- NBS: Four Million Electricity Users Don’t Have Meters
No fewer than 4.1 million of about 7.5 million Nigerians with access to electricity across the country are not meterd by the distribution companies, the National Bureau of Statistics (NBS) has said.
The NBS, in its ‘Power Sector Report: Energy Generated and Sent Out and Consumed and Load Allocation,’ for the last quarter of 2017, noted that only 46.16 per cent of the total electricity consumers were captured to have been metered, with over half of them remaining unmetered.
According to the report, the Benin disco represented the highest percentage of metered customers with 69 per cent of electricity users in the state.
Eko disco has 60.73 per cent and Ikeja disco with 55.95 per cent came second and third respectively while Yola and Enugu discos posted the least percentage of customers metered with 23.61 per cent and 27.72 per cent respectively.
The NBS’ report shows that the Benin disco had a total number of 535,935 metered customers from 771,226 electricity users, Abuja disco 450,044 metered customers from 862,696 electricity users.
Eko disco had 442,201 electricity users with 268,558 metered customers, Enugu had 224,444 metered customers from 809,829 electricity users, Kano had 162,664 metered customers from a total of 472,453 electricity users, Port Harcourt had 237,188 metered customers from 488,600 electricity users and Yola had 69,282 metered customers from 293,473 electricity users.
According to the NBS, daily energy generation attained, a peak of 105,152mwh on December 8, 2017 with thermal stations generating 84,026mwh while the hydro stations generated 21, 126 megawatts per hour (mwh) and total average of 94,627mwh of energy generated daily by power stations during the period.
The lowest energy generated in the quarter was 73,246mwh as against the previous quarter of 56,486mwh generated daily, s figure which was attained in October 2017.
In the reference period, thermal stations generated 55,941mwh while the hydro stations generated the 17,305mwh.
Oil Prices News: Oil Gains Following Drops in US Crude Inventories
Oil Prices Gain Following Drops in US Crude Inventories and OPEC High Compliance Level
Global oil prices extended their 2 percent gains on Thursday after data showed U.S crude oil inventories declined last week.
The price of Brent crude oil, against which Nigerian oil is measured, gained 0.2 percent or 7 cents to $43.39 a barrel as at 12:10 pm Nigerian time. While the U.S. West Texas Intermediate (WTI) crude appreciated by 8 cent or 0.2 percent to $41.12 barrels.
Oil prices extended their three days gain after the American Petroleum Institute said the U.S crude inventories declined by 5.4 million barrels in the week ended October 9.
The report released after the market closed on Wednesday revealed that distillate stockpiles, which include diesel and heating oil, declined by 3.9 million barrels. Those stated drawdowns almost double analysts’ projections for the week.
“Much of the fall is due to the effects of Hurricane Delta shuttering U.S. production in the Gulf of Mexico, and as such, will be a transitory effect,” said Jeffrey Halley, senior market analyst, Asia Pacific at OANDA.
“Therefore, I am not getting too excited that a turn of direction is upon markets, although both contracts are approaching important technical resistance regions.”
Also, the report that the Organization of the Petroleum Exporting Countries (OPEC) and its allies, referred to as OPEC+ attained 102 percent compliance level with their oil production cuts agreements bolstered global oil outlook. Suggesting that demands for the commodity are likely not growing and could drag down prices in few weeks, especially when one factor in the reopening of Libya’s Sharara oil field, workers returning to operation in Norway and the Gulf of Mexico.
Oil Prices Gain on Tuesday Despite Expected Surge in Global Oil Supplies
Oil Prices Rise Despite Expected Surge in Global Oil Supplies
Oil prices gained on Tuesday despite Libya opening Sharara oil field for production, labour in Norway reaching an agreement with oil firms to return back to work and oil workers in the U.S returning to the Gulf of Mexico region after the Hurrican Delta.
Brent crude oil, against which Nigerian oil price is measured, gained 1.77 percent to $42.46 per barrel as at 11:15 am Nigerian time on Tuesday.
While the US West Texas Intermediate (WTI) crude oil gained 2 percent to close at $40.22 per barrel.
The improvement in prices was after oil prices plunged as much as 3 percent on Monday following a resolution reached by Libyan rebels and government to commence oil production at the nation’s largest oil field, Sharara Oil Field.
This coupled with labour agreement with oil firms in Norway was expected to boost global oil supplies and eventually weighed on prices and disrupt OPEC+ production cuts strategy.
However, prices surged after Nancy Pelosi said she would commence talks on $1.8 trillion stimulus package following President Trump’s return to the White House after he was rushed to hospital following a positive COVID-19 test.
Joe Biden Win Could Boost Oil Prices, Says Goldman Sachs
Oil Prices to Surge Once Joe Biden Wins -Goldman Sachs
Goldman Sachs, one of the world’s largest investment banks, has said Joe Biden win could boost global oil prices despite weak global economic outlook and COVID-19 negative impacts on the world’s growth.
The investment bank, however, remains bullish on both oil and gas prices regardless of the election outcome in November.
The bank sees oil and gas demand rising enough in 2021 to supersede election results but explained that Biden win could bolster prices by making production more expensive and more regulated for producers in the U.S.
In a note written by the bank’s commodities team on Sunday, it said “We do not expect the upcoming U.S. elections to derail our bullish forecasts for oil and gas prices, with a Blue Wave likely to be in fact a positive catalyst.”
“Headwinds to U.S. oil and gas production would rise further under a Joe Biden administration, even if the candidate has struck a centrist tone.”
Goldman Sachs explained that if incumbent, Trump, is re-elected with pro-oil and gas policies in place that “its impact would likely remain modest at best,” Goldman’s analysts wrote, “given the more powerful shift in investor focus to incorporate ESG metrics and the associated corporate capex re-allocation away from fossil fuels.”
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