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Prudence Journal > News > OPEC’s production

Tag: OPEC’s production

Spotlight World news

OPEC’s production to drop by 27 million barrels per day in 2024

Posted by By Prudence Journal December 31, 2023

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Nigerian authorities have reassured Abuja residents, particularly those in Mpape and surrounding areas, that there is no cause for alarm following recent earth tremors. The Nigerian Geological Survey Agency (NGSA) confirmed that the tremors, felt over the past five days, are of low intensity and do not pose an environmental threat. The agency has been monitoring the situation, with its Katampe monitoring station recording increased seismic activity between September 13 and 16.

Residents, including Dr. Ebenezer Adebisi, Chairman of the Mpape Hills Landlord Association, reported stronger vibrations than those caused by nearby quarry blasts. Concerns have grown as these tremors affected other parts of the city, such as Gwarinpa and Katampe. Despite the intensity of the tremors increasing in recent days, the NGSA assured that these are minor events linked to accumulated stress along fault lines.

The NGSA’s Director-General, Professor Olusegun Ige, emphasized that the tremors, ranging from weak to light on the Modified Mercalli Scale, present a very low-level threat. The agency continues to monitor the situation in real-time and urges residents to remain calm while awaiting further updates. #nigeria #abuja #earthtremor #earthquake #maitama #geologicalsurvey

Residents in Abuja Communities Panic as Earth Tremors Persist Since Weekend

Former U.S. President Donald Trump launched a new cryptocurrency platform, World Liberty Financial, on Monday, alongside his sons and business partners. The platform will offer decentralized finance (DeFi) services, allowing users to lend and borrow cryptocurrencies without traditional banks.

Trump Jr. called it "the start of a financial revolution," while the project will focus on stablecoins—cryptocurrencies tied to assets like the U.S. dollar. Despite providing few details, the platform promises governance tokens for users, with no specific timeline announced.

Trump, once a critic of crypto, now promotes himself as a "pro-Bitcoin president" ahead of the 2024 election. #trump #cryptocurrency #bitcoin #decentralizedfinance #stablecoin

Trump Unveils New Crypto Venture, Can It 'Make Finance Great Again'?

WTO Director-General Ngozi Okonjo-Iweala has confirmed her intent to seek a second four-year term, following a push by African nations to expedite the process. Okonjo-Iweala, who made history in 2021 as the first woman and African to lead the organization, said she aims to tackle "unfinished business," including deals on fisheries subsidies, global agriculture, and reforming the WTO's dispute resolution system.

The official deadline for candidates is November, but with widespread support and no other challengers, Okonjo-Iweala could secure reappointment under the WTO's consensus rules. Her initial appointment faced opposition from former U.S. President Donald Trump but gained momentum under President Joe Biden. Asked if a potential Trump return could affect her role, she noted, "I don’t focus on that because I have no control."

Despite successes, such as securing a global fisheries subsidies treaty in 2022, Okonjo-Iweala has acknowledged the challenges of leading an organization with 166 member states amid geopolitical tensions. The WTO has struggled to enforce rules since the U.S. blocked its top adjudication court in 2019, a policy that remains under Biden, though reforms may be on the horizon. #worldtradeorganisation #wto #unitedstates #nigeria #nigeria #financialreform

WTO chief Ngozi Okonjo-Iweala to seek second term

Heavy rain continued to devastate central Europe on Sunday, causing widespread flooding and forcing thousands to evacuate in the Czech Republic. In southwestern Poland, one person drowned, while a rescue worker lost their life in Austria. The low-pressure system, Boris, has caused rivers to overflow from Poland to Romania, where the death toll has risen to five. More heavy rain and strong winds are expected to persist through Monday.

The Czech Republic and Poland are experiencing some of the worst flooding in nearly 30 years, prompting mass evacuations. Power outages affected a quarter of a million homes in the Czech Republic, while in Poland, a bridge collapsed in the historic town of Glucholazy, and a house was swept away after a dam burst. In Austria, a firefighter lost his life while responding to floods in Lower Austria, which has been declared a disaster zone.

In Poland’s Klodzko county, the hardest-hit area, Prime Minister Donald Tusk confirmed severe flooding after record river levels surpassed those of the deadly 1997 floods. In Hungary, Budapest officials are preparing for the Danube River to reach dangerous levels later in the week, with flood defenses already in place to protect the city. More than 10,000 people have been evacuated across the region as rescue operations continue. #europe #heavyrain #flooding #slovakia #danuberiver #hungary #slovakia #lossoflife

Severe flooding across Central Europe claims lives, forces mass evacuations

Nigeria’s state oil firm, NNPC Ltd, raised petrol prices by 11% on Monday, marking the second hike in two weeks. This comes a day after it began purchasing fuel from the Dangote refinery, a 650,000 barrels-per-day facility expected to end years of gasoline imports. Petrol subsidies were removed by President Bola Tinubu after taking office in May 2023.

Fuel prices are a sensitive issue in Nigeria, where many households and businesses rely on petrol-powered generators due to limited access to the national electricity grid. NNPC announced prices had increased from 858 naira ($0.53) per litre to 950 naira in Lagos, and up to 1,019 naira in the northeastern states. The firm is currently purchasing fuel from Dangote in U.S. dollars, with a naira-based deal yet to be finalized.

The price hike is expected to worsen public discontent, as Nigerians are already grappling with inflation of 33.4%. Rising transport costs and a cost-of-living crisis have triggered widespread protests in recent months. #dangoterefinery #dangote #nnpc #nigeria #fuelprices #fuelpriceincrease #petroleum

Video credit: @tvcnewsnigeria

NNPC raises prices as Dangote fuel hits the streets.

Republican presidential candidate Donald Trump vowed on Friday to deport Haitian immigrants from Springfield, Ohio, despite most of them being in the U.S. legally. During a press conference at his Los Angeles golf resort, Trump announced plans for mass deportations, sparking controversy as the 15,000 Haitian residents in Springfield are largely legal.

The city has been at the center of false claims that Haitian arrivals were eating pets, which Trump did not repeat but had previously mentioned during a debate. Tensions have escalated, with two schools evacuated after repeated bomb threats against the community. President Joe Biden condemned the hostility, calling for an end to attacks on the Haitian community.

Trump has used the situation in Springfield to bolster his immigration stance, despite the positive economic impact of Haitian residents. Local leaders, including Springfield’s Mayor Rob Rue, have called for support rather than hostility, as Haitian residents face growing threats. Haitian leaders warn that Trump's remarks could worsen tensions and endanger lives. #unitedstates #trump #haitian #deportation #uselection #migrant

Russia, holding the BRICS presidency in 2024, is pushing for the expansion of the group. During a meeting at the Konstantinovsky Palace in Saint Petersburg, President Vladimir Putin announced that 34 countries have expressed interest in joining BRICS. He emphasized that discussions are underway among member nations to define new partnership categories.

The meeting is part of a two-day BRICS security summit, focused on shaping the parameters of a future world order. BRICS, which includes Brazil, Russia, India, China, South Africa, and newer members like Iran and Egypt, aims to build a multipolar global system.

BRICS founding members advocate for a fairer global order and are calling for reforms in international institutions such as the United Nations, the International Monetary Fund, and the World Bank. #bricscurrency #russia #putin #economicgrowth #unitednations #internationalmonetaryfund #worldbank #newcurrency #economicreform

BRICS: “34 countries have expressed desire to join” - Putin

A strike at Nairobi’s Jomo Kenyatta International Airport (JKIA), one of Africa's busiest airports, has caused major disruptions, leading to delays and cancellations of both domestic and international flights, Kenya Airways confirmed on Wednesday. Passengers have been left stranded as airport operations are severely affected by the industrial action.

The strike, led by the Kenya Aviation Workers Union, is a protest against a proposed 30-year lease agreement with India’s Adani Group. The deal, announced in July, would see Adani Enterprises take over operations at JKIA, sparking fears among workers.

Union representatives argue that the agreement could lead to significant job losses and the introduction of foreign labor, which they claim would undermine local employment opportunities. Negotiations between the union and the government are ongoing as the strike continues to impact air travel in the region. #nairobi #adanigroup #flightcancelled #aviation #protest #kenyaprotests #jkia

Kenyan Flights cancelled as Protest erupts over billionaire Adani’s 30yr Nairobi airport lease deal

El Salvador’s national police chief, Mauricio Arriaza, has died alongside eight others after a military helicopter they were traveling in crashed on Sunday evening.

Coto, who was reportedly attempting to flee to the United States with the help of a people-smuggler, had been captured by Honduran police over the weekend.

Coto was one of 32 individuals accused of siphoning off millions from the credit union, allegedly using the stolen funds to purchase luxury items such as properties and cars. Fifteen people, including Coto’s parents, have been detained in connection with the case. #elsalvador #policearrest #helcopter #planecrash #corruption #policechief

El Salvador police chief dies in helicopter crash

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