The Organisation of the Petroleum Exporting Countries made this disclosure in its 2021 World Oil Outlook.
First, let me say that I really would have expected Alhaji Abubakar to at least get the full text of my comments before his public refutal of my views.
Atiku had faulted Osinbajo on the comments the latter made in a presentation at the Minnesota Town Hall meeting, United States
Sylva added that crude oil exports represented about 86 per cent of total export earnings, while the actual government revenue from the sector is 40 per cent.
Former Vice President of Nigeria and Waziri Adamawa, Atiku Abubakar, welcoming the Secretary General of Organization of Petroleum Exporting Countries, Muhammad Sanusi Barkindo, to his Yola, Adamawa State residence during a courtesy visit on Friday.
A barrel (159 litres) of North Sea Brent cost $76.18 on Monday morning, about the same as on Friday.
The event which is in collaboration with the African Energy Commission (AFREC), the African Petroleum Producers Organization (A.P.P.O) and African Refiners and Distributors Association (ARDA), culminates more than two years of work to expand dialogue, technical cooperation and enhanced research on the continent’s promising energy future.
But the recovery was stunted by fears of a slow recovery in demand due to new pandemic lockdowns in Europe and a build in US crude stocks.
It was learnt that the N2.8 billion was to take care of estacodes and other allowances for representatives of the Federal Government in internationally-organized annual board meetings, conferences and workshops, including contribution to Organization for Petroleum Exporting Countries.
The group reached the agreement at the 13th OPEC and non-OPEC Ministerial Meeting, held via videoconference, on Tuesday in Vienna.
The Minister of Information and Culture, Alhaji Lai Mohammed, gave the assurance on Monday in Lagos at a New Year media briefing.
The Bloomberg news agency reported this on Thursday, citing its sources.
A victory by Trump is viewed as bullish for oil because of sanctions on Iran and his support for Saudi-led OPEC oil cuts to support prices.
Brent, against which Nigeria’s crude oil is priced, fell by $0.36 to $39.47 per barrel.
Nigeria was listed among countries yet to fully comply with the first phase of agreed production output cuts
Brent crude was up 51 cents, or 1.2 per cent, at $42.81 per barrel, by 0628 GMT, while US West Texas Intermediate crude rose 32 cents, or 0.8 per cent, to $39.87 a barrel.
This is the first time it has done so since March, after major oil producers agreed to stick to their current output restrictions for one more month.
The group disclosed this in a statement released at the end of its online meeting in Vienna on Saturday
Barkindo disclosed in his presentation, via videoconferencing, to the 133rd Meeting of the Economic Commission Board.
“Any agreement on extending the cuts is conditional on countries, who have not fully complied in May, deepening their cuts in upcoming months to offset their overproduction,” one OPEC source said.