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Oil Sustains Rally on U.S-Iran Sanctions

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  • 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.

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.

Education

FEC Approves N532m For UI Library Extension

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The Federal Executive Council (FEC) has approved N532 million for the construction and furnishing of the University of Ibadan library extension.

Alhaji Lai Mohammed, Minister of Information and Culture, briefed State House correspondents after the virtual FEC meeting presided over by Vice President Yemi Osinbajo on Wednesday at the Presidential Villa, Abuja.

“The Minister of Education also presented a memo for the award of contract for the construction and furnishing of the extension of the University of Ibadan library.

“The memo, which was approved, is at the cost of N532 million with a completion period of 48 weeks,’’ the minister said.

Mohammed hinted that the memo was well received because of the need to extend the library facility in the university.

He said that for many years, the library had needed real extension, given the surge in the students’ population.

According to him, the extension project will comprise two suspended floors, two online reading areas and three cubicles,

It will also include one physically challenged reading area, four seminar rooms and one reprographic unit.

Other facilities are six staff offices, one control room, a general room, stores, four e-libraries, a coffee room, a technical service room, a media unit room, one galaxy/exhibition room and a journal publication unit, in addition to two reading areas.

“The contract was awarded to the UYK Nigeria limited and it is to be delivered in 48 weeks,’’ Mohammed said.

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Sony Music Africa Launches New Business Skills Programme to Build the Next Generation of Female Music Leaders

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Sony Music Africa has partnered with not-for-profit pan-African women empowerment platform, The Women of Music Business (WOMB), to launch a new ‘masterclass’ training programme, supporting women working in the African music industry and helping to build the next generation of senior female music executives in the continent.

Founded by multi-award-winning singer, songwriter and music producer, Berita Khumalo, WOMB will support up to 30 female artists, producers and managers with a minimum of two years’ experience in the music industry from across Africa. Run in partnership the renowned WITS Business School based in Johannesburg, participants will participants will benefit from expert training in financial management, philanthropy and social investment, developing the skills needed to build sustainable careers and businesses in the Africa music industry within the context of social entrepreneurship. Candidates will also benefit from networking and insights that strengthen their role as a future music industry leader in Africa.

“We’re delighted to be partnering with Sony Music Africa on a programme that will have a lasting impact on the African music industry,” said WOMB Founder, Berita Khumalo. “Africa faces numerous economic, political and social challenges that require young people to approach the music business with a long-term view to better the continent. Knowledge on social entrepreneurship is particularly important in advancing women-led businesses in the music industry. So by better understanding investment and philanthropy, women participating in the programme will learn how to integrate music with social contribution to create a significant and lasting impact.”

 “More than ever before, women music entrepreneurs are breaking barriers, steering their own narratives, building their own teams and finding success,” added Sean Watson, Managing Director, Sony Music Africa.

“However, with gender disparity in the African music industry being a social and economic issue, there is much more to do and I applaud Berita on leading the way across the continent. We hope our support for targeted programmes like this will provide a real boost in helping empower women in the African music industry with the knowledge, skills and opportunities needed to succeed.”

 The programme is the latest in a series of global initiatives, launched through Sony Music Entertainment’s $100 Million Social Justice Fund, which focused on addressing social inequality and injustice around the world.

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Ramadan: Osinbajo Preaches Love, Kindness, Generosity

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Vice President Yemi Osinbajo has urged Muslim faithful in Nigeria to devote themselves to higher virtues of kindness, love and generosity towards one another as they observe Ramadan.

The vice president spoke with State House correspondents shortly after presiding over the Federal Executive Council (FEC) meeting on Wednesday at the Presidential Villa, Abuja.

Muslims in Nigeria on Tuesday joined their counterparts around the world to begin the 30 days Ramadan fasting.

“I must express my very sincere greetings to our Muslim brothers and sisters who have begun the Ramadan fast already.

“This is not just a time for abstinence from food, drink and other worldly pleasures; it is a time of rededication to the higher virtues — love, kindness, generosity, and consideration for others regardless of faith or ethnicity.

“And also for our nation, the time, I believe to recommit ourselves to unity, brotherhood, to peace and reconciliation in various ways so that our country will achieve all of the objectives that we set for ourselves.

“So, I wish our Muslim brothers and sisters a very happy period of Ramadan; Ramadan Kareem,” he said.

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