Energy
OPEC to take additional measures to strengthen global oil market
The Organization of Petroleum Exporting Countries, OPEC, is muzzling up and rallying members support to take additional measures aimed at stabilizing the oil market.
The OPEC had signaled it will stay the course as group leader Saudi Arabia extends a production cut aimed at shoring up global oil markets.
A monitoring committee comprising the kingdom and other key OPEC nations recommended no changes to the coalition’s supply policy at an online meeting on Friday, according to a delegate, who asked not to be named because the information was private.
Riyadh announced on Thursday that it will extend a unilateral cutback of 1 Million Barrels a day into September and potentially deepen the reduction after that to support a fragile market.
Crude prices are trading near a three-month high above $85 a barrel in London yet fears over China’s economic rebound cloud the demand outlook.
The committee “will continue to closely assess market conditions” and noted that OPEC members are willing “to address market developments and stand ready to take additional measures at any time,” according to a statement on the organisation’s website.
Major consuming nations have criticised the Saudis for constricting output when oil markets are already on track to tighten significantly, warning that a renewed inflationary spike would inflict more pain on consumers.
The kingdom is getting some assistance from fellow OPEC member Russia, which is finally delivering on pledges to curb its supplies. Moscow announced on Thursday it will also continue export restraints into September, but taper them slightly to 300,000 bpd.
The current effort is largely confined to the two OPEC leaders: several other nations among the Organization of Petroleum Exporting Countries and its partners are pumping below their assigned quotas and unable to cut further, plagued by inadequate investment and political instability.
Defending the oil market has come at a cost for the Saudis, requiring them to slash output to a two-year low near 9 MMbpd.
The kingdom suffered the sharpest downgrade to economic growth projections by the International Monetary Fund, which sees the country expanding by just 1.9 per cent this year, a fraction of its performance in 2022.
The Joint Ministerial Monitoring Committee will convene again on October 4, according to the statement, while the full 23-nation OPEC alliance is due to meet in late November.
Energy
Synergy, commitment crucial to clean energy transition, sustainability in Africa — CEO, Egbin Power
As carbon emissions reduction and energy security remain a crucial focus in the global sustainability agenda, shared commitment, synergy and decisive actions are the cornerstone of accelerating the transition to cleaner energy and achieving a sustainable environment.
Having analysed the percentage of global greenhouse emissions attributed to sectors including electricity/heat production, agriculture/forestry and land use, transportation, industry and others, the Chief Executive Officer, Egbin Power, Mokhtar Bounour, charged for synergy and renewed commitment among stakeholders.
He made this known at the maiden edition of Asharami Square, a Sahara Group initiative aimed at amplifying the discourse on sustainability through impactful media advocacy.
While highlighting Egbin Power’s unwavering commitment to reducing carbon emissions and promoting sustainable energy sources, Bounour further stressed the need for deepened engagement and advocacy to further prioritise sustainability.
Bounour outlined Egbin Power’s comprehensive approach to sustainability, which includes an array of pragmatic initiatives such as obsolescence management, asset upgrades, energy efficiency improvement, sustainability and environmental impact management, and fugitive emissions minimization.
These programs are strategically designed to effectively address carbon emissions and promote cleaner energy initiatives.
According to him, Egbin Power drives sustainability through afforestation, adoption and enforcement of ANSI Lighting Design Standards for the Egbin built environment, a gradual switch from Internal Combustion Engines (ICEs) to Compressed Natural Gas (CNG) and the integration of Electric Vehicles (EVs) into the company’s operations, among other interventions.
“These actions demonstrate Egbin Power’s commitment to thinking globally and acting locally, ensuring that deliberate and impactful steps are taken to promote sustainability and environmental consciousness actively.
“As a responsible organisation Egbin Power is steadfast in its commitment to promoting sustainability.
“Our roadmap and initiatives are designed to align with global sustainable development goals and to ensure that we contribute to a cleaner and more sustainable energy landscape in Africa.
“Our pragmatic initiatives which include obsolescence management, asset upgrades and overhauls, energy efficiency improvement, sustainability and environmental impact management, and fugitive emissions minimization as part of programs designed to address carbon emissions.
“We are committed to treating the environment with the utmost care, knowing well that every activity we engage in – either as an individual or collectively as an organisation has an impact on the ecosystem,” Bounour explained.
By Esther Agbo
NNPC Retail Limited has swiftly responded to allegations circulating on social media regarding coercive practices at one of its filling stations.
A video clip surfaced on social media, X (formerly Twitter) precisely, purportedly showing customers being pressured to purchase lubricants or engine oil in order to obtain Premium Motor Spirit (PMS), commonly known as petrol. The attendant in the video claimed that this directive originated from NNPC Retail Management.
In a statement issued, NNPC Retail categorically refuted the allegations, asserting that such practices are entirely false and do not align with the company’s Customer Service Charter. According to NNPC Retail, customers visiting any of their filling stations are under no obligation to purchase additional products as a condition for buying petrol.
Managing Director of NNPC Retail Ltd, Mr. Huub Stokman, emphasised the company’s commitment to transparent and quality service delivery.
He stated, “We are dedicated to providing clear, transparent and quality service to all our customers, guaranteeing that their needs are met without any recourse to unnecessary and unscrupulous conditionalities.”
In response to the incident, NNPC Retail Limited has initiated an investigation to ascertain the facts surrounding the video. The company has assured the public that appropriate disciplinary measures will be taken against any individuals found responsible for misconduct.
“The public is hereby advised to disregard the information in its entirety and report any such occurrences to the appropriate authority.
“In the meantime, NNPC Retail Limited has launched an investigation into the unfortunate incident and assures that appropriate disciplinary action will be taken against the culprit (s).”
In line with the Electricity Act 2023, the Nigerian Electricity Regulatory Commission, NERC, issued an order transferring regulatory oversight of the electricity market in Imo to the Imo State Electricity Regulatory Commission.
This was contained in a recent order signed by NERC Chairman Sanusi Garba.
The order shall take effect on July 1, 2024.
The implication is that Imo State will be responsible for the complete regulation of its electricity market.
The order stated: “Section 230 (3) of the Act mandates the commission to develop a transition plan and timeline for the transfer of regulatory oversight of the intrastate electricity market from NERC to ISERC upon receipt of formal notification from the State
“EEDC shall complete the incorporation of EEDC SubCo within 60 days from the effective date of this Order and, EEDC SubCo shall apply for and obtain a licence for the intrastate supply and distribution of electricity from ISERC.
“EEDC shall identify the actual geographic boundaries of Imo State and carve out its network in Imo State as a standalone network with the installation of boundary meters at all border points where the network crosses from Imo State into another state.”
With the development, Imo becomes the fourth state to get electricity regulatory authority after Enugu, Ondo and Ekiti states.
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