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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

Enugu State Governor Names Street After Viral Musician, Gentleman Mike Ejeagha

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Enugu State governor names street after Mike Ejeagha | fab.ng

People often hailed Gentleman Mike Ejeagha as the grandfather of Igbo folk music. He has remained an iconic figure in Nigerian music for over six decades. His influence in the genre is unparalleled, and his timeless work continues to resonate with audiences today.

Recently, his 1983 classic, “Ka Esi Le Onye Isi Oche“, experienced a resurgence in popularity when comedian and skit maker Brain Jotter featured it in a viral video. This newfound fame has brought Ejeagha’s work to the attention of a younger generation. Recognizing his immense contributions to music and culture, the Enugu State government honoured the 90-year-old musician by naming a street after him.

On September 2, 2024, Governor Peter Mbah of Enugu State inaugurated several newly constructed roads. One of these roads was renamed Abakpa Road in honour of Gentleman Mike Ejeagha.

 

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A post shared by African Folder (@africanfolder)

Enugu State officials honoured the legendary musician, Gentleman Mike Ejeagha.

The legendary musician hails from Imezi Owa in the Eziagu Local Government Area, for his lasting impact on Igbo folk music and culture. The governor made a special visit to Ejeagha’s residence. Emma Ejeagha and Elizabeth Ugwu warmly welcomed the governor upon his arrival at their father’s residence. They are both the children of the renowned musician. They expressed their gratitude to the governor for fulfilling promises made by previous administrations to honour their father’s legacy.

At the street commissioning ceremony, Governor Mbah delighted residents by joining them in the viral “Gwo gwo gwo ngwo” dance steps.

The viral success of “Ka Esi Le Onye Isi Oche” was sparked by Brain Jotter‘s Instagram video on July 5, 2024. This has rekindled widespread interest in Gentleman Mike Ejeagha’s life and career. The song features a clever folklore tale about the cunning tortoise (Mbe) and the mighty elephant (Enyi). This is one of the highlife legend’s most notable works.

Listeners cherish Ejeagha’s music for its incorporation of moral teachings, a wealth of proverbs, and insightful social commentary. Yet, they remain an integral part of Nigerian musical heritage, speaking to generations past and present.

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NEWS

Ayra Starr Expresses Sentiments Over Murder Of Christiana Idowu

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Ayra Starr expresses anger over murder of student | fab.ng

Nigerian singer Ayra Starr has expressed her outrage over the abduction and murder of Christiana Idowu by Adeleye Ayomide. Christiana is a 300-level student at the Federal University of Agriculture, Abeokuta, Ogun State.

On September 5, 2024, Ayra Starr took to X, passionately calling for better treatment of women in society and demanding justice for the slain student. Her message emphasized the need for immediate action to address violence against women and ensure that the perpetrators are held accountable.

She wrote, “Stop killing us! Stop raping us! Women deserve better #JusticeForChristianah.”

The 300-level student from the Federal University of Agriculture, Abeokuta, Ogun State, Christiana Idowu, was abducted along the Ikorodu-Yaba Road in August 2024.

Christiana Idowu

The kidnappers contacted her parents using her WhatsApp account. This prompted her parents to report her missing on August 19, 2024. They sent pictures of Christiana in captivity through WhatsApp’s “view once” feature, demanding ₦1.5 million in ransom. Her parents managed to raise ₦350,000, which they transferred to a betting account as instructed by the kidnappers.

After receiving the money, the kidnappers asked for a copy of the sender’s bank statement. On August 23, Christiana’s family complied, but the kidnappers cut off all contact shortly after. Investigators traced some of the ransom money to Christiana’s GTB account. Then, someone transferred this money to a Wema Bank account. The account belonged to Adeleye Ayomide, a 200-level student at Olabisi Onabanjo University (OOU). Investigators identified Ayomide as the primary suspect.

Adeleye Ayomide, the primary suspect.

On September 3, 2024, police arrested Ayomide, who confessed to killing Christiana and burying her body at his family home.

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MUSIC

Fireboy’s “Peru” Gets Diamond Certification In France

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'Peru' diamond certification in France | fab.ng

Fireboy‘s “Peru,” released in 2021, quickly became a global sensation, securing a diamond certification in France. The song charted in several countries, including the US, UK, and France. The Afrobeats rhythmic song resonated with audiences worldwide, earning it a commercial success across multiple regions.

Significantly, the song secured the highest certification for a song in France. The remix features British superstar Ed Sheeran, who played a crucial role in propelling the track to international stardom. This version of “Peru” not only charted in over 20 countries but also made a showing on the Billboard Hot 100. It peaked at No. 53. In the UK, it soared to No. 2 on the Official Singles Chart. Again in France, it reached No. 28, solidifying its status as a global hit.

The success of “Peru” extends beyond just chart performance.

Across both the original and remix versions, the track has amassed over 450 million streams on Spotify alone. It has been awarded a gold plaque in Denmark and achieved double platinum status in the UK. Notably, “Peru” is one of the select Afrobeats songs to earn a platinum certification from the RIAA, further cementing its place in the genre’s history.

Featured on Fireboy’s third album, “Playboy”, “Peru” catapulted him to international fame. This success earned him a BET nomination and a coveted performance slot at the 2022 edition of the awards. Fireboy’s ability to fuse Afrobeats with global appeal has established him as one of Nigeria’s leading musical exports.

With its recent diamond certification in France, “Peru” joins the ranks of other Nigerian hits.

This includes Oxlade’s “Kulosa,” Ayra Starr’s “Rush,” Burna Boy’s “Last Last,” and Rema’s “Calm Down,” all of which have received SNEP diamond certification.

Building on this momentum, Fireboy continues his global ascent with the release of his fourth album, “Adedamola”. The project features collaborations with prominent artists such as Lagbaja, Grammy nominee Seun Kuti, Lojay, and Grammy Album of the Year winner Jon Batiste, showcasing his ever-expanding influence in the music industry.

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