China's rebound is the biggest unknown facing oil markets, IEA chief says

 

By Olaborede Olugbenga Israel

The International Energy Agency's executive director said Friday that the biggest uncertainty facing global energy markets is the extent to which China rebounds from its extended closure.

"China's economy is rebounding now. How strong this advantage will be will decide the oil and gas market dynamics," Fatih Birol told CNBC Friday.

In its latest monthly Oil Market Report published Wednesday, the energy agency said it expects global oil demand to pick up in 2023, with China accounting for a substantial portion of the projected increase.

Fatih Birol, executive director of the International Energy Agency (IEA) at the World Economic Forum (WEF) in Davos, Switzerland.

Fatih Birol, executive director of the International Energy Agency (IEA) at the World Economic Forum (WEF) in Davos, Switzerland.

The International Energy Agency's executive director said Friday that the biggest uncertainty facing global energy markets is the extent to which China rebounds from its extended closure.

Currently, oil markets are "balanced," Fatih Birol told CNBC's Hadley Gamble at the Munich Security Conference. But producers are awaiting signals on forthcoming demand from the world's second largest economy and largest crude oil importer.

"For me, the biggest answer to the energy markets in the next months to come is [from] China," Birol said, noting a major drop-off in the country's oil and gas demand during its pandemic lockdowns.

In its latest monthly Oil Market Report published Wednesday, the energy agency said it anticipates global oil demand will pick up in 2023, with China accounting for a substantial portion of the projected increase.

Oil deliveries are expected to rise by 1.1 million barrels a day to hit 7.2 million barrels a day over the course of 2023, with total demand reaching a record 101.9 million barrels a day, the IEA noted.

If it's a very strong rebound, there may be a need that oil producers will increase their production.

Fatih Birol.

"China's economy is rebounding now," Birol noted. "How strong this advantage will be will decide the oil and gas market dynamics."

He added, "If it's a very strong rebound, there may be a need that oil producers will increase their production."

The IEA chief said that OPEC+ countries, as well as other major oil producing nations such at the U.S., Brazil and Guyana, were poised to ramp up output to meet that demand, should it be needed.

Asked whether President Joe Biden's Inflation Reduction Act (IRA) — with its package of funding aimed at incentivizing clean energies — could stymy production increases in the U.S., Birol said this was unlikely.

"I think it's beyond the government's policies. There is huge, huge money to be made," he said, citing record profits posted by global oil and gas companies in the past year.

IRA the 'most important' climate action since Paris 2015

Birol insisted that the IRA was playing a vital role in accelerating the global clean energy transition, once again hailing it as the "single most important climate action since the Paris agreement [of] 2015."

The IEA head said that the global energy crisis, prompted by Russia's invasion of Ukraine, was "supercharging" the transition to clean energies.

He added that he expects other countries and regions will soon unveil similar clean energy investment packages.

"I'm sure, sooner or later, Europe will come with a similar energy package," he said.

"We are entering a new industrial age: the age of clean energy technology manufacturing," he remarked, citing wind, solar and nuclear energy technologies. "Those will be the key words for the next years to come."

HEALTH: Province hopes to bring more international nurses to Alberta

By Kolawole Yemisi Victoria

Expanding Alberta's health-care capacity will require more workers, including front-line nurses. But after two years of long, hard shifts, there's worry that a shortage is imminent. As Dan Grummett reports, young people are stepping up but can't fill all of the gaps 

The province is to invest more than $15 million to train and support more internationally educated nurses, like Uche Nechi, who trained in Nigeria and had to wait nearly five years before she was able to resume her career in Alberta.

“At some point you have to think about ‘OK, I really wanted this but it’s about a balance of life and family,'” Nechi, who graduated last month and is working in Calgary, told a news conference.

The plan, initially announced in October, includes $7.8 million allowing students to access up to $30,000 in bursaries. The remainder of the funds will create 600 new seats for nurse bridging programs at Bow Valley College and Mount Royal University in Calgary and NorQuest College in Edmonton.

“Access to financial support like the bursary announced today help alleviate some of the stress so internationally educated nurses like me can focus more on our education and less on paying our bills,” said Nechi.

Bursary recipients are required to complete a year of nursing service in Alberta for every $6,000 received. It is to become available in the 2023-24 academic year.

Health: Internationally educated nurses face long wait-list to gain accreditation.

 

By Olaborede Olugbenga Israel

Alberta’s advanced education minister said many internationally educated nurses face long wait-lists and significant financial barriers to gain accreditation.

“Albertans need more nurses and there are hundreds of internationally educated nurses who want to come live and work in Alberta,” said Demetrios Nicolaides.

Alberta Health Minister Jason Copping said programs can cost tens of thousands of dollars and it can take years to get into a bridging program to attain the necessary licence.

“The financial hurdles many face when looking to align their training with Alberta standards can also add to the stress and anxiety created coming to a new province and a new country to work,” he said.

Once an international student is able to get into a program, it usually takes between 10 and 14 months to complete.

Many of the nurses come from the Philippines and other Asian countries, the United Kingdom, the United States and parts of the Caribbean.

Alberta signed a memorandum of understanding with the Philippines last year.

Philippines Consul General Zaldy Patron said there are many nurses from his country waiting to practise in Alberta.

“In the process, they will be able to provide the warm bodies and the front-line service that Alberta’s health-care system needs so much at this time.”

Naira Redesign Policy: Bayelsa Govt Asks CSOs To Apologise Over False Allegation

 

Says Governor Not G-10 Member

Bayelsa State government has demanded unreserved apology from a group of civil society organisations (CSOs) under the aegis of the Civil Society Organisations Central Coordinating Council over a false allegation against Governor Douye Diri.

The CSOs through its member, Gabriel Ojemena, alleged at a press conference in Abuja on Tuesday that Governor Diri was among a group of 10 governors (G-10) opposing President Muhammadu Buhari on the Naira redesign policy of the Central Bank of Nigeria (CBN).

The CSOs also claimed that the 10 governors were disrespectful of Mr. President and planning to make the country ungovernable if the policy was not reversed.

These are not only unfounded and baseless allegations but they are also annoying and provocative. 

It is even more ridiculous and insensitive coming at a time the governor is mourning the passing of his father. 

The government is particularly dismayed that CSOs that should be better informed rather yielded themselves as agent-provocateur to misinform Nigerians.

The government urges the CSOs to go study the papers that some states filed at the Supreme Court on the new notes suit instead of spreading falsehood.

For the avoidance of doubts, Governor Diri is not opposed to the Naira re-design policy of the CBN or the Federal Government. What he is opposed to is the hardship the implementation of the policy has visited on Nigerians.

When he spoke publicly for the first time about the policy a week ago, it was at a Peoples Democratic Party (PDP) Kaduna South senatorial campaign launch at Zonkwa in Zangon Kataf Local Government Area of Kaduna State. His comments in support of the policy were unflattering and unambiguous.

Governor Diri said at the rally: “We have to reset this country. The way the country is going is not about religion and ethnicity. It is about a few people that have taken the wealth of this country to themselves.

“While we are not in support of the common man suffering as a result of the sudden CBN policy, that policy will change not only our currency but our attitude towards everything as leaders.

“While we plead with the CBN to ensure that our people do not suffer, the other side, those of them who have bullion vans, who are prepared to buy over the presidency, the CBN policy is Holy Ghost fire on them. That is why they are shouting. Why are they shouting as if it affects them more than us?

“All the CBN is saying is that anybody who does not earn money should not have money in bullion vans to go and buy over our voters. That is all the CBN has said and we support that policy. However, make the money available to those who have earned it through their farms, trading and their legitimate business. That is all we are saying.”

The aforementioned quote as published in Thisday of Tuesday, February 7, 2023 not only summed up the governor’s position but also reinforced the CBN’s stand on the policy.

The Bayelsa government thus challenges the CSOs, if their motive was not a hatchet job that eventually misfired, to show contrary proof.

If their intention was not borne out of mischief, why include Governor Diri, a PDP governor, among his colleagues of the All Progressives Congress (APC) that are purportedly against a decision taken by their ruling party in government?

By his disposition, Governor Diri at all times, in his deeds and actions, promotes the peace and unity of Nigeria. He would therefore not engage in any activity that would undermine his party or even the corporate existence of the country.

PAP: Those Fighting Us Are Resisting Our Reforms – Ndiomu

 

By Our Correspondent

Interim Administrator of the Presidential Amnesty Programme (PAP), Major General Barry Ndiomu (retd), has disclosed that those peddling lies and sponsoring frivolous petitions against his administration, are resistant to the reforms and changes he has brought on board.

 

General Ndiomu stated this over the weekend during the PAP meeting with Niger Delta Traditional Rulers, held at the BON Hotel, Warri, Delta State, with the theme: ‘Peace and Security in the Region’.

 

The PAP boss told the monarchs who were led by HRM, King Joseph Timiyan, the Paramount Ruler of Ogulagha Kingdom, that if he had maintained status quo and allowed the “irregularities” discovered in capturing beneficiaries of the Programme to continue, he would have failed from the onset.

 

“It is difficult to bring about change when people are used to certain ways that brings them benefits, even if the ways does not conform with the purpose for which that Programme was set up in the first place”.

 

The PAP boss added that the decision to delist beneficiaries was geared towards sanitizing the system and ensure transparency going forward.

 

Speaking on the financial records of the PAP, Ndiomu informed that his administration has almost cleared inherited debts from past administrations.

 

He added that the PAP under his leadership has initiated talks with the Nigeria Security and Civil Defence Corps (NSCDC) and other agencies to absolve graduates and non-graduates from the region. He said before the end of March this year, another set of ex-agitators will be employed into the Federal Civil Service.

 

The IA further told the monarchs that the PAP is leveraging on the Pipeline Surveillance Contract currently being handled by Tompolo’s Tantita Security Services, to absorb a critical number of ex-agitators.

 

In his brief remarks, King Timiyan who also doubles as the Chairman of Ijaw Traditional Rulers Forum, Delta State, regretted that past leaderships of the PAP dealt directly with ex-agitators without consulting them.

 

He thus commended Ndiomu for recognising the importance of royal fathers in the Amnesty process. “The current leadership of the Amnesty Programme is a bit different, and I think he (Ndiomu) is going to do better,” the monarch stated.

 

The traditional rulers jointly endorsed the capacity of Ndiomu, while they called for an open-door policy to allow for easy and “time-to-time” conversation. They also noted that his giant strides is the reason for “petitions flying up and down”.

 

Ndiomu’s latest meeting with traditional rulers in the region follows a series of strategic stakeholders engagement aimed at changing the negative narratives of the PAP.

 

 

 

 

Diri Dedicates The Sun Award To Bayelsa Flood Victims

 

Bayelsa State Governor, Senator Douye Diri, has saluted the resilience of people of the state while dedicating the 2022 Governor of the Year Award by The Sun Newspapers to victims of last year’s monster floods in the state.

Speaking in Lagos on Saturday night shortly after he received the award, Governor Diri expressed delight that people of the state were able to surmount the challenges presented by the disaster.

A statement by his Chief Press Secretary, Mr. Daniel Alabrah, quoted the governor as also commending the people for supporting his administration and that the award will spur him to do more. 

Governor Diri particularly lauded the legislature and judiciary in the state for the synergy among the three arms of government, saying the cooperation has contributed greatly to the successes recorded by his administration. 

He noted that the prevailing peace and harmony in the state was one of the prized achievements of his administration and stressed the need for the people to sustain the tempo, saying it was the only way Bayelsa can make good progress. 

He said: "This is more about the people of Bayelsa State. Whatever award we receive today is on behalf of the people of the state that have been very supportive. 

“Also, the three arms of government working together, that synergy has helped us achieve whatever we are seeing today. We give the glory to God.

"I like to on behalf of the prosperity administration appreciate the good people of Baysa State, particularly the flood victims. We know what we went through and we thank God that we are alive to receive an award from The Sun.

"This to me is in recognition of the efforts of the people of Bayelsa State. It is in terms of the human and infrastructural development as well as the peace and harmony we are enjoying.”

Earlier, Managing Director and Editor-in-Chief of The Sun, Mr. Onuoha Ukeh, said the award, which was the 20th edition, is dedicated to recognizing those that  have contributed to the development of Nigeria. 

In his remarks, chairman of the occasion and former governor of Ogun state, Chief Olusegun Osoba, expressed appreciation to the management and staff of the organisation for the organizing the awards, saying it is a good way of encouraging development in Nigeria.

While describing next month’s general elections as crucial to the survival of Nigeria, Osoba hailed the introduction of the Bimodal Voter Accreditation System (BVAS) by the Independent National Electoral Commission (INEC) and urged Nigerians to be fully involved in the process in accordance with the laws of the land.. 

The governor was accompanied to the event by Senator Moses Cleopas representing Bayelsa Central Senatorial District, Speaker of the state House of Assembly, Abraham Ingobere, some state legislators, chairman of the state Peoples Democratic Party (PDP), Chief Solomon Agwana, business moguls, Chief Gesi Asamowei and Chief Ken Etete, Waripamowei Dudafa, members of the state executive council as well as other government functionaries.

Central Bank Extends Deadline For Use Of Old Naira Notes By 10 Days

 

The Central Bank of Nigeria (CBN) has announced an extension on the date to end the use of old notes of the country’s official currency, Naira.

The deadline earlier fixed for January 31 is now to last till February 10.

The apex bank had last year redesigned the 1,000, 500 and 200 Naira notes to phase out the old ones.

The bank announced the extension in a statement on Sunday by the Governor, Godwin Emefiele.