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Baru: Another fuel supply war room now

Speculation on the barrel which is the bane of the oil industry has come alive. Oil prices rose Tuesday on news that Saudi Arabia is comfortable with Brent above US$80 per barrel, offsetting the concerns that have been building over the U.S.-China trade war. The Trump administration is escalating the trade war with China, by announcing US$200 billion in tariffs on Chinese goods. The tariffs will start at 10 percent and go into effect next Monday September 24, and rise to 25 percent by January 1. An additional US$267 billion in tariffs on consumer goods are in the works. China would retaliate with tariffs on U.S. oil and gas exports to put a dent in crude oil exports.

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China imperialistic advances and African fossil fuels

African leaders converged on Beijing, China from September 3-4, 2018, for the Forum on China-Africa Cooperation, FOCAC. This is the third time the summit was held since it was launched in Beijing in 2000. The Chinese President Xi Jinping promised US$60 billion in both aids and loans to the African continent. The zero interest loans are to fund infrastructure investments in Africa.

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The oil politics of Iranian sanctions

The heat from the United States is on and many wondered why Turkey is becoming the victim. Although it is not a significant producer or consumer of oil, it is naturally well located in the geopolitical equation.  Turkey in southeastern Europe and Southwest Asia is bordered by Greece, the Black Sea, Georgia, Armenia, Iran, Iraq, Syria, the Mediterranean Sea, the Aegean Sea, and Bulgaria. 

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No fuel

That N17 bn to track imported fuel: Witticism or joke

Between June and July 1925, Will Rogers (1879-1935) comedian, newspaper columnist, film and radio star, and political satirist revealed his encounter with the 30th President of the United States Calvin Coolidge. Asked how his funny stories were all thought up, Rogers a regular guest to the first family for light-hearted jokes replied: “I don’t make jokes, Mr. President; I watch the government and report the facts.”

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Lessons from Buhari’s visit to the Rotterdam refinery

President Muhammadu Buhari during the week visited the Netherlands. He may have been enthusiastic as he visited the home of global oil giants Royal Dutch Shell. His four-day visit to the Netherlands would have been one of the eventful periods in the last three years of his political reincarnation that he had sought cooperation and collaboration with friendly nations. Perhaps the Netherlands would have been his starting point based on petroleum historical ties of both nations.

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NNPC and FAAC facts of sharing

As individuals and communities we are encouraged to share what we have with others. The love and care for neighbour is divine in nature. The concept of sharing is also not to encourage indolence. The Nigerian constitution authorized funds of the federation to be in a central pool to be distributed; to each according to an agreed formula.  That spirit of cooperation and solidarity had existed among the sub national governments since the First Republic.

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The OPEC’s humdrum return to cyclicality

The Organization of the Petroleum Exporting Countries, OPEC at its biannual conference at its headquarters in Vienna, Austria, on Friday, June22, 2018 analyzed oil market developments since the November 2017 meeting and reviewed the oil market outlook for the remainder of 2018.  The inventory overhang had fallen close to the target to reduce inventory and increase prices, so it agreed to increase crude oil output to stabilize the markets. The stance appeared to be against the deal of November 30, 2016 of the OPEC and non-OPEC producers led by Russia to curb high global oil stocks by about 1.8 million barrels per day, bpd until the end of 2018.

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