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USA now world’s biggest crude oil producer

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Crude oil production in the USA reaches world record high

Crude oil production in the USA reaches world record high

The United States is now the world’s biggest crude oil producer, pushing Russia and Saudi Arabia to the back seat.

In the week ending November, the U.S. crude production hit a whopping 11.6 million bpd, according to Energy Information Administration (EIA) data released on Wednesday.

That’s a threefold increase from the U.S. low reached a decade ago, and a 22.2 percent rise just this year. It makes the United States the world’s biggest producer of crude.

Russia pumps an average of 10.8million bpd and Saudi Arabia, about 10.5million bpd.

More U.S. oil will likely come. The EIA expects output to break through 12 million bpd by mid-2019, largely thanks to a surge in shale oil production.

The record US production has been a moderating factor of oil prices, although oil got a bump on Thursday after record Chinese crude imports eased concerns that a slowdown in the world’s No.2 economy could stoke an emerging fuel glut.

However, oil markets were held back somewhat after the United States became the world’s top crude producer as its output hit record levels.

Front-month Brent crude oil futures were at $72.27 a barrel at 0800 GMT, up 21 cents, or 0.3 percent, from their last close.

U.S. West Texas Intermediate (WTI) crude futures were at $61.95 per barrel, up 28 cents, or 0.4 percent, from their previous settlement.

China’s October crude imports surged 32 percent from a year earlier to 40.80 million tonnes, or 9.61 million barrels per day (bpd), data from the General Administration of Customs showed on Thursday, climbing from 9.05 million bpd in September. The previous daily record of 9.6 million bpd was touched in April 2018.

Imports rose 8.1 percent for the first 10 months of the year from the same period last year to 377.16 million tonnes, or 9.06 million bpd, on track for another record year of shipments.

“Crude oil imports rose … as uncertainty around tariffs on U.S. imports and sanctions on Iran eased,” said ANZ bank following the data release.

“We also saw demand from China’s independent refineries rise,” it added.

Meanwhile, U.S. crude inventories rose by 5.8 million barrels in the week ending Nov. 2, to 431.79 million barrels, the EIA said..

Production has not just risen in the United States, but also in many other countries, including Russia, Saudi Arabia, Iraq and Brazil, stoking producer concerns of a return of oversupply that depressed oil prices between 2014 and 2017.

With output overall rising, supply is ample despite the Iran sanctions now in place, prompting rumblings within the Middle East dominated Organisation of the Petroleum Exporting Countries (OPEC) that renewed supply cuts may be needed next year to prevent a glut.

“OPEC and Russia may use cuts to support $70 per barrel,” said Ole Hansen, head of commodity strategy at Saxo Bank.

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2019 presidential debate: Ezekwesili, Moghalu, Durotoye speak on Atiku, Buhari’s absence

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Atiku and Buhari

Atiku and Buhari

The five candidates present at the presidential debate organised by the Nigeria Elections Debate Group (NEDG) and the Broadcasting Organisations of Nigeria (BON), have reacted to the absence of President Muhammadu Buhari and Atiku Abubakar form presidential debate.

DAILY POST reported earlier that President Buhari, candidate of the All Progressives Congress (APC) and his Peoples Democratic Party, PDP, Atiku, shunned the event.

While Atiku had in a statement given Buhari’s absence as his reasons for boycotting the debate, the APC candidate, Buhari did not give any reason behind his absence.

However, candidates present at the debate; Fela Durotoye of the Alliance for New Nigeria (ANN), Oby Ezekwesili of the Allied Congress Party of Nigeria (ACPN) and Kingsley Moghalu of the Young Progressives Party (YPP) have condemned Atiku and Buhari for their absence.

Reacting during the debate, Moghalu said the first reason Buhari and Atiku are not around for 2019Debate is arrogance, adding they have taken Nigerians for granted.

According to him, “There are two reasons they are not here: Arrogance: They believe Nigerians will always come to them. They have a sense of entitlement but not a record of service to the people of Nigeria.

“They cannot answer the questions to be asked tonight.

Durotoye in the other hand said “Atiku and Buhari’s absence means the future is here. “

He also connected their absence to pride, saying pride comes before a fall.

Also, Ezekwesili on her part said: “Atiku and Buhari have simply announced their exit from the governance of this country following their absence from the debate.”

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PDP speaks as Atiku boycotts presidential debate, says ex-VP ready to face Buhari

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Atiku Abubakar

Atiku Abubakar

The Peoples Democratic Party, PDP, on Saturday declared that its presidential candidate, Atiku Abubakar was ready to face President Muhammadu Buhari in a debate any day or place.

PDP stated this while reacting to Abubakar’s failure to take part in the debate, following Buhari’s refusal to show up.

The presidential debate organised by the Nigeria Elections Debate Group (NEDG) and the Broadcasting Organisations of Nigeria (BON) had President Buhari, candidate of the All Progressives Congress (APC) and his Peoples Democratic Party, PDP, Atiku, counterpart conspicuously absent.

While Atiku had in a statement explained his reasons for boycotting the debate, the APC candidate, Buhari was yet to make any official comment for refusing to attend.

Candidates present are; Fela Durotoye of the Alliance for New Nigeria (ANN), Oby Ezekwesili of the Allied Congress Party of Nigeria (ACPN) and Kingsley Moghalu of the Young Progressives Party (YPP)

However, PDP’s spokesperson, Kola Ologbondiyan, in a tweet wrote: “The peoples candidate, @atiku, cut short his trip to @usa to debate @Mubari. Sadly, @MBuhari failed to turn up

“@atiku will debate @MBuhari any day, anytime and anywhere including the Banquet Hall of Aso Rock.”

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BREAKING: Fire kills Jimoh Ibrahim’s mother

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jimoh ibrahim

jimoh ibrahim

The mother of billionaire businessman, Omofemiwa Ibrahim is dead.

The septuagenarian died in a fire accident at her Victoria Garden City (VGC) residence on Saturday.

Mrs Ibrahim was pronounced dead at the scene after the arrival of fire fighters.

Her corpse has been deposited at the morgue.

Madam Ibrahim moved to VGC to be close to her billionaire son after she was released by kidnappers in 2011.

She was kidnapped in Igbotako, Ondo State and released in Sapele, Delta State after her family paid millions of naira as ransom.

Jimoh Ibrahim has confirmed the incident.

A source close to him told DAILY POST that Ibrahim was “very sad” about the development.

Ibrahim, who is currently in London, was said to have been informed earlier in the day.

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