Items filtered by date: Thursday, 19 July 2018
The United State (U.S) product imports from the Organisation of the Petroleum Exporting Countries (OPEC) member countries dropped by 23 thousand barrels per day (tbpd) compared to a month before to stand at 301 tbpd.
Besides, OPEC has raised world oil demand by 1.65 million barrels per day (mbpd) in 2018 in its July monthly market report, unchanged from the previous month’s report, with expectations for total world consumption at 98.85 mbpd.
 
According to OPEC in its July oil market report, this represents a 14 per cent share of total US product imports.
 
In terms of the product supplier share, Canada and Russia maintained their position as first and second supplier to the US with shares of 25 per cent and 10 per cent, respectively.
 
However, imports from both countries were lower than the previous month by 121 tbpd and 86 tbpd, respectively.
 
India was the third largest product supplier to the US, up by 65 tbpd from the previous month.
 
Canada remained the top supplier to the US in April, accounting for 45 per cent of total U.S. crude imports.
 
Canada’s crude exports to the U.S. were up by 6 per cent, or 199 tbpd, compared to the previous month.
 
Saudi Arabia was the second largest supplier to the US with an 11 per cent share of total crude imports, closely followed by Iraq at 10 per cent.
 
Imports from Saudi Arabia were 138 tbpd higher m-o-m, while imports from Iraq were up by 122 tbpd.
 
Crude imports from OPEC Member Countries rose in April by 712 tbpd, or 28 per cent, compared to the previous month.
 
Imports from OPEC Member Countries accounted for 39 per cent of total US crude imports.
 
On crude oil demand projection, OPEC said the initial projection for 2019 indicates a global increase of around 1.45 mbpd, with annual average global consumption anticipated to surpass the 100 mbpd threshold.
 
Based on the first forecast for demand and non-OPEC supply for the year 2019, the demand for OPEC-15 crude next year is projected to decline by 0.8 mbpd to average 32.2 mbpd.
 
The Organisation for Economic Co-operation and Development (OECD) is once again expected to remain in positive territory, registering a rise of 0.27 mbpd with the bulk of gains originating in OECD America.
 
It noted that the non-OECD region is anticipated to lead oil demand growth in 2019 with initial projections indicating an increase of around 1.18 mbpd, most of which is attributed to China and India.
 
Additionally, a steady acceleration in oil demand growth is projected in Latin America and the Middle East.
 
According to secondary sources, OPEC crude production averaged 32.4 mbpd in first quarter of 2018, which is 0.1 mbpd higher than the demand for OPEC crude.
 
The report stated that in the second quarter, OPEC crude production stood at 32.2 mbpd, which is 0.3 mbpd lower than the demand for OPEC crude.
 
Source: The Business Insider
Published in Business

Roses and champagne have been given to passengers on the first commercial flight between Ethiopia and Eritrea in 20 years.

Ethiopian Airlines said its "bird of peace" flew to Eritrea, after the end of the "state of war".

Passengers sang and danced in the aisles during the 60-minute flight. But they wept once they landed in Eritrea's capital Asmara, as they met relatives and friends for the first time since the 1998-2000 border war.

This led to the closure of air and road travel between the two nations.

Ethiopia's Prime Minister Abiy Ahmed has spearheaded a peace process with Eritrea since he took office in April. He signed a "peace and friendship" agreement with Eritrea's President Isaias Afwerki on 9 July, declaring that the "state of war" was over.

Map showing old versus new flight routes from Ethiopia to Eritrea

The deal was signed in Asmara, during the first visit by an Ethiopian head of state to the country in 20 years. Mr Isaias made a reciprocal visit to Ethiopia about a week later.

The two leaders agreed to restore diplomatic ties, and resume air and road travel.

Who was on the flight?

Former Ethiopian Prime Minister Hailemariam Desalegn was among the passengers on the historic flight. He told the BBC's Emmanuel Igunza that he was emotional about making the trip.

"It's a golden moment for the two countries and the two people," he said.

Family members separated by the war hugged and sobbed when they met in Asmara. Flight attendants had handed out roses and had served champagne to passengers in all classes during the flight.

The passengers included 33-year-old Izana Abraham, who was deported from Eritrea during the war because he was born in Ethiopia. 

"I'm super excited. You have no idea," Mr Izana was quoted by AFP news agency as saying.

"This is history in the making," he added.

More than 450 passengers were on board, Ethiopia's privately owned Addis Standard news site reported. Demand was so high that a second flight left within 15 minutes, AFP reported.

Why is this a big deal?

Eritrea seceded from Ethiopia in 1993. Five years later, their armies fought over disputed territory along their border. Some 80,000 people were killed in the conflict.

A UN-backed boundary commission ruled in 2002 that Ethiopia should cede the town of Badme to Eritrea. It refused, and the two countries remained in a state of "no war, no peace".

Mr Abiy has promised to hand over territory, but it is unclear when this will happen.

 

Source: BBC

Published in Economy
Brokers on the floor of Nigerian Stock Exchange in Lagos.
 
Continued share price depreciation on the equity sector of the Nigerian Stock Exchange (NSE), yesterday pulled the market capitalisation further down by N110 billion.
At the close of trading yesterday, All-Share Index (NSE-ASI) shed 303.16 absolute points, representing a decline of 0.81 per cent to close at 36,963.70 points, while year-to-date loss rose to 3.35 per cent.
 
Also, the market capitalisation declined by N110billion to close at N13.390trillion.
 
The depreciation was impacted by losses recorded in medium and large capitalised stocks, Okomu Oil, Stanbic IBTC Holdings, Lafarge Africa, International Breweries, and Julius Berger.
 
Analysts at Afrinvest Limited, said: “Despite the negative sentiment in the market, we anticipate a rebound in subsequent sessions as investors hunt for bargain opportunities.
 
Our view is further buttressed by the Relative Strength Index (RSI) of 36.1 points which is close to the oversold region.”
 
Market breadth closed negative, with 14 gainers versus 33 losers. Sovereign Trust Insurance recorded the highest price gain of eight per cent to close at 27kobo per share.
 
Wema Bank followed with a gain of 7.94 per cent to close at 68kobo, while Japaul Oil and Maritime Services appreciated by 6.45 per cent to close at 31kobo per share.
 
Mutual Benefits Assurance appreciated by 5.88 per cent to close at 36kobo, while Continental Reinsurance gained 3.45 per cent to close at N1.50 per share.
 
On the other hand, Capital Oil, and Julius Berger led the losers’ chart by 10 per cent each, to close at 27kobo and N24.30 respectively, while GlaxoSmithKline Consumer Nigeria followed with a loss of 9.97 per cent to close at N16.70 per share.
 
PZ Industries declined by 9.94 per cent to close at N15.40, while Consolidated Hallmark Insurance shed 9.68 per cent to close at 28kobo per share.
 
Also, the total volume traded declined by 32.84 per cent to 203.80 million shares worth N2.39billion traded in 4,178 deals.
 
Transactions in the shares of Transnational Corporation of Nigeria (Transcorp) topped the activity chart with 20.71 million shares valued at N26.56million.
 
Source: The Guardian
Published in Bank & Finance

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