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OPEC Output Dips 1.5mbpd in September

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  • OPEC Output Dips 1.5mbpd in September

Crude oil production by the Organization of Petroleum Exporting Countries (OPEC) declined by 1.59 million barrels per day (mbpd) in September following Saudi Arabia’s drone attacks.

Crude production from the 14 members of the cartel plunged to 16 years low of 28.32 million a day in September, according to Bloomberg’s ship-tracking data.

Saudi Arabia, the largest exporter of crude oil, was attacked on September 14 by Iran-backed Houthi rebels in Yemen, erasing 5.7mbpd in crude oil production.

Brent crude oil rose by 20 percent immediately to about $68 a barrel before pulling back to $58 on Wednesday, below the federal government’s $60 benchmark for 2019.

While Saudi Arabia has been able to restore production to the preattack level, the uncertainty in the region continues to weigh on oil prices.

In the last four months, the Kingdom has been attacked twice and just this past weekend, Houthi rebels attacked another Saudi-mechanized column along the Yemen border, capturing hundreds of soldiers.

“Various Saudis I’ve spoken to raise the possibility that what is happening could be at the hands of elements inside the Saudi government that want to embarrass MbS because they see him as putting Saudi Arabia in a corner,” said Trita Parsi, executive vice president of the Quincy Institute. “If you were a Saudi, and you were concerned about the future of your country, I don’t think it’s difficult to draw the conclusion that MbS is your first obstacle.”

The September 14th attacks erased about 5 percent of global supply, any further attack on Saudi Arabia could disrupt global commodity outlook for the rest of the year and drag on global growth.

The risk to the region and global oil outlook has increased amid intermittent attacks on the Kingdom’s key facilities. Therefore, the world focus would be on the US-China trade negotiation for a rescue.

On September 25th, Saudi Arabia claimed to have restored output to 9.9mbpd, above the pre-attack level of 9.8mbpd.

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.

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Dangote Sugar Refinery Postpones Board Meeting Amid Social Unrest

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Dangote Sugar Refinery Has Postponed Board Meeting Scheduled for Today Amid Social Unrest

The management of Dangote Sugar Refinery Plc on Friday said they have decided to postpone the company’s board meeting scheduled to hold today October 23, 2020 to a date they will communicate soon.

The management said the decision was due to the ongoing precarious situation in the country, especially the attacks on various establishments since governor Sanwo-Olu imposed a 24-hour curfew on all parts of the state.

In a statement signed by the company secretary, Mrs. Temitope Hassan, Dangote Sugar Refinery said “Further to our announcement made on October 8, 2020, the Company wishes to notify the Exchange and the investing public that the meeting of the Board of Directors of the Company earlier scheduled to be held on Friday October 23, 2020 to consider the draft unaudited financial statement of the Company for the Q3 ended September 30, 2020 has been postponed in view of the current precarious situation in the country.

“The new date for the meeting will be communicated as soon as normalcy returns. The Closed Period which has already commenced will continue till 24 hours after the filling of the Results.

“No insider of the Company, including its Directors, Employees, Advisers and Consultants and their connected persons may deal directly or indirectly in the Shares of the Company during the Closed Period.

All Dangote Sugar Refinery Plc Insiders have been duly informed.”

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Put a Total Ban on Importation of Tomato Paste, Dangote Tells FG

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Dangote Calls for a Complete Ban on Importation of Tomato Paste

Dangote Tomato Processing company has called on the Federal Government to put a complete ban on importation of tomato paste into the country.

Abdulkarim Kaita, the Managing Director, Dangote Tomato Processing Plant situated in Kadawa, Kano State, made the call while flagging off the distribution of tomato seedlings to 5,000 farmers under the Central Bank of Nigeria’s Anchor Borrowers programme.

Kaita, who said the company was working with the CBN to provide tomato farmers with high yield seeds that would allow them to produce a minimum of 40 tons per hectare, said “We are appealing to the Federal Government to put a total ban on the importation of tomato like what it did to rice.”

Kaita said the call was important to deepen local production of tomato and ensure the country was self-sufficient in tomato production.

Speaking further, he said a complete ban of tomato past importation would lead to more investment in the industry and foster growth of processing plants, a move that would increase job creation opportunities for many people in the country.

“It is only by putting a total ban on tomato importation that the government can encourage farmers to grow the commodity for the country to be self-sufficient,” he said.

He added that “There are 12 major tomato producing states in the country which if fully cultivated, in the next one year Nigeria will be able to start exporting tomato.”

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Livestock Feeds Appoints Adegboyega Adedeji as Substantive Managing Director

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Adegboyega Adedeji is the Substantive Managing Director

Livestock Feeds Plc on Monday announced it has appointed Mr. Adegboyega Adedeji as the company’s substantive Managing Director, effective from 2nd October 2020.

In a statement released on the Nigerian Stock Exchange (NSE), the company said Mr. Adedeji was the Acting Managing Director of the Company before he was appointed as the Managing Director.

It added that Mr. Adedeji was “formerly the General Manager, Sales and Operations responsible for all sales activities and the strategic development of the Company’s markets, along with new products portfolio generation and development.”

He graduated from the famous Obafemi Awolowo University, Ile-Ife in 1996 and had his MBA from the University of Roehampton, UK in 2018.

He worked with Grand Cereals Limited as Regional Sales Manager before becoming their procurement manager. He moved to UACN Plc in 2007 as the Training Services Manager, a position held till September 2009 before he was transferred to UAC Restaurant.

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