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OPEC President Says Oil Price Will Rise In September.

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The president of the Organisation of Petroleum Exporting Countries (OPEC), Mohammad Al-Sada says oil prices will rise in September through December, following expectations of higher oil demand.

Mohammed Al-Sada said that the oil prices since February 2016 had experienced a steady improvement following a decline in crude oil production, supply outages and a decrease in oil inventories, while the global demand for oil improved in that period.

According to OPEC secretariat, Al-Sada said that the recent decline observed in oil prices and the current market volatility is only temporary.

“These are more of an outcome resulting from weaker refinery margins, inventory overhang – particularly of product stocks, timing of Brexit and its impact on the financial futures markets, including that of crude oil,” he said.

OPEC basket price as at Monday stood at $40.08 a barrel, compared with $39.60 on Friday, while Brent crude opened around $42.

The minister added that the economies of major oil consuming countries are expected to improve, which in turn would augment oil demand in the coming quarters, especially in preparation for the approaching winter season in the northern hemisphere.

This expectation of higher crude oil demand in third and fourth quarters of 2016, coupled with decrease in availability is leading the analysts to conclude that the current bear market is only temporary and oil price would increase during later part of 2016.

Al-Sada, who doubles as Qatar’s minister of energy and industry, reminded that investment is needed not only to meet the growth in demand but also to stem the natural decline of oil production from operating wells.

The president alluded to the expected decline in the oil supply vis-à-vis the demand and tightening of the markets in the period ahead, due to the unprecedented drop in capital expenditure in the oil and das projects across the globe during 2015 and 2016 leading to curtailment of investments which were scheduled to be undertaken over the next four years.

OPEC continues to monitor developments closely, and is in constant deliberations with all member states on ways and means to help restore stability and order to the oil market.

An informal meeting of OPEC member countries is scheduled to take place on the sidelines of the 15th International Energy Forum which will take place in Algeria from September 26 to 28, 2016.

 

 

 

Source: www.thecable.ng

NEWS

Adebayo Salami Celebrates Five Decades In Nollywood

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Adebayo Salami celebrates five decades in Nollywood | Fab.ng

Veteran Nollywood actor Adebayo Salami, also known as Oga Bello, has been in the movie business for 50 years! To celebrate this achievement, the 72-year-old actor posted a black-and-white picture on Instagram with some of his fellow actors. He thanked God for his successful career and wonderful family. Oga Bello also said that even though actors might get tired sometimes, they never truly retire from their passion for acting.

He wrote, “With over 5 decades of committed practice in Nollywood, I am indeed most grateful to Almighty God for His unending blessings over my career and family. Actor only gets tired, actor does not retire. Get ready for what is coming soon.”

 

View this post on Instagram

 

A post shared by Adebayo Salami (@adebayo.salami)

Adebayo Salami’s acting career started way back in 1964. He joined a group called Young Concert Party, led by Ojo Ladipo (Baba Mero). This group’s name changed a few times, from Ojo Ladipo Theatre Group to finally Awada Kerikeri Theatre Group. When Baba Mero passed away in 1978, Salami became the leader of the group. This put him in the spotlight and helped him get noticed.

Salami also made movie history. He appeared in the very first Yoruba film ever made, called “Ajani Ogun.” The lead role in that movie was played by Adeyemi Afolayan, the father of well-known actors Kunle Afolayan and Gabriel Afolayan.

In 1985, Salami didn’t just act, he also produced his first movie, “Ogun Ajaye,” with his Awada Kerikeri group. Since then, he’s become a well-rounded movie talent. He acts, directs, and produces movies all the time, making him a big player in the Yoruba film industry.

It seems acting talent runs in the family! Salami has two sons, Femi and Tope Adebayo, who have become successful actors and movie producers themselves.

Get more updates here.

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NEWS

Mayorkun Finally Addresses Nicki Dabarbie’s Ritual Allegations

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Mayorkun addresses Nicki Dabarbie’s ritual allegations | Fab.ng

Afrobeats singer Mayorkun has responded to claims made by social media influencer Nicki Dabarbie. She accused him and his colleague, Skiibii (Abbey Elias), of attempting to use her for a ritual.

On April 19, 2024, Nicki Dabarbie accused Mayorkun and Skiibii of plotting to use her for a ‘money ritual’. She supported her claims with pictures and videos describing the incident.

Mayorkun took to his X page to deny all the allegations. He stated that he had never met Nicki Dabarbie and was unaware of her existence before the allegations.

Mayorkun mentioned that he initially wanted to let the court handle the situation, but the spread of false information prompted him to speak out. He stressed that he did not know Dabarbie and warned fans about the dangers of cancellation culture and its potential harm to his life and career.

He wrote:

“You know, I was going to let this remain as a court case but when I checked the comments under some of the blogs where these ridiculous allegations were posted, I was quickly reminded of how gullible most people are on the internet and how they are ready to run along, spreading any negative news without any form of clarity.

“Just for the record, I never met that person on the said day, still never seen that person till this day, never knew about that person’s existence not until those allegations came up.. yet she claimed I put ‘something’ in her drink. A lot of people believed that story, and you think I’ll let this libelous claim fly? No!”

He added,

“I wanna re-instate, I have never seen this person before, even as I am typing this! I still haven’t set my eyes on this person.. Like, what else can I say? How else can I prove this? There’s no need for me to ask for an apology where I won’t get any. I just needed to say this publicly and get it off my chest.. cos if it was a case of ‘cancellation’ as many people are quick to do, I for don go back to dey find work for bank.”

He stated that he would pursue additional charges against her, even though she is currently in prison on unrelated charges.

Earlier, Mayorkun had threatened to file a N1 billion lawsuit against Nicki Dabarbie.

Get more updates here.

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MOVIES

“Stop Making Films Where Nigerians Travel Abroad Dey Mumu” – Yul Edochie Tells Filmmakers

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Yul Edochie - stop films where Nigerians act foolish abroad | Fab.ng

Nigerian actor Yul Edochie is calling out Nollywood movies for a tired trope. He’s criticising films where Nigerian characters travel abroad and then act immature or foolish.

Edochie believes these portrayals are a bad look for Nigerians. He argues that Western movies typically show their characters going abroad and becoming more resourceful or successful. He wants Nollywood to showcase a more positive and realistic image of Nigerians on the global stage.

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