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Oil Sustains Rally on U.S-Iran Sanctions

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Oil Prices - Investors King
  • Oil Sustains Rally on U.S-Iran Sanctions

Crude oil sustained its four-year high on Tuesday, boosted by possible U.S. sanctions on Iranian exports and the refusal of OPEC and Russia to increase output to fill the gap.

The Brent crude oil gained 89 cents to peaked at $82.52 a barrel at 4:30 p.m. Nigerian time, before pulling back to $81.94.

UKOilWeeklyU.S crude, West Texas Intermediate, gained 37 cents at $72.45 a barrel to reach the highest since mid-July.

Experts expect the United States to target Iran’s oil exports with sanctions from November 4, while applying pressure on companies and governments dealing with Iran to fall in line and cut purchases.

President Trump, who is due to address the U.N. General Assembly later today, said: “I’m not meeting with them until they change their tune. It will happen. I believe they have no choice. We look forward to having a great relationship with Iran, but it won’t happen now.”

The sanctions are expected to hurt Iran’s crude exports and weaken its economic productivity.

Harry Tchilinguirian, head of commodity markets strategy at French bank BNP Paribas, during an interview with Reuters, said: “Iran will lose sizeable export volumes, and given OPEC+ reluctance to raise output, the market is ill-equipped to fill the supply gap.”

However, Mohammad Barkindo, secretary general of the Organization of the Petroleum Exporting Countries (OPEC), said it is imperative for the cartel and its partners to cooperate so it will not “fall from one crisis to another”. Meaning, OPEC at some point might fall in line and increase supply as demanded by President Trump on Saturday.

Global oil demand is expected to grow by 1.4 million barrels per day (bpd) in 2018 and 1.5 million bpd in 2019, according to the International Energy Agency recent forecast.

Therefore, if OPEC and partners fail to raise output going into the fourth quarter of the year, oil price might rise to $90 a barrel by Christmas, when Iranian exports would have stopped, and $100 in the New Year.

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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BREAKING: Sowore Released Few Minutes After His Arrest at MMA

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Omoyele Sowore - Investors King

Nigerian activist and former presidential candidate Omoyele Sowore was briefly detained by the Department of State Services (DSS) this morning at Murtala Muhammed International Airport in Lagos upon his return from the United States.

His passport was confiscated as part of a broader crackdown by the government in light of planned protests under the #EndBadGovernance protest. However, after a short period, Sowore was released.

“I have just been released. My passport and everything have been returned to me,” Sowore told reporters after his release.

Sowore had been with his family in the United States.

His flight left the Washington Dulles International Airport at 6.14 EDT and arrived in Lagos at around 9.43 WAT.

More Details Shortly…

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FG Begins Distribution of CNG Conversion Kits to Ogun Commercial Drivers

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The Presidential Compressed Natural Gas Initiative (P-CNGi) on Saturday began inspection, distribution and installation of CNG kits to commercial motorists in Ogun.

Five hundred CNG cylinders and kits were distributed to three centres in the state.

Speaking at one of the conversion centres in Abeokuta, Olugboyegba Ademehin, the director of Vehicle Inspection Services at the state Ministry of Transportation, said the main concern was to first inspect vehicles fit for conversion.

Mr Ademehin said any vehicle certified okay for conversion would be given a kit for onward conversion.

He said 60 cylinders, comprising 10 units of 75 litres and 50 units of 65 litres cylinder kits, would be distributed at the Ogun Public Works Agency, Agbeloba Centre.

According to him, the 75-litre cylinder can cover up to 150 kilometres of a journey.

He said the centre would cater for other public members in the coming months.

Speaking on safety, Mr Ademehin said the cylinders were moulded and not welded, hence, the thickness, which assured of its strength and fireproof properties.

He said the cylinders, with 60 millimetres thickness, had been certified by the Standards Organisation of Nigeria (SON).

The director said there were two filling stations for the CNG in Abeokuta.

“We, in Ogun state, through the initiative of the governor, have begun conversion before now because we prioritise the cleaner environment, and that is why we have our CNG buses that have been plying the city.

“We didn’t even know that petrol would be this expensive, and CNG is cheap and cost-effective for motorists, and of course, eases transportation costs for the masses,” he said.

Also speaking, Ali, the operations manager of Nigerian Gas and Transport Solutions Ltd., noted that the gas industry was still underutilised in Nigeria.

Mr Manager expressed optimism that the CNG initiative would ensure that the country maximised the potential of natural gas resources.

In his remarks, Ismail Adewale, chairman of the National Union of Transport Workers (NURTW) in Ogun, commended the federal government for the initiative.

(NAN)

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Ethiopian Airlines Expands African Reach with a New Port Sudan Service

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Ethiopian Airlines is delighted to announce the launch of a daily flight service to Port Sudan, Sudan, commencing on October 15, 2024.

This strategic expansion further strengthens Ethiopian’s commitment to enhancing connectivity across the African continent and beyond, fostering regional socio-economic growth and facilitating trade and tourism.

The new route will provide seamless travel options for passengers traveling between Ethiopia and Sudan, as well as connecting travelers from across the vast Ethiopian Airlines network to this significant Red Sea port city.

The introduction of this service underscores Ethiopian’s dedication to serving the evolving needs of the African market and contributing to the continent’s economic development. By connecting Port Sudan to
its extensive global network, Ethiopian Airlines aims to unlock new opportunities for businesses, travelers, and communities, promoting cross-border collaboration and cultural exchange.

The inaugural flight, ET350, will depart from Addis Ababa at 11:00 and arrive in Port Sudan at 12:15. The return flight, ET 351, will leave Port Sudan at 14:15, arriving back in Addis Ababa at 17:30. Both flights will be operated by the state-of-the-art Boeing 737 Max aircraft, ensuring a comfortable and reliable journey.

“We are pleased to connect our Sudanese brothers and sisters from Port Sudan to Addis Ababa,
and to the rest of the world using our extensive global network,” says Mesfin Tasew, Group CEO of Ethiopian Airlines.

“By introducing daily flights to Port Sudan, we are bridging cultures and economies. This expansion is a testament to our unwavering dedication to serve our continent and its people, driving progress and prosperity through the skies.”

With the inclusion of Port Sudan, Ethiopian Airlines expands its network to 66 destinations within Africa. The inauguration of this new route emphasizes Ethiopian Airlines’ dedication to broadening its presence throughout Africa, while simultaneously enhancing connectivity for both business and leisure travelers.

Port Sudan, a city strategically situated along the Red Sea, acts as an essential center for commerce and economics in the region. This development offers a gateway to the diverse cultural
history and burgeoning economic prospects of Sudan.

Ethiopian Airlines invites passengers to experience the warmth and hospitality of its newest destination, Port Sudan. Book your journey today and be part of the growth story that is Ethiopian Airlines – the New Spirit of Africa.

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