Oil prices hit $80 a barrel on Thursday for the first time since November 2014 on concerns that Iranian exports could fall due to renewed U.S. sanctions and reduce supply in an already tightening market.
Brent crude futures LCOc1 reached an intraday high of $80.18 while U.S. West Texas Intermediate (WTI) crude futures were up 57 cents at $72.06 a barrel, also their highest since November 2014.
President Donald Trump’s decision this month to withdraw the United States from an international nuclear deal with Iran and revive sanctions that could limit crude exports from OPEC’s third-largest producer has given strong tailwind to oil prices.
France’s Total on Wednesday warned it might abandon a multi-billion-dollar gas project in Iran if it could not secure a waiver from U.S. sanctions, casting further doubt on European-led efforts to salvage the nuclear deal.
A rapid decline in Venezuela’s crude production has further roiled markets in recent months.
“The geopolitical noise and escalation fears are here to stay,” said Norbert Rücker, head of macro and commodity research at Swiss bank Julius Baer.
“Supply concerns are top of mind after the United States left the Iran nuclear deal.”
Several banks have in recent days raised their oil price forecasts, citing tighter supplies and strong demand.
But high oil prices could hit consumption, the International Energy Agency warned on Wednesday, lowering its global oil demand growth forecast for 2018 to 1.4 million from 1.5 million barrels per day (bpd).
Asia’s demand is at record highs and with rising prices its crude could cost $1 trillion this year, about twice what it paid during the market lull of 2015/2016.
The IEA said global oil demand would average 99.2 million bpd in 2018, although U.S. bank Goldman Sachs said consumption would cross 100 million bpd “this summer’’. (Reuters/NAN)
EFCC grills former Kaduna governor for 4 hours over N700m campaign fund
The Economic and Financial Crime Commission (EFCC) on Friday interrogated Ramalan Yero, former governor of Kaduna state, for four hours at the commission’s office in Kaduna.
Yero was at the EFCC Kaduna office from around 9 am till around 1:30 pm, when he walked out smiling.
The former governor thanked his supporters who were outside the EFCC office, for their solidarity and asked them to go to the mosques for Juma’at prayer.
He, however, declined to make comment to the press.
His spokesman, Yakubu Lere, told NAN that the ex-governor was invited in connection with the N700 million campaign funds released to the state by the People Democratic Party headquarters in 2015.
Lere recalled that the former governor was at the EFCC office in Kano two years ago over the matter and was granted administrative bail.
“At that time, he explained during the interrogation that the N700 million was PDP money sent to him as the then governor of Kaduna state to finance 2015 general election with instructions, which he judiciously followed,” he said.
“What they are holding against him was that he kept the money in the office of the secretary to the state government instead of in a bank.
“Even last week he was here on the same issue, but as you can see, he came out smiling, meaning the commission has found nothing to hold against him for now.”
The spokesman urged Yero supporters to remain calm and be law abiding, adding that the struggle to “rescue the state from collapse” has started.
Speaker seizes mace to avoid impeachment
The Speaker of Abuja Municipal Area Council (AMAC), Legislative Council, Mr Daniel Michael, on Friday, seized the mace, the symbol of authority, to prevent his impeachment.
The News Agency of Nigeria (NAN) reports that his action followed the move by his colleagues to impeach him over allegation of misconduct and abuse of privilege.
Mr Yusuf Kadir, the majority leader of the house, while moving a motion to pass a vote of no confidence on the speaker for alleged gross misconduct, called for his impeachment.
Mr Haruna Saidu, the deputy speaker, who presided over the house, directed the clerk to serve the speaker with the no confidence vote notice moved against him.
Saidu explained that the speaker had been given notice and the ultimatum to respond to the petition on or before May 30, but had to step down as the speaker in the meantime.
He further said that the impeachment would depend on his response to the notice served him.
Mr Aminu Barde, representing Kabusa ward, called on the house to strike out article B in the motion, which according to him, was strictly a party affair and should not be brought to the house.
Mr Isah Baushe, the Councillor representing Gwarinpa ward, said that the speaker should be given time to respond to the petition in writing before his the formal impeachment.
Baushe added that the petitioners should also provide evidence to back up their claims.
The petition reads: “abuse of office by taking unilateral decision without consulting this honorable chamber, which is tantamount to act of impunity and gross abuse of privilege.
“There was also an abuse of privilege by misinforming and misleading the honourable members to subconsciously disobey the party decision on state exco affirmation.
“This singular action has brought this honourable house to disrepute and ridicule.
“There was subversion of the legislative authority by unilaterally withdrawing an official communication from this chamber to the executive arm of the council without our collective consent.
“Desecrating the symbol of authority by removing and ordering mace to be deposited in an unconstitutional and unauthorised location,” it stated.
In his reaction, the speaker told NAN that he had not done anything wrong and would answer any question brought to him.
“I know myself, I have not done anything wrong, I’ll answer them,” he said.
NAN also reports that the glass door to the chamber was completely broken during the fracas that ensued at the chamber, following the event.
The lawmakers resorted to the use of the old broken mace to conduct the business of the day.
Some of the lawmakers, however, expressed happiness to the happening at the chamber, saying the crisis would allow members to sit up for serious legislative business.
Police recover Gombe assembly’s Mace
The Police in Gombe state on Friday, said they had recovered the Mace of the state’s House of Assembly, forcefully taken away a scuffle by some members during plenary on Thursday.
The Commissioner of Police in the state, Mr Shina Olukolu, told newsmen in Gombe that the mace was found around National Industrial Court in the state capital in the early hours of Friday.
The mace, the symbol of authority of the legislature, was said to have been whisked away by some aggrieved members of the assembly after a failed attempt to change their leadership.
“You will recall that yesterday, May 24, at about 1.30 p.m. the mace, the symbol of authority of Gombe state House of Assembly, was taken away by an honourable member of the house in the company of others.
“The incident was allegedly occasioned by the dispute over leadership change of minority principal officers of the house.
“On receipt of the information, the Commissioner of Police visited the scene and heightened the security architecture already in place in the command based on the directives of the Inspector-General of Police.
“The pressure made them consequently to abandon the mace by the National Industrial Court in the state and it was recovered early on Friday.
“The mace is therefore today being handed over to the Speaker for his retention and use,’’ he said.
Receiving the mace from the police, the speaker, Alhaji Nasiru Nono, commended the police and other security agencies in the state for the proactive steps they took, which led to the recovery of the mace.
Nono said the mace was taken by one of the APC members during plenary on Thursday. (NAN)
News14 hours ago
2019 ELECTIONS: Saraki, Dogara’s Supporters consider ADC
News14 hours ago
Buhari, Obasanjo’s quarrel, good for Nigeria –Gen. Ikponmwen
Metro and Crime14 hours ago
Remarkable achievement! Nigerian-American girl born without hands wins handwriting competition
News15 hours ago
Innoson chairman appeals court’s order declaring him wanted
News15 hours ago
Oshiomhole: Buhari’ll win 2019 presidential election
Features14 hours ago
THE OREKOYA ABDUCTION: My wife gave herself up for me to escape –Suspected kidnapper
News15 hours ago
EFCC grills ex-Kaduna gov over campaign funds
Metro and Crime17 hours ago
STF parades suspected gang of kidnappers’ in Jos