Oil Prices Bounce On Venezuela Turmoil And Saudi Cuts – Report

Oil drops on rig count and China concerns. Renewed concerns over Chinese growth weighed on crude prices on Monday, with WTI and Brent falling more than three percent. It was the largest single-day decline in a month. Meanwhile, the U.S. oil rig count jumped by 10 last week, a sign that the U.S. shale industry could be adding rigs back into operations. “We’re seeing oil prices really start to break down here,” Phillip Streible, senior market strategist at RJO Futures in Chicago, told Reuters on Monday. “One of the factors that played in is the rising rig count that we saw on Friday.”

Vice President Pence coordinated with Venezuelan opposition. The Wall Street Journal reported that U.S. Vice President Mike Pence was in communication with Juan Guaidó prior to Guaidó’s declaring that he was the rightful president. The report suggests that the U.S. effort at regime change in Venezuela has been underway for some time and is tightly coordinated. The Venezuelan military is sticking with President Nicolas Maduro for now, but the WSJ report suggests the U.S. government is determined to topple him.

U.S. announces oil sanctions on Venezuela. The U.S. has taken the long-anticipated move of sanctioning PDVSA, hoping to cripple the country and oust Maduro. The sanctions prohibit most American businesses from engaging in transactions with PDVSA. The measures put roughly 500,000 bpd of Venezuelan oil exports at risk. PDVSA, in theory, can reroute its shipments to Asia, but it will have to sell barrels at a much steeper discount. Citgo, the U.S.-based subsidiary of PDVSA, would be allowed to continue to operate, but its revenues will be diverted into a special account, presumably to be controlled by the fledgeling government of Juan Guaidó. In the interim, the U.S. is trying to pry Venezuela’s oil revenues out of the hands of Maduro and steer them towards Guaidó.

Saudi Arabia pledges deeper cuts in February. Saudi oil minister Khalid al-Falih said that Saudi Arabia would lower its oil production in February to just 10.1 million barrels per day, down from 10.2 Mb/d this month. The reduction would also be lower than Riyadh’s commitments as part of the OPEC+ deal – its limit is set at 10.33 Mb/d. “Saudi Arabia will be well below the voluntary cap that we agreed to” and will produce below its ceiling “for the full six months” of the deal, al-Falih told Bloomberg.

Natural gas drillers cut spending. EQT (NYSE: EQT), Antero Resources (NYSE: AR) and Gulfport Energy (NASDAQ: GPOR) have cut their spending plans for 2019 amid a decline in natural gas prices and pressure from investors on returns. The U.S. shale gas revolution, more than a decade old, has failed to produce the juicy profits that have long been expected. Now, investors are clamouring for a shift in focus away from production growth, with a priority on shareholder returns. U.S. shale gas companies have badly trailed the S&P 500. EQT announced a spending cut of $700 million relative to 2018.

U.S. unveils criminal charges against Huawei executives. The U.S. government escalated its conflict with China on Monday, announcing criminal charges against Chinese telecom firm Huawei and its CFO, Meng Wanzhou. The U.S. charges that the firm has been trying to steal trade secrets for years while also violating Iran sanctions. The timing is not great since the U.S. and China are in the midst of trade talks ahead of a self-imposed March 1 deadline.

Permian shale drillers flaring more than they report. According to the Houston Chronicle, Permian shale drillers are flaring nearly twice as much natural gas as they are reporting to state regulators. In 2017, the industry reported flaring of 55 billion cubic feet of natural gas. But a separate analysis by the Environmental Defense Fund found that the industry flared about 104 billion cubic feet.

DOE to invest in recycling critical minerals. The rise of electric vehicles is breaking economic dependence on fossil fuels but could also open up a new dependence on critical minerals – cobalt, nickel, lithium, etc. – from a small number of places such as the Democratic Republic of Congo. The U.S. Department of Energy said it would invest more federal money into recycling programs to lessen U.S. dependence on these sources.

Chevron to purchase Texas refinery. Chevron (NYSE: CVX) has agreed to purchase a Texas oil refinery with a checkered past from Petrobras. The 112,000-bpd refinery in Pasadena, TX, would give Chevron an outlet for its surging Texas shale production.

Exxon to double the size of Texas refinery. ExxonMobil (NYSE: XOM) gave the go-ahead to double the capacity of its Beaumont, TX refinery. The refinery already has the capacity of 365,000 bpd, so the expansion would launch the facility into the top spot as the country’s largest refinery.

Total to expand exploration. Total SA (NYSE: TOT) said that it would launch its largest exploration campaign in years in 2019, an effort intended to focus on lower-risk resources in emerging and mature basins. The oil company said it was moving away from high-risk, high-reward “frontier” locations.

Eight UN peacekeepers killed in attack in Mali

Gunmen killed at least eight Chadian UN peacekeepers in an attack Sunday on one of their bases in northern Mali, multiple sources reported. The UN spokesman in Mali condemned what he described as a vile and cowardly attack and called for a “robust” response. “According to a new toll, still provisional, at least eight peacekeepers have been killed,” a source close to the MINUSMA force said.

The attack happened early Sunday at the Aguelhok base 200 kilometres (125 miles) north of Kidal and towards the border with Algeria, the source added. A diplomat in northern Mali told AFP that several of the attackers had also been killed. Mahamat Saleh Annadif, the UN’s special representative for Mali, condemned the attack in a statement.

“Peacekeepers of the MINUSMA force at Aguelhok fought off a sophisticated attack by assailants who arrived on several armed vehicles,” he said. The “cowardly” attack, he added, “illustrates the determination of the terrorists to sow chaos. “It demands a robust, immediate and concerted response from all forces to destroy the peril of terrorism in the Sahel.”

An attack at the same base last April killed two peacekeepers and left several others wounded. More than 13,000 peacekeepers are deployed in Mali as part of a UN mission that was established after Islamist militias seized northern Mali in 2012. They were pushed backed by French troops in 2013.

A peace agreement signed in 2015 by the Bamako government and armed groups was aimed at restoring stability to Mali following a brief Islamist takeover in the north. But the accord has failed to stop violence by Islamist militants, who have also staged attacks in neighboring Burkina Faso and Niger.

Earlier this month, both France and the United States criticised the authorities in Mali for their failure to stem the worsening violence. On January 16, France threatened to push for more targeted sanctions to be imposed on Mali after hearing a UN official report on worsening violence in the West African country.

And Washington renewed its warning that it would push for changes to the peacekeeping mission in Mali, possibly a major drawdown, if there was no progress.

In August, a panel of experts said in a report to the UN Security Council that inter-communal conflicts in the region were exacerbating existing tensions from clashes between jihadists groups and international and Malian forces.

On Sunday, France’s Defence Minister Florence Parly told French radio that the G5 Sahel anti-jihadist force in the region was in the process of resuming operations.

They were suspended after an attack on their headquarters in mid-2018. The countries working in the G5 force comprise Mali, Mauritania, Niger, Burkina Faso and Chad.

There was Decrease in Prices of Selected Food Stuff in December 2018 by NBS

The National Bureau of Statistics (NBS) says the average price of some selected food items in the country decreased in December. The bureau disclosed this in its “Selected Food Price Watch’’ (December 2018) report released in Abuja.

The bureau said the average price of 1 dozen of Agric eggs medium size decreased year-on-year by -5.55% and month-on month by -2.26% to N466.97 in December 2018 from N477.76 in November 2018.

It said the average price of piece of Agric eggs medium size(price of one) increased year-on-year by 3.04% and month-on-month by 0.42% to N42.58 in December 2018 from N42.40 in November 2018.

According to the report, the average price of 1kg of tomato decreased year-on-year by 1.69% and month-on-month by 7.76% to N271.51 in December 2018 from N294.36 in November 2018.

It also said the average price of 1kg of rice (imported high quality sold loose) decreased year-on-year by 0.17% and month-on-month by 1.61% to N370.57 in December 2018 from N376.63 in November 2018.

Similarly, the average price of 1kg of yam tuber increased year-on-year by 0.49% and decreased month-on month by -11.08% to N212.65 in December 2018 from N239.15 in November 2018.

JOB VACANCY NOTICE - AD-HOC DETAILING REPRESENTATIVE

Title	AD-HOC DETAILING REPRESENTATIVE
Start Date	2019-01-17
End Date	2019-01-25
Location	LAGOS
Job Information	Pharma Deko Plc is a reputable Pharmaceutical/Consumer Manufacturing Company with over 50 years history in the manufacturing and sales of Pharmaceutical and healthcare consumer products. We are recruiting for the position below: Job Title: Ad-Hoc Detailing Representative   Location: Lagos only KEY JOB RESPONSIBILITIES Detailing on HEXEDENE Mouthwash in the assigned channels Generate lead from the dental practitioners in contact with at the various channels Feedback on intelligence gathered during the detailing exercise. Weekly report on the detailing activities carried out with recommendations. Requirements:  Minimum of OND in Biological Science related courses Minimum of One (1) working year experience in similar position Not more than 35 years of age Computer literacy is a must Candidate must reside in Ikeja Environs or Lagos Mainland Ability to drive and possession of a valid driver’s license is an added advantage Applicant must possess the following qualities: Good communication skill, persuasive and excellent interpersonal skills Ability to foster good working relationship with clients. Ability to work under pressure and meet deadlines Employment Duration: Three (3) Months Fixed Term Application Closing Date: 25th January 2019 Method of Application  Interested and qualified candidates should send their CV’s to: info@pharmadekoplc.com using Ad Hoc Detailing Representatives as the subject of the mail. Apply Now

Notice of CBN Deputy Gov Disowns Fake e-mail Address

The attention of the Central Bank of Nigeria (CBN) has been drawn to the activities of fraudsters impersonating some principal officers of the Bank in an attempt to defraud unsuspecting members of the public.

Of particular concern to the Bank is the recent message sent from an e-mail purportedly belonging to the Deputy Governor, Corporate Services, Mr Edward Lametek Adamu, transacting a phoney business deal.

We wish to inform all members of the public, particularly members of the social media community that officials of the CBN do not communicate with emails outside the @cbn.gov.ng domain. No principal officer of the Bank will transact business or ask you to transact business with any other platform outside those ending with @cbn.gov.ng.

The CBN also wishes to warn the public that it will not be liable for any financial transaction which may have transpired between people and scammers who have created emails or social media accounts in the name of principal officers of the Central Bank of Nigeria.For the avoidance of doubt, the Central Bank of Nigeria maintains only the social media platforms as listed on the CBN website, www.cbn.gov.ng

If in doubt about the authenticity of an email, document or telephone conversation purportedly coming from or on behalf of the CBN, please send an email query to contactcbn@cbn.gov.ng or call +2347002255226 before taking any action in relation to the correspondence.

Accordingly, the Bank wishes to advise all members of the public to desist from transacting business with imposters as doing so would be at their own risk.

Jumia Nigeria Clearance Sales 50% Discount

Africa’s E-Commerce Giant - Jumia begins Clearance Sales themed - ‘Everything Must Go’ by offerings, its a huge 50% discount on all sales to all customers.

The Jumia clearance sales started on 14th January 2019 and will run through the 31st of this month.

This started in 2012 in Lagos, the company currently has a presence across 14 African countries.

Jumia Nigeria published on its Twitter page to state that for individuals or group to partake in the mega flash sales and other mega discounts at the clearance season, it is necessary to download the Jumia App.

Speaking on the clearance sales, Head of Engagement Marketing for Jumia Nigeria, Olamide Amosu, stated that the e-commerce giant decided to offer its customers a 50% cut on all sales taking cognizance of the fact that Nigerians may have spent a lot during the festive periods.

Amosu stressed that with the Jumia clearance sales; customers who shop on the Jumia App would enjoy the best prices with over 50 per cent off daily mega flash sales, mouth-watering discounts on all last piece items and up to 25 per cent off on phones, air conditioners, fans, generators and much more.

According to her, the clearance sales were targeted at boosting and encouraging New Year shopping among Nigerians as well as help them save money on January shopping.

With the promo currently on, customers can get the infinix Hot 6 Smartphone for N25, 000 instead of N45, 000 while other products can also be purchased with a 50% discount.

Jumia is an online marketplace in Africa for electronics, and fashion among others.

It has partnered with more than 50,000 local African companies and individuals and is a direct competitor to Kilimall in Kenya and Konga in Nigeria.

Nigerian passport ranked 91st strongest globally

The Nigerian passport has been ranked 91st strongest in a world ranking of passports which was dominated by Asian countries. According to the ranking named the Henley Passport Index, holders of Nigerian passports have visa-free access to 47 destinations.

The report ranked Nigeria’s passport low as the 42nd most powerful in Africa, ahead of Burundi, Djibouti, DRC, Ethiopia, Libya and South Sudan, Sudan, Eritrea and Somalia.

“As the world economy has become increasingly globalised, the need for greater visa-free access has grown steadily,” said the report.

Henley & Partners published its 2019 passport index and, once again, the world’s top is dominated by Japan while there is no African country in the world’s top 10.

In Africa, the top 5 is dominated by Seychelles (27^th  global rank), Mauritius (51^st global rank), South Africa (53^rd global rank), Botswana (82^nd global rank) and Namibia (68^th global rank). The bottom 5 is made of Ethiopia (96^th global rank), Libya and South Sudan (97^th global ranks), Sudan (99^th global rank), Eritrea (100^th global rank) and Somalia (103^rd global rank).

Let’s note that Equatorial Guinea progressed the most with three places gained in this ranking.

Countries linked to terror networks like Pakistan, Somalia, Syria, Afghanistan and Iraq were bottom of the pile, with their citizens requiring visas to access the majority of countries.

Henley Passport Index is an index of all the passports ranked according to the countries that welcome them without a visa. The data used in the ranking are compiled from the International Air Transport Association (IATA).

2019 Henley African passport index

Rank (African)	countries	Number of destinations	Rank (Global)
1	Seychelles	151	27
2	Mauritius	145	51
3	South Africa	101	53
4	Botswana	82	62
5	Namibia	75	68
6	Lesotho	74	69
7	Eswatini	72	71
8	Kenya	71	72
8	Malawi	71	72
10	Gambia	68	73
10	Tanzania	68	73
10	Zambia	68	73
13	Tunisia	66	74
14	Cabo Verde	65	75
15	Uganda	64	76
16	Ghana	63	77
17	Sierra-Léone	62	78
18	Benin	61	79
18	Morocco	61	79
20	Mauritania	58	80
20	Mozambique	58	80
20	Sao Tomé and Principe	58	80
23	Burkina-Faso	57	81
24	Côte d’Ivoire	56	82
24	Guinea	56	82
24	Senegal	56	82
27	Gabon	55	83
27	Mali	55	83
27	Togo	55	83
30	Niger	54	84
30	Rwanda	54	84
32	Chad	53	85
32	Guinea Bissau	53	85
32	Madagascar	53	85
35	Comores	52	86
36	Equatorial Guinea	51	87
37	Algeria	50	88
38	Angola	49	89
38	Central Africa	49	89
38	Egypt	49	89
41	Cameroon	48	90
42	Congo	47	91
42	Liberia	47	91
42	Nigeria	47	91
45	Burundi	46	92
46	Djibouti	45	93
47	DRC	43	95
48	Ethiopia	42	96
49	Libya	41	97
49	South Sudan	41	97
51	Sudan	39	99
53	Eritrea	38	100
54	Somalia	32	103