nation.

While some members of the six nations have met with President Trump to discuss how to better handle the situation, President Trump has turned them all down and insisted on a completely new agreement if Iran must avoid sanctions and eventual economic collapse.

The possibility of limited global supplies if the US sanctioned Iran in November propped up global crude oil prices, especially now that oil-producing nations like Venezuela, Libya are unlikely to up their production level due to series of political and economic issues.

Again, the report that the US Crude inventories likely fell by 8.6 million barrels in the week ended September 7 to 395.9 million barrels, by the American Petroleum Institute (API), also contributed to the jump in price.

The official figure will be published later on Wednesday by the U.S. Energy Information Administration (EIA).

UKOilWeekly

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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Travel

Max Air Flight Suffers Multiple Tyre Bursts, Passengers Safe

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Max Air

A Max Air flight carrying 119 passengers and six crew members from Yola to Abuja experienced a rare tyre malfunction during takeoff.

The Boeing 737, flight NGL1649, encountered an issue when four of its tyres burst, leading to an emergency halt on the runway.

The Director of Public Affairs and Consumer Protection at the Nigerian Safety Investigation Bureau (NSIB), Bimbo Olawumi Oladeji, confirmed the incident.

She stated that as the aircraft began its takeoff roll, a loud bang was heard, identified as the bursting of the rear gear tyres.

Initially, two tyres burst, and while attempting to taxi off the runway, the remaining two tyres also burst, leaving the aircraft disabled.

Glory be to God, no injuries were reported among the passengers or crew, thanks to the quick response and professionalism of the flight team.

A go-team, led by NSIB Director General Alex Badeh, is set to conduct a thorough investigation into the incident to determine the cause of the malfunction.

This investigation aims to ensure the continued safety and reliability of air travel in the region.

Max Air has expressed gratitude for the cooperation and calmness of all passengers during the incident and assured the public of their commitment to maintaining high safety standards.

The airline is working closely with authorities to address any potential issues and prevent future occurrences.

As investigations proceed, the aviation community remains focused on learning from the event to enhance safety protocols and maintain passenger confidence in air travel across Nigeria.

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Nigerians Increasingly Reject Bribe Demands, Reports NBS

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Bribery

70% of Nigerians reportedly refused to pay bribes on at least one occasion in 2023, according to a report by the National Bureau of Statistics (NBS).

The report, titled “Corruption in Nigeria: Patterns and Trends,” highlights the growing resistance to bribery among citizens.

The study found that 42% of Nigerians cited moral objections as their primary reason for refusing bribes.

Also, 23% were motivated by the pressures of the rising cost of living, while 21% had alternative ways to achieve their goals without resorting to corruption.

The report noted the highest bribery refusal rate in the North-West, where 76% of individuals resisted paying bribes.

All regions across the country recorded refusal rates exceeding 60%, indicating a nationwide trend towards rejecting corruption.

Public tolerance for bribery has also diminished, with only 23% of Nigerians considering bribery acceptable for expediting administrative processes, down from 29% in 2019.

Furthermore, fewer citizens reported facing negative consequences for refusing bribes, with figures dropping from 49% in 2019 to 38% in 2023.

This suggests a growing empowerment among Nigerians to challenge corrupt officials without fear of retaliation.

Despite these positive trends, the NBS report highlighted that over N700 billion was still paid in cash bribes to public officials in 2023.

Corruption remains the fourth most pressing issue in the country, following the cost of living, insecurity, and unemployment.

The report also underscored a decline in public confidence in the government’s anti-corruption efforts.

In 2019, more than half of Nigerians believed the government was effective in combating corruption, but by 2023, this confidence had fallen to less than a third.

The NBS findings offer a glimmer of hope for Nigeria’s fight against corruption, showcasing a public increasingly willing to stand up against bribery and demand accountability from their leaders.

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Travel

High Altitude, Higher Prices: Domestic Airfares Jump 150%

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Arik Airplane - Investors King

Nigerian air travelers are reeling from a dramatic increase in domestic airfares with prices skyrocketing by 150% over the past year.

This surge has forced many passengers to reconsider their travel options, opting for road transport despite the risks involved.

Passengers like Dare Adepoju, who frequently commutes between Lagos and Abuja for business and family visits, have expressed frustration.

“It’s unsustainable,” he lamented. “With flights nearing N200,000 for just an hour, I’m exhausted.”

Social media is abuzz with similar sentiments. Akinloa Adejuwon tweeted about the tough choice between costly flights and unsafe roads, highlighting the dire situation many Nigerians face.

The fare increase is attributed to a limited number of operational aircraft. Airline Operators of Nigeria revealed that many planes are grounded due to maintenance needs and lack of access to foreign exchange for repairs.

The current situation sees airlines like Ibom Air and Air Peace charging up to N238,000 for a one-way ticket between major cities.

This price jump, from about N51,000 last year, reflects the severe challenges the industry faces.

Capt. Roland Iyayi, a senior member of the Airline Operators of Nigeria, pointed to the shortage of aircraft as a primary cause.

“Making forex available to airlines is crucial for resolving this crisis,” he stated.

As the industry grapples with these challenges, passengers continue to hope for relief. The aviation sector’s future hinges on addressing these issues, ensuring safe and affordable travel for all Nigerians.

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