Tuesday, January 19, 2016

European Union Replies Biafra Over Calls For Independence

Against the backdrop of the request by Biafra agitators and the organization of Emerging African States (OEAS) for the referendum to be conducted on the independence of Republic of Biafra, the European Union has replied the agitators.

BY AKPAN JEREMIAH




The Biafra had earlier through OEAS requested that the European Union High Representative for Foreign Affairs and Security, Federica Mogherini, to wade into the need to conduct a referendum for Biafra’s independence.

Sahara Reporters reported that the OEAS also called for the release of those it described as Biafran political prisoners and a stay of action by the Nigerian troops, and for quick referendum to be held within 90 days.

In response to this request, Mogherini told Dr. Jonathan Levy, OEAS chief administrative officer, that while the European Union has strong diplomatic and economic relationship with Nigeria, the “protection of human rights and fundamental freedoms remains a priority for the EU and we encourage the authorities [Nigeria] in every occasion to respect such rights.”

The EU further went on to caution the OEAS and Biafran that the push for self-determination and border changes must be carried out within the ambits of established international law.

It added that Biafra can only be recognized through international law and not through armed secession.

The OEAS had been pushing for an internationally recognized referendum on Biafra independence or autonomy.

In the same vein, OEAS advised that all nonviolent means should be utilized including general strikes, economic boycotts, work actions, demonstrations, lawsuits, and civil disobedience. Nigeria is a member of The International Labor Organization (ILO).

The ILO recognizes the right to engage in general strikes and the right to strike is also recognized in the International Covenant on Economic, Social and Cultural Rights of 1966 (Article 8(1)(d)).

Below is a copy of the letter:






Meanwhile, former president Olusegun Obasanjo had continued to hit hard on Biafra agitators lashing out on pro-Biafra movement describing it as dead agitation which was borne out of sheer ignorance and error of judgment.

He added that those involved in the current agitation in support of Biafra were embarking on a hopeless and futile exercise, which no serious-minded Nigerian should ever become a part of.

Monday, January 18, 2016

Nigerian Separatists Claim Police Kill 8 In Biafra Protest

 MONDAY, JANUARY 18, 2016


WARRI, Nigeria — Nigerian separatists said police killed eight people during renewed violent protests Monday demanding an independent Biafran state in southeastern Nigeria and the release of a detained leader. Police deny the allegation from leaders of a cause that sparked a civil war in the 1960s in which a million people died.

Police shot protesters in southeastern Aba city, after protests erupted in cities in six southern states, Uchenna Madu, leader of the Movement for the Actualization of the State of Biafra, told The Associated Press.

But Abia state police spokesman Ezekiel Onyeke said no one was killed and police fired only tear gas and smoke grenades to disperse protesters after some lobbed petrol bombs at security forces. It was not possible to verify the contradictory claims.

Onyeke said police arrested 26 people for possessing weapons including machetes, axes and clubs.

Fourteen other protesters and two police officers have been killed and about 200 people detained across the country since the demonstrations started three months ago, according to the separatists and police. They began after intelligence agents detained the director of banned Radio Biafra, Nnamdi Kanu, on Oct. 17. He was initially accused of criminal conspiracy and hate speech but the charges were escalated to terrorism and financing terrorism.

A Federal High Court ordered Kanu's unconditional release on Dec. 17 but President Muhammadu Buhari said two weeks ago that his government would not release Kanu.

Monday's protests come six days after the anniversary of the surrender in 1970 of the breakaway state of Biafra following a 32-month-old civil war in which the casualties were mostly Biafrans who starved to death because the military blocked supply routes. Buhari, a former military dictator in the 1980s, was a brigade major who commanded troops in Biafra during the war in which soldiers were accused of mass atrocities.

Gabon Recalls Paris Ambassador After Election Comments

REUTERS

* French PM seemed to cast doubt on Bongo's 2009 election win

* Gabon's opposition disputed the election

* Not the first spat between Gabon and former colonial ruler (Adds analyst comment)

By Gerauds Wilfried Obangome

LIBREVILLE, Jan 18 Gabon said it recalled its ambassador to Paris after France's prime minister appeared to question the legitimacy of President Ali Bongo's election in 2009.

The latest sign of fraying relations between Gabon and its former colonial ruler follows a French investigation into the origins of the wealth of the Bongo family, which has ruled the oil-producing west African nation since 1967.

Asked during a television interview on Saturday whether Bongo had been democratically elected, Prime Minister Manuel Valls said: "No, not as I understand it."

Gabon's opposition disputed the election result at the time.

Bongo, who succeeded his father Omar, is expected to seek a second seven-year mandate in August and will run against one of his main critics, Jean Ping, a former African Union chairman. .

Francois Conradie, analyst at South Africa-based NKC African Economics, suggested Valls' comment could boost the opposition's chances.

"Mr Valls' undiplomatic exclamation has spread like wildfire in Gabon, and has further damaged Mr. Bongo's public image," he said in a note on Monday, while noting Ping's candidacy also had its critics.

Gabon's Interior Minister Pacome Moubelet Boubeya told state television late on Sunday the government was seeking clarification of Valls' remark.

"We are surprised and shocked by the words of Manuel Valls when our two countries have such excellent relations," he said.

France's foreign ministry said it was "extremely attached" to its relationship with Gabon under Bongo's presidency.

Ministry spokesman Romain Nadal told reporters that the ambassadors of both countries had met government representatives in each capital on Monday, "to remove any misunderstanding".

Gabon has twice before recalled, and then reinstated, Ambassador Germain Ngoyo Moussavou in recent years.

For decades after Gabon's independence in 1960 the two countries were close allies under the "Francafrique" system that gave veteran African leaders security guarantees in exchange for business deals.

Gabon is one of Africa's richest countries but wealth is very unevenly distributed.

France remains a key player in Gabon's economy, with more than 100 companies based there, including oil major Total .



It also has a military base in the capital Libreville with more than 400 French soldiers. (Reporting by Gerauds Wilfried Obangome and John Irish in Paris; Writing by Emma Farge; Editing by Robin Pomeroy and John Stonestreet)

West Africa To Fight Back Against Jihadists As Burkina Gunmen Named

AFP




Ouagadougou (AFP) - Al-Qaeda in the Islamic Maghreb (AQIM) Monday named three gunmen behind a deadly attack on a luxury Burkina Faso hotel that has highlighted the growing reach of jihadist groups in west Africa, as French police joined in the probe.

Burkinabe troops fanned out across the capital, Ouagadougou, with security stepped up at key sites as visiting Benin President Thomas Boni Yayi pledged that west African nations would fight back against a mounting terrorist threat.

"We're not going to just sit on our hands. We will react and respond," he said, speaking on behalf of the 15 regional nations.

"The question is whose turn is it next," Boni Yayi added.

"The terrorists who think they can take our youngsters away from us are wrong."

Friday's attack by Islamist gunmen on a four-star Ouagadougou hotel and nearby cafe left at least 29 people dead, around half of them foreigners.

First such incident in the country, it came weeks after Islamists claimed an assault on a top hotel in Bamako, capital of neighbouring Mali, where 20 people died.

At the crime scene, an 18-strong team of French investigators, including forensic experts, joined local police in white coats combing for clues at the Splendid hotel and Capuccino cafe stormed by the gunmen.

At least 14 or 15 foreigners, including a nine-year-old, and seven or eight Burkinabes were among the dead, according to differing tolls given by the government and the public prosecutor. Seven bodies have not yet been identified.

The French foreign ministry said 30 people had been killed and 20 identified.

- 'Drop in sea of global jihad' -

In a statement carried by US-based monitoring group SITE, AQIM said the Splendid Hotel was "one of the most dangerous dens of global espionage in the west of the African continent."

It published photos of the three young gunmen dressed in military fatigues and wielding weapons, identifying them as Battar al-Ansari, Abu Muhammad al-Buqali al-Ansari and Ahmed al-Fulani al-

The operation, claimed by AQIM in the early hours of Saturday morning while the attack was still ongoing, was a "drop in the sea of global jihad," the statement said.

In their earlier statement, AQIM said the gunmen were from the Al-Murabitoun group of notorious Algerian extremist Mokhtar Belmokhtar.

Authorities in Burkina Faso have said that the bodies of three assailants had been identified, but several witnesses said they saw more than three attackers and a manhunt is still under way for accomplices.

Burkina Faso has declared three days of national mourning following the onslaught.

"People are afraid. Anyone who's not afraid isn't normal -- this is guys with guns," said Souleymane Ouedraogo, who lives near the scene of the violence.

Until recently Burkina Faso had largely escaped the tide of Islamist violence spreading in the restive Sahel region and the hotel assault will heighten fears that jihadist groups are casting their net wider in search of targets in west Africa.

President Roch Marc Christian Kabore, who took office just last month, said west African states needed to work together.

"We need to share information and military means," he said. "This is an asymmetrical war and we need to train our army for this new type of combat."

- Australians kidnapped -

The attack began around 7:45 pm (1945 GMT) on Friday when an unknown number of attackers stormed the 147-room Splendid Hotel in the heart of Ouagadougou.

The hotel and surrounding area became a battleground as Burkina Faso troops, backed by French forces based in the city under a regional counterterrorism initiative, launched an attempt to retake the hotel around 2:00 am.

Internal Security Minister Simon Compaore said the foreign dead included four Canadians, three Ukrainians, two French nationals, two Portuguese, two Swiss and a Dutch person.

The US State Department said one American was killed.

Burkina's public prosecutor Maiza Sereme said 15 foreigners were killed and gave a slightly different breakdown of the nationalities.

In a reminder of the fragile security situation, an elderly Australian couple were kidnapped on Friday in Burkina Faso's northern Baraboule region, near the border with Niger and Mali.

Malian militant group Ansar Dine told AFP the couple were being held by jihadists from the Al-Qaeda-linked "Emirate of the Sahara".

The pair had been running a surgical clinic in the north of the country since 1972, and no reason has been given for their kidnapping, a statement from their family said.

Over $6.5-Billion Stolen In Nigeria In Seven Years -- Minister

ABUJA - Nigerian state governors, ministers, business leaders, public officials and bankers allegedly stole $6.7-billion (R112.3-billion) in public funds in seven years, information minister Lai Mohammed said on Monday.
Mohammed told reporters in the capital, Abuja, that some 1.34-trillion naira ($6.72-billion, 6.15-billion euros) was allegedly stolen between 2006 and 2013 by just 55 people.
"The situation is dire and the time to act is now," he added.
Giving a breakdown of the alleged theft, Mohammed claimed:
- 15 former state governors stole 146.84-billion naira
- 11 businessmen took 653-billion naira
- Eight people in the banking industry stole 524-illion naira
- 12 former state and federal public servants made off with more than 14-billion naira
- Five former lawmakers pilfered 8.35-billion naira
- four former ministers took seven billion naira.
The period covered starts toward the end of the second term in office for Nigeria's first civilian president after military rule, Olusegun Obasanjo. He was replaced in 2007 by Umaru Musa Yar'Adua.
Goodluck Jonathan took over in 2010 when Yar'Adua died in office.
Nigeria's President Muhammadu Buhari came to power in May last year, vowing to crack down on endemic corruption in Africa's most populous nation.
He accused Jonathan's administration of leaving the treasury "virtually empty" and vowed to recover what he said were "mind-boggling" sums stolen from the public purse.
Former national security advisor Sambo Dasuki and a string of high-profile figures are currently facing corruption charges over allegedly bogus arms deals to the tune of $2-billion.
Last Friday, the investigation was widened to military top brass who served under Jonathan.
Mohammed said tackling corruption was central to Buhari's administration but added that it involved everyone.
"This is Nigeria's war," he said.
Nigeria's main opposition Peoples Democratic Party (PDP) has accused Buhari of conducting a witch-hunt against its members. Obasanjo, Yar'Adua and Jonathan were all PDP presidents.
But the current All Progressives Congress (APC) government would not spare anybody who has stolen public funds, regardless of their political affiliation, ethnicity or religion, added Mohammed.
- AFP

58,000 Nigerian Infants Infected With HIV Yearly -- NGO






Mr Jamie Drummond, Executive Director ONE, an NGO, said that about 58,000 Nigerian infants were being infected with preventable and treatable diseases, including HIV, from their mothers yearly. Drummond said this on Monday in an interview with the News Agency of Nigeria (NAN) in Abuja.

He noted that many maternal and child mortality occurred in the country resulting from lack of good governance and adequate data to prioritise the health sector.
``One child in every seven in the world who dies of preventable, treatable diseases every year in the whole world is a Nigerian child.
``One out of seven mothers who dies anywhere in the world is a Nigerian mother and every year 58,000 Nigerian infants catch HIV from their mothers who love them because they didn’t get the drugs to stop the transmission of HIV from mother to child. ``These are completely treatable, preventable things and Nigeria has the resources to stop all of these from happening with good governance dependent on good data and accountability,” said Drummond.
According to him, Nigerians need to demand good governance, promote the fight against corruption and encourage the existence of high profile data to utilise the country’s resources wisely. He further added that the National Bureau of Statistics (NBS) would require more funding and political space to enable the bureau to achieve its objectives. ``The people of Nigeria need to demand good governance, every single person in Nigeria says the same thing; they need to demand the promotion of the fight against corruption, transparency and good governance.
``When you have transparency and good governance everything else goes better, when you don’t have that, you cannot say that the most important thing is health or agriculture. ``If someone should weigh the magic wound, to provide more political space for the National Bureau of Statistics, provide more funding for it and allow it more independence, I think that can change things,” he said. Besides, Drummond said that the relevant authorities needed to monitor the implementation of the budget. He said: ``Journalists and relevant stakeholders need to follow the budget because they are activists about facts.
``But they cannot do that if the budgets are not open and if they can’t get statistics of what that money have been spent on and after a while people lose the focus of asking questions about following the money. ``Demanding to follow the money and for better governance is the way to improve the lives of the people, so that the money in the health sector will be better spent,’’ said the executive director. However, he observed that Nigeria had the manpower and entrepreneurs that could work effectively to ensure adequate keeping of data. (NAN)

Thursday, January 14, 2016

We Envision Africa Thus

BY ALSTON C. ARMAH
THE PERSPECTIVE, JANUARY 14, 2016





Are you an optimist? Are you an African youth who believes in the enormous possibilities that lie ahead for the African continent? Whether you respond in the affirmative or not, I would like to make one request, which I wholeheartedly think you could grant. Disabuse your mind of all doubts and come with me on a journey; together let’s envision Africa 2063.

First, let’s go down memory lane and take our minds to the year 1963. When the leaders of 33 independent African countries met in May that year in Addis Ababa, they were undertaking a task many thought was unrealistic and impossible to achieve. That task was to form a continental body that would be used as a platform to elevate the campaign against all forms of colonization and thus liberate Africa from European subjugation and humiliation. With dedication and commitment, the leaders of independent Africa – William Tubman of Liberia, Kwame Nkrumah of Ghana, Sekou Toure of Guinea, and Halie Selassie of Ethiopia, among others – worked tooth and nail to decolonize the continent. Despite the seemingly insurmountable odds against them – foreign infiltration, some colonial masters’ policy of indirect rule and the strategy of divide and rule – these African leaders collaborated, harnessed their collective skills and efforts, worked tirelessly and remained unwavering in their pursuit to liberate Africa from the claws of European colonization.  As always happens in all human endeavors where there is passion coupled with commitment to ideals and the unflinching will to succeed, the leaders of Africa sustained the independence revolution and eventually the last bastion of colonial rule was dismantled.

Interestingly, many of these leaders did not have access to the many ivory tower universities and centers of learning we have in Africa today. Some of them were largely self-taught. More often than not, the ones who could afford had to fly across the Atlantic to study in faraway places such as England, Portugal, the United States, France, among others. Fortified with education and a kind of enlightenment rooted in self-determination for the African people, these founding fathers, the Pan Africanists, returned home and committed themselves to the task to liberate Africa from the manacles of colonization.

Eventually Africa was decolonized. The commitment and passion of the founding fathers had paid off. But no sooner had most of Africa gained independence then the clouds of civil wars and political unrests began to gather, courtesy of the ploys crafted by reactionary forces and elements of retrogression. Thus we saw Biafra War in Nigeria, coups d’état in countries like Togo, Liberia, Ghana, etc. And then came the instances of full blown civil crises such as seen in Liberia, Sierra Leone, Democratic Republic of the Congo, Somalia, among others. Much of the first 50 years since the formation of the OAU (now AU) has been devoted to ending civil wars, education and training, fighting diseases and other menaces. 
That, in summary, is the story of the first 50 years of independent Africa.

In the first 50 years after the end of colonization, Africa has prospered in many ways. Roads, airports and seaports have been built, many more people have been educated, and infrastructures have been built to cater to the needs of the growing population. All these are not enough, one would argue, given Africa’s enormous resource potentials – arable land, virgin rainforests, minerals, crude oil, blue oceans, biodiversity, and most important a youthful population. And it would seem that the progress achieved has been tainted by political instability and acts of terror that have come to grip the continent in the last few decades.

The next 50 years leading up to 2063 will be the African Era. This will be the time to bring about the African Renaissance – the rebirth and rebranding of an Africa that is peaceful and serene where the youth are seen as instruments of peace and catalysts to drive the engine of economic growth and technological advancement. To bring about the renaissance of the Africa we envision, all of Africa must work together - governments and citizens – to pursue a continent-wide agenda.  

The next 50 years leading up to 2063 promises to be a most critical period for modern Africa. The vision for Africa, as crafted by authorities of the African Union Commission, is laid out in the document titled “Agenda 2063 – The Africa We Want.” In this document are well laid out the African Aspirations for the year 2063. Among other things, “we aspire to see an integrated continent, politically united, based on the ideals of Pan-Africanism and the vision of Africa’s Renaissance.” Towards this end, “we envision a peaceful and secure Africa with world class, integrative infrastructure that crisscrosses the continent.” Great aspirations indeed!

Africa is not just a continent in name. It is the second largest landmass home to 1.166 billion people (according to UNFPA estimates for the year 2015), approximately 16% of the world’s population. The primary stimulus for Africa’s forward march will be its youthful population. According to Wikipedia (the online encyclopedia), Africa's population is the youngest amongst all the continents; 50% of Africans were born in 1991 or later. This means that half of Africa’s population is made of young people aged 24 years or younger. UNICEF estimates that 1.8 billion babies will be born in Africa over the next 35 years, and the “total African population will nearly quadruple to about 4.2 billion by the end of the century.”

The youth boom will be a force to awaken Africa from its slumber. The African youth – our greatest source of energy - will be the catalysts to speed up the continent’s leap into the future. With their exuberance and passion coupled with the right mix of education and training and their active participation in civic and governance processes, the youth of Africa can bring forward the Age of the African Renaissance. Give them adequate training in agriculture, science and technology, business and commerce and the space to participate in governance processes, and you will have a perfect formula for moving Africa forward in this age of rapid human advancement. 

When adequately educated and nurtured, Africa’s greatest assets - its youth - will become productive citizens and the pillar for economic, cultural, political and social reformation of the African continent. The youth of Africa can be trained to become the golden generation of African technocrats leading business and commerce, scientific inventions, climate preservation, and infrastructural development. A trained youth-dominated workforce can make possible the construction of superhighways winding and meandering through hills and valleys, forests and deserts from Cairo to Cape Town. We can imagine and bring to reality an Africa where railways run from Kismaayo in the east to Monrovia in the west. We can dream and remake an Africa where the cultures, wisdom and skills of ancient kingdoms such as Timbuktu - where we had the first medical college in Africa – Songhai, Dahomey, and Nubia are revived, refined and used for the betterment of the lives of the African people. 

All these dreams are possible and can be achieved. But to achieve these dreams, the youth of Africa must be given prime place and priority in terms of their education and training for conscious participation and positive contributions to this wonderful continent and its aspirations as outlined in “Agenda 2063.”

There has never been a perfect moment and an ideal driving force for the betterment of Africa. Agenda 2063 is not just a document; it is a living source of strength and energy. When allowed to work, this agenda is the single most important charter that will turn the 21st century into the Age of the African Century.  For this agenda to work, we have to play our various roles dedicatedly. The youth will have to commit to education and training. We must demand from our governments and policy makers the support and opportunities to acquire education and skills in such indispensible disciplines as agriculture, natural resource management, climatology, engineering, medicine, business and commerce, and governance and civic leadership. The governments on the other hand must invest in education and job creation. We should even dare to say that African governments must invest up to 50% of their annual budgets into education, training and job creation for young people over the next 20 years. Is this too much a demand to make? When we invest in more education, training and job opportunities for our young people, we create an incentive for African youth to shy away from extremism and even the perilous journey through the Sahara and across the Mediterranean onward to Europe. 

Africa is blessed to have a young population and hardworking people together with an enormity of untapped natural resources. Our evergreen rainforest remains mostly intact, stretching from the Congo to the western shores of Africa. Our oceans and rivers abound with great species of marine life which is already a source of employment for many. Our arable land and water resources can be used to fuel an African food and agro-processing industry to produce more than sufficient food to feed the African people and the rest of the world. All this can be led by our ever dynamic and energetic youth, given the proper mix of education and training and opportunities to hone their talents.

Our blue oceans – the Atlantic and Indian Oceans together with the Mediterranean Sea could be an enormous conduit for the boom of maritime and commerce to support this vast continent that Mother Nature has so graciously endowed us with.

We must all work to change Africa. We must rewrite our own stories wherein the African youth are given a prime place. Africans can create their own realities. In the immortal words of Kwame Nkrumah, “Circumstances can be changed by revolution and revolutions are brought about by men, by men who think as men of action and act as men of thought.”

No longer shall we sit idly and grieve about the wrongs of the past and ills of the present. O dear youth of Africa! Take this Agenda 2063 and move forward with it. Engage stakeholders and policymakers; hold seminars and roundtable discussions on this noble Agenda. Do so with the conviction that it is our collective African destiny! And in the process to chart the course for a new and better Africa, no African – young or old – should be an idle observer watching from a distance.  

You who dream of not only a peaceful but a prosperous Africa, stand up! You who dare and dream to see youthful Africans taking leadership roles in governance, science, commerce, technology and academia, dream with us! Believe with us and embrace the renaissance and join the campaign to remake Africa, for the rebirth of our beloved continent is at hand.


About the author: The author is a Liberian citizen residing in Monrovia. He works for the Ministry of Education in Liberia, and he does consultancy for a number of youth organizations.

Wednesday, January 13, 2016

Nigeria Stocks Near 3 1/2 Year Low As Naira Hits 300/US$ On Black Market

BY CHIJIOKE OHUOCHA
REUTERS, JANUARY 13, 2016


Jan 13 Nigerian stocks fell 3.6 percent to near a three-and-half-year low on Wednesday after the local currency hit a new trough of 300 per dollar on the black market, weighed down by sliding oil prices and the central bank decision to curb dollar supply.

Currency and stock markets have been hard hit by the persistent fall in crude, Nigeria's main export, triggering a fall in government revenues and exit of foreign investors from the local bourse.


Brent crude, which gives Nigeria around 95 percent of its foreign earnings, fell to $30 a barrel for the first time in twelve years on Tuesday.

"With pressure on foreign reserves and oil prices at $30 per barrel, devaluation is now unavoidable. The issue will be the quantum and methodology," said Samir Gadio, head of Africa strategy at Standard Chartered Bank.

The central bank on Monday stopped the sale of dollars to retail foreign exchange operators saying they were using up the country's foreign reserves for illegal transactions and selling the dollar above the bank's official rate of 197 naira.

On Wednesday, bureaux de change traders were quoting to sell dollars at a record low of between 290 to 300 naira citing thin liquidity. The unofficial market accounts for less than 5 percent of total dollar trades in Nigeria.

The stock index, which has the second-biggest weighting after Kuwait on the MSCI frontier market index, fell to 25,206 points, dropping to levels last reached in September 2012. The index is down 9.1 percent in its eight days of trading this year, after shedding 17.4 percent last year.



"The market is facing acute dollar shortages, even many people who want to buy at 300 naira cannot find the dollar," said Aminu Gwadabe, the head of Nigeria's bureaux de change association. (Additional reporting by Oludare Mayowa; Editing by Andrew Heavens)

Oil Rises For First Time In Eight Sessions On China, US Stocks Draw

BY KAROLYN SCHAPS
REUTERS WEDNESDAY, JANUARY 13, 2016

A sign for a Haffner's gas station is seen in Lowell, Massachusetts December 15, 2014. Picture taken with long exposure. Picture taken December 15, 2014. Image: Brian Snyder

Oil prices rose for the first time in eight days on Wednesday as positive Chinese trade data and an unexpected draw in weekly U.S. crude oil inventories gave investors reasons to buy crude futures.

Brent crude, the global benchmark, was up 63 cents at $31.49 a barrel at 1151 GMT, but remained near lows last seen nearly 12 years ago.

U.S. West Texas Intermediate crude (WTI) was up 69 cents at $31.13 a barrel, recovering from Tuesday's dip below $30.

"The API inventory data triggered a profit-taking wave, that's the main reason for this uptick," said Hans van Cleef, senior energy economist at ABN Amro in Amsterdam.

"But the overall sentiment is still negative, meaning downside risk is still greater than upside potential."

U.S. crude stocks fell unexpectedly last week, data from industry group the American Petroleum Institute showed on Tuesday.

Crude inventories fell by 3.9 million barrels in the week to 480.071 million, compared with analysts' expectations for an increase of 2.5 million barrels. Crude stocks at the Cushing, Oklahoma delivery hub fell by 302,000 barrels, the API said.

China reported exports dipped just 1.4 percent in U.S. dollar terms in December, compared to forecasts of an 8 percent drop, positively surprising world markets.

The world's second-biggest oil consumer has also been taking advantage of the oil price rout to stock reserves and increase exports of refined products, and may be set to overtake the United States as the world's largest importer.

But the bearish outlook for oil remains. Analysts at Morgan Stanley warned on Wednesday that a rise in demand for crude could be lower than previously expected.

"Any slowing in the rate of demand growth could delay the timing of rebalancing and ultimately a price recovery," they said in a research note.

The potential for the calling of an emergency OPEC meeting also weakened on Wednesday when Iran's oil minister was quoted as saying he had not received any request for such a gathering.

Nigeria's oil minister said on Tuesday that a "couple" of OPEC members had asked for an emergency meeting.

Days ahead of the expected implementation of a landmark nuclear accord between Tehran and world powers, Iran briefly detained a group of U.S. sailors after they entered Iranian waters.

Iran released the sailors on Wednesday after holding them overnight, determining they had entered Iranian waters by mistake.


(Additional reporting by Christopher Johnson in London and Aaron Sheldrick in Tokyo; Editing by Dale Hudson)

President Obama's State Of The Union Address 2016


Mr. Speaker, Mr. Vice President, Members of Congress, my fellow Americans:
    Tonight marks the eighth year I've come here to report on the State of the Union. And for this final one, I'm going to try to make it shorter. I know some of you are antsy to get back to Iowa.
    I also understand that because it's an election season, expectations for what we'll achieve this year are low. Still, Mr. Speaker, I appreciate the constructive approach you and the other leaders took at the end of last year to pass a budget and make tax cuts permanent for working families. So I hope we can work together this year on bipartisan priorities like criminal justice reform, and helping people who are battling prescription drug abuse. We just might surprise the cynics again.
    But tonight, I want to go easy on the traditional list of proposals for the year ahead. Don't worry, I've got plenty, from helping students learn to write computer code to personalizing medical treatments for patients. And I'll keep pushing for progress on the work that still needs doing. Fixing a broken immigration system. Protecting our kids from gun violence. Equal pay for equal work, paid leave, raising the minimum wage. All these things still matter to hardworking families; they are still the right thing to do; and I will not let up until they get done.
    But for my final address to this chamber, I don't want to talk just about the next year. I want to focus on the next five years, ten years, and beyond.
    I want to focus on our future.
    We live in a time of extraordinary change — change that's reshaping the way we live, the way we work, our planet and our place in the world. It's change that promises amazing medical breakthroughs, but also economic disruptions that strain working families. It promises education for girls in the most remote villages, but also connects terrorists plotting an ocean away. It's change that can broaden opportunity, or widen inequality. And whether we like it or not, the pace of this change will only accelerate.
    America has been through big changes before — wars and depression, the influx of immigrants, workers fighting for a fair deal, and movements to expand civil rights. Each time, there have been those who told us to fear the future; who claimed we could slam the brakes on change, promising to restore past glory if we just got some group or idea that was threatening America under control. And each time, we overcame those fears. We did not, in the words of Lincoln, adhere to the "dogmas of the quiet past." Instead we thought anew, and acted anew. We made change work for us, always extending America's promise outward, to the next frontier, to more and more people. And because we did — because we saw opportunity where others saw only peril — we emerged stronger and better than before.
    What was true then can be true now. Our unique strengths as a nation — our optimism and work ethic, our spirit of discovery and innovation, our diversity and commitment to the rule of law — these things give us everything we need to ensure prosperity and security for generations to come.
    In fact, it's that spirit that made the progress of these past seven years possible. It's how we recovered from the worst economic crisis in generations. It's how we reformed our health care system, and reinvented our energy sector; how we delivered more care and benefits to our troops and veterans, and how we secured the freedom in every state to marry the person we love.
    But such progress is not inevitable. It is the result of choices we make together. And we face such choices right now. Will we respond to the changes of our time with fear, turning inward as a nation, and turning against each other as a people? Or will we face the future with confidence in who we are, what we stand for, and the incredible things we can do together?
    So let's talk about the future, and four big questions that we as a country have to answer — regardless of who the next President is, or who controls the next Congress.
    First, how do we give everyone a fair shot at opportunity and security in this new economy?
    Second, how do we make technology work for us, and not against us — especially when it comes to solving urgent challenges like climate change?
    Third, how do we keep America safe and lead the world without becoming its policeman?
    And finally, how can we make our politics reflect what's best in us, and not what's worst?
    Let me start with the economy, and a basic fact: the United States of America, right now, has the strongest, most durable economy in the world. We're in the middle of the longest streak of private-sector job creation in history. More than 14 million new jobs; the strongest two years of job growth since the '90s; an unemployment rate cut in half. Our auto industry just had its best year ever. Manufacturing has created nearly 900,000 new jobs in the past six years. And we've done all this while cutting our deficits by almost three-quarters.
    Anyone claiming that America's economy is in decline is peddling fiction. What is true — and the reason that a lot of Americans feel anxious — is that the economy has been changing in profound ways, changes that started long before the Great Recession hit and haven't let up. Today, technology doesn't just replace jobs on the assembly line, but any job where work can be automated. Companies in a global economy can locate anywhere, and face tougher competition. As a result, workers have less leverage for a raise. Companies have less loyalty to their communities. And more and more wealth and income is concentrated at the very top.
    All these trends have squeezed workers, even when they have jobs; even when the economy is growing. It's made it harder for a hardworking family to pull itself out of poverty, harder for young people to start on their careers, and tougher for workers to retire when they want to. And although none of these trends are unique to America, they do offend our uniquely American belief that everybody who works hard should get a fair shot.
    For the past seven years, our goal has been a growing economy that works better for everybody. We've made progress. But we need to make more. And despite all the political arguments we've had these past few years, there are some areas where Americans broadly agree.
    We agree that real opportunity requires every American to get the education and training they need to land a good-paying job. The bipartisan reform of No Child Left Behind was an important start, and together, we've increased early childhood education, lifted high school graduation rates to new highs, and boosted graduates in fields like engineering. In the coming years, we should build on that progress, by providing Pre-K for all, offering every student the hands-on computer science and math classes that make them job-ready on day one, and we should recruit and support more great teachers for our kids.
    And we have to make college affordable for every American. Because no hardworking student should be stuck in the red. We've already reduced student loan payments to ten percent of a borrower's income. Now, we've actually got to cut the cost of college. Providing two years of community college at no cost for every responsible student is one of the best ways to do that, and I'm going to keep fighting to get that started this year.
    Of course, a great education isn't all we need in this new economy. We also need benefits and protections that provide a basic measure of security. After all, it's not much of a stretch to say that some of the only people in America who are going to work the same job, in the same place, with a health and retirement package, for 30 years, are sitting in this chamber. For everyone else, especially folks in their forties and fifties, saving for retirement or bouncing back from job loss has gotten a lot tougher. Americans understand that at some point in their careers, they may have to retool and retrain. But they shouldn't lose what they've already worked so hard to build.
    That's why Social Security and Medicare are more important than ever; we shouldn't weaken them, we should strengthen them. And for Americans short of retirement, basic benefits should be just as mobile as everything else is today. That's what the Affordable Care Act is all about. It's about filling the gaps in employer-based care so that when we lose a job, or go back to school, or start that new business, we'll still have coverage. Nearly eighteen million have gained coverage so far. Health care inflation has slowed. And our businesses have created jobs every single month since it became law.
    Now, I'm guessing we won't agree on health care anytime soon. But there should be other ways both parties can improve economic security. Say a hardworking American loses his job — we shouldn't just make sure he can get unemployment insurance; we should make sure that program encourages him to retrain for a business that's ready to hire him. If that new job doesn't pay as much, there should be a system of wage insurance in place so that he can still pay his bills. And even if he's going from job to job, he should still be able to save for retirement and take his savings with him. That's the way we make the new economy work better for everyone.
    I also know Speaker Ryan has talked about his interest in tackling poverty. America is about giving everybody willing to work a hand up, and I'd welcome a serious discussion about strategies we can all support, like expanding tax cuts for low-income workers without kids.
    But there are other areas where it's been more difficult to find agreement over the last seven years — namely what role the government should play in making sure the system's not rigged in favor of the wealthiest and biggest corporations. And here, the American people have a choice to make.
    I believe a thriving private sector is the lifeblood of our economy. I think there are outdated regulations that need to be changed, and there's red tape that needs to be cut. But after years of record corporate profits, working families won't get more opportunity or bigger paychecks by letting big banks or big oil or hedge funds make their own rules at the expense of everyone else; or by allowing attacks on collective bargaining to go unanswered. Food Stamp recipients didn't cause the financial crisis; recklessness on Wall Street did. Immigrants aren't the reason wages haven't gone up enough; those decisions are made in the boardrooms that too often put quarterly earnings over long-term returns. It's sure not the average family watching tonight that avoids paying taxes through offshore accounts. In this new economy, workers and start-ups and small businesses need more of a voice, not less. The rules should work for them. And this year I plan to lift up the many businesses who've figured out that doing right by their workers ends up being good for their shareholders, their customers, and their communities, so that we can spread those best practices across America.
    In fact, many of our best corporate citizens are also our most creative. This brings me to the second big question we have to answer as a country: how do we reignite that spirit of innovation to meet our biggest challenges?
    Sixty years ago, when the Russians beat us into space, we didn't deny Sputnik was up there. We didn't argue about the science, or shrink our research and development budget. We built a space program almost overnight, and twelve years later, we were walking on the moon.
    That spirit of discovery is in our DNA. We're Thomas Edison and the Wright Brothers and George Washington Carver. We're Grace Hopper and Katherine Johnson and Sally Ride. We're every immigrant and entrepreneur from Boston to Austin to Silicon Valley racing to shape a better world. And over the past seven years, we've nurtured that spirit.
    We've protected an open internet, and taken bold new steps to get more students and low-income Americans online. We've launched next-generation manufacturing hubs, and online tools that give an entrepreneur everything he or she needs to start a business in a single day.
    But we can do so much more. Last year, Vice President Biden said that with a new moonshot, America can cure cancer. Last month, he worked with this Congress to give scientists at the National Institutes of Health the strongest resources they've had in over a decade. Tonight, I'm announcing a new national effort to get it done. And because he's gone to the mat for all of us, on so many issues over the past forty years, I'm putting Joe in charge of Mission Control. For the loved ones we've all lost, for the family we can still save, let's make America the country that cures cancer once and for all.
    Medical research is critical. We need the same level of commitment when it comes to developing clean energy sources.
    Look, if anybody still wants to dispute the science around climate change, have at it. You'll be pretty lonely, because you'll be debating our military, most of America's business leaders, the majority of the American people, almost the entire scientific community, and 200 nations around the world who agree it's a problem and intend to solve it.
    But even if the planet wasn't at stake; even if 2014 wasn't the warmest year on record — until 2015 turned out even hotter — why would we want to pass up the chance for American businesses to produce and sell the energy of the future?
    Seven years ago, we made the single biggest investment in clean energy in our history. Here are the results. In fields from Iowa to Texas, wind power is now cheaper than dirtier, conventional power. On rooftops from Arizona to New York, solar is saving Americans tens of millions of dollars a year on their energy bills, and employs more Americans than coal — in jobs that pay better than average. We're taking steps to give homeowners the freedom to generate and store their own energy — something environmentalists and Tea Partiers have teamed up to support. Meanwhile, we've cut our imports of foreign oil by nearly sixty percent, and cut carbon pollution more than any other country on Earth.
    Gas under two bucks a gallon ain't bad, either.
    Now we've got to accelerate the transition away from dirty energy. Rather than subsidize the past, we should invest in the future — especially in communities that rely on fossil fuels. That's why I'm going to push to change the way we manage our oil and coal resources, so that they better reflect the costs they impose on taxpayers and our planet. That way, we put money back into those communities and put tens of thousands of Americans to work building a 21st century transportation system.
    None of this will happen overnight, and yes, there are plenty of entrenched interests who want to protect the status quo. But the jobs we'll create, the money we'll save, and the planet we'll preserve — that's the kind of future our kids and grandkids deserve.
    Climate change is just one of many issues where our security is linked to the rest of the world. And that's why the third big question we have to answer is how to keep America safe and strong without either isolating ourselves or trying to nation-build everywhere there's a problem.
    I told you earlier all the talk of America's economic decline is political hot air. Well, so is all the rhetoric you hear about our enemies getting stronger and America getting weaker. The United States of America is the most powerful nation on Earth. Period. It's not even close. We spend more on our military than the next eight nations combined. Our troops are the finest fighting force in the history of the world. No nation dares to attack us or our allies because they know that's the path to ruin. Surveys show our standing around the world is higher than when I was elected to this office, and when it comes to every important international issue, people of the world do not look to Beijing or Moscow to lead — they call us.
    As someone who begins every day with an intelligence briefing, I know this is a dangerous time. But that's not because of diminished American strength or some looming superpower. In today's world, we're threatened less by evil empires and more by failing states. The Middle East is going through a transformation that will play out for a generation, rooted in conflicts that date back millennia. Economic headwinds blow from a Chinese economy in transition. Even as their economy contracts, Russia is pouring resources to prop up Ukraine and Syria — states they see slipping away from their orbit. And the international system we built after World War II is now struggling to keep pace with this new reality.
    It's up to us to help remake that system. And that means we have to set priorities.
    Priority number one is protecting the American people and going after terrorist networks. Both al Qaeda and now ISIL pose a direct threat to our people, because in today's world, even a handful of terrorists who place no value on human life, including their own, can do a lot of damage. They use the Internet to poison the minds of individuals inside our country; they undermine our allies.
    But as we focus on destroying ISIL, over-the-top claims that this is World War III just play into their hands. Masses of fighters on the back of pickup trucks and twisted souls plotting in apartments or garages pose an enormous danger to civilians and must be stopped. But they do not threaten our national existence. That's the story ISIL wants to tell; that's the kind of propaganda they use to recruit. We don't need to build them up to show that we're serious, nor do we need to push away vital allies in this fight by echoing the lie that ISIL is representative of one of the world's largest religions. We just need to call them what they are — killers and fanatics who have to be rooted out, hunted down, and destroyed.
    That's exactly what we are doing. For more than a year, America has led a coalition of more than 60 countries to cut off ISIL's financing, disrupt their plots, stop the flow of terrorist fighters, and stamp out their vicious ideology. With nearly 10,000 air strikes, we are taking out their leadership, their oil, their training camps, and their weapons. We are training, arming, and supporting forces who are steadily reclaiming territory in Iraq and Syria.
    If this Congress is serious about winning this war, and wants to send a message to our troops and the world, you should finally authorize the use of military force against ISIL. Take a vote. But the American people should know that with or without Congressional action, ISIL will learn the same lessons as terrorists before them. If you doubt America's commitment — or mine — to see that justice is done, ask Osama bin Laden. Ask the leader of al Qaeda in Yemen, who was taken out last year, or the perpetrator of the Benghazi attacks, who sits in a prison cell. When you come after Americans, we go after you. It may take time, but we have long memories, and our reach has no limit.
    Our foreign policy must be focused on the threat from ISIL and al Qaeda, but it can't stop there. For even without ISIL, instability will continue for decades in many parts of the world — in the Middle East, in Afghanistan and Pakistan, in parts of Central America, Africa and Asia. Some of these places may become safe havens for new terrorist networks; others will fall victim to ethnic conflict, or famine, feeding the next wave of refugees. The world will look to us to help solve these problems, and our answer needs to be more than tough talk or calls to carpet bomb civilians. That may work as a TV sound bite, but it doesn't pass muster on the world stage.
    We also can't try to take over and rebuild every country that falls into crisis. That's not leadership; that's a recipe for quagmire, spilling American blood and treasure that ultimately weakens us. It's the lesson of Vietnam, of Iraq — and we should have learned it by now.
    Fortunately, there's a smarter approach, a patient and disciplined strategy that uses every element of our national power. It says America will always act, alone if necessary, to protect our people and our allies; but on issues of global concern, we will mobilize the world to work with us, and make sure other countries pull their own weight.
    That's our approach to conflicts like Syria, where we're partnering with local forces and leading international efforts to help that broken society pursue a lasting peace.
    That's why we built a global coalition, with sanctions and principled diplomacy, to prevent a nuclear-armed Iran. As we speak, Iran has rolled back its nuclear program, shipped out its uranium stockpile, and the world has avoided another war.
    That's how we stopped the spread of Ebola in West Africa. Our military, our doctors, and our development workers set up the platform that allowed other countries to join us in stamping out that epidemic.
    That's how we forged a Trans-Pacific Partnership to open markets, protect workers and the environment, and advance American leadership in Asia. It cuts 18,000 taxes on products Made in America, and supports more good jobs. With TPP, China doesn't set the rules in that region, we do. You want to show our strength in this century? Approve this agreement. Give us the tools to enforce it.
    Fifty years of isolating Cuba had failed to promote democracy, setting us back in Latin America. That's why we restored diplomatic relations, opened the door to travel and commerce, and positioned ourselves to improve the lives of the Cuban people. You want to consolidate our leadership and credibility in the hemisphere? Recognize that the Cold War is over. Lift the embargo.
    American leadership in the 21st century is not a choice between ignoring the rest of the world — except when we kill terrorists; or occupying and rebuilding whatever society is unraveling. Leadership means a wise application of military power, and rallying the world behind causes that are right. It means seeing our foreign assistance as part of our national security, not charity. When we lead nearly 200 nations to the most ambitious agreement in history to fight climate change — that helps vulnerable countries, but it also protects our children. When we help Ukraine defend its democracy, or Colombia resolve a decades-long war, that strengthens the international order we depend upon. When we help African countries feed their people and care for the sick, that prevents the next pandemic from reaching our shores. Right now, we are on track to end the scourge of HIV/AIDS, and we have the capacity to accomplish the same thing with malaria — something I'll be pushing this Congress to fund this year.
    That's strength. That's leadership. And that kind of leadership depends on the power of our example. That is why I will keep working to shut down the prison at Guantanamo: it's expensive, it's unnecessary, and it only serves as a recruitment brochure for our enemies.
    That's why we need to reject any politics that targets people because of race or religion. This isn't a matter of political correctness. It's a matter of understanding what makes us strong. The world respects us not just for our arsenal; it respects us for our diversity and our openness and the way we respect every faith. His Holiness, Pope Francis, told this body from the very spot I stand tonight that "to imitate the hatred and violence of tyrants and murderers is the best way to take their place." When politicians insult Muslims, when a mosque is vandalized, or a kid bullied, that doesn't make us safer. That's not telling it like it is. It's just wrong. It diminishes us in the eyes of the world. It makes it harder to achieve our goals. And it betrays who we are as a country.
    "We the People."
    Our Constitution begins with those three simple words, words we've come to recognize mean all the people, not just some; words that insist we rise and fall together. That brings me to the fourth, and maybe the most important thing I want to say tonight.
    The future we want — opportunity and security for our families; a rising standard of living and a sustainable, peaceful planet for our kids — all that is within our reach. But it will only happen if we work together. It will only happen if we can have rational, constructive debates.
    It will only happen if we fix our politics.
    A better politics doesn't mean we have to agree on everything. This is a big country, with different regions and attitudes and interests. That's one of our strengths, too. Our Founders distributed power between states and branches of government, and expected us to argue, just as they did, over the size and shape of government, over commerce and foreign relations, over the meaning of liberty and the imperatives of security.
    But democracy does require basic bonds of trust between its citizens. It doesn't work if we think the people who disagree with us are all motivated by malice, or that our political opponents are unpatriotic. Democracy grinds to a halt without a willingness to compromise; or when even basic facts are contested, and we listen only to those who agree with us. Our public life withers when only the most extreme voices get attention. Most of all, democracy breaks down when the average person feels their voice doesn't matter; that the system is rigged in favor of the rich or the powerful or some narrow interest.
    Too many Americans feel that way right now. It's one of the few regrets of my presidency — that the rancor and suspicion between the parties has gotten worse instead of better. There's no doubt a president with the gifts of Lincoln or Roosevelt might have better bridged the divide, and I guarantee I'll keep trying to be better so long as I hold this office.
    But, my fellow Americans, this cannot be my task — or any President's — alone. There are a whole lot of folks in this chamber who would like to see more cooperation, a more elevated debate in Washington, but feel trapped by the demands of getting elected. I know; you've told me. And if we want a better politics, it's not enough to just change a Congressman or a Senator or even a President; we have to change the system to reflect our better selves.
    We have to end the practice of drawing our congressional districts so that politicians can pick their voters, and not the other way around. We have to reduce the influence of money in our politics, so that a handful of families and hidden interests can't bankroll our elections — and if our existing approach to campaign finance can't pass muster in the courts, we need to work together to find a real solution. We've got to make voting easier, not harder, and modernize it for the way we live now. And over the course of this year, I intend to travel the country to push for reforms that do.
    But I can't do these things on my own. Changes in our political process — in not just who gets elected but how they get elected — that will only happen when the American people demand it. It will depend on you. That's what's meant by a government of, by, and for the people.
    What I'm asking for is hard. It's easier to be cynical; to accept that change isn't possible, and politics is hopeless, and to believe that our voices and actions don't matter. But if we give up now, then we forsake a better future. Those with money and power will gain greater control over the decisions that could send a young soldier to war, or allow another economic disaster, or roll back the equal rights and voting rights that generations of Americans have fought, even died, to secure. As frustration grows, there will be voices urging us to fall back into tribes, to scapegoat fellow citizens who don't look like us, or pray like us, or vote like we do, or share the same background.
    We can't afford to go down that path. It won't deliver the economy we want, or the security we want, but most of all, it contradicts everything that makes us the envy of the world.
    So, my fellow Americans, whatever you may believe, whether you prefer one party or no party, our collective future depends on your willingness to uphold your obligations as a citizen. To vote. To speak out. To stand up for others, especially the weak, especially the vulnerable, knowing that each of us is only here because somebody, somewhere, stood up for us. To stay active in our public life so it reflects the goodness and decency and optimism that I see in the American people every single day.
    It won't be easy. Our brand of democracy is hard. But I can promise that a year from now, when I no longer hold this office, I'll be right there with you as a citizen — inspired by those voices of fairness and vision, of grit and good humor and kindness that have helped America travel so far. Voices that help us see ourselves not first and foremost as black or white or Asian or Latino, not as gay or straight, immigrant or native born; not as Democrats or Republicans, but as Americans first, bound by a common creed. Voices Dr. King believed would have the final word — voices of unarmed truth and unconditional love.
    They're out there, those voices. They don't get a lot of attention, nor do they seek it, but they are busy doing the work this country needs doing.
    I see them everywhere I travel in this incredible country of ours. I see you. I know you're there. You're the reason why I have such incredible confidence in our future. Because I see your quiet, sturdy citizenship all the time.
    I see it in the worker on the assembly line who clocked extra shifts to keep his company open, and the boss who pays him higher wages to keep him on board.
    I see it in the Dreamer who stays up late to finish her science project, and the teacher who comes in early because he knows she might someday cure a disease.
    I see it in the American who served his time, and dreams of starting over — and the business owner who gives him that second chance. The protester determined to prove that justice matters, and the young cop walking the beat, treating everybody with respect, doing the brave, quiet work of keeping us safe.
    I see it in the soldier who gives almost everything to save his brothers, the nurse who tends to him 'til he can run a marathon, and the community that lines up to cheer him on.
    It's the son who finds the courage to come out as who he is, and the father whose love for that son overrides everything he's been taught.
    I see it in the elderly woman who will wait in line to cast her vote as long as she has to; the new citizen who casts his for the first time; the volunteers at the polls who believe every vote should count, because each of them in different ways know how much that precious right is worth.
    That's the America I know. That's the country we love. Clear-eyed. Big-hearted. Optimistic that unarmed truth and unconditional love will have the final word. That's what makes me so hopeful about our future. Because of you. I believe in you. That's why I stand here confident that the State of our Union is strong.
    Thank you, God bless you, and God bless the United States of America.

    Tuesday, January 12, 2016

    Nigeria Says Couple Of OPEC Members Have Requested Emergency Meeting

    BY BY RANIA EL GAMAL AND MAHA EL DAHAN
    REUTERS, TUESDAY JANUARY 12, 2016


    The logo of the Organization of the Petroleum Exporting Countries (OPEC) is pictured at its headquarters in Vienna, Austria, August 21, 2015.  Image: Heinz-Peter Bader


    Nigeria's oil minister said on Tuesday that a "couple" of members of the Organization of the Petroleum Exporting Countries (OPEC) had requested an emergency meeting, adding that current market conditions support the need to hold such a gathering.

    Benchmark Brent crude oil futures LCOc1 were trading at less than $31 per barrel on Tuesday, their lowest level since April 2004, and have shed almost three-quarters of their value since mid-2014. [O/R]

    Nigerian Minister of State for Petroleum Resources Emmanuel Ibe Kachikwu told reporters at an energy conference in Abu Dhabi that there was a lot of push from various blocs within ‎OPEC for the need of a meeting.

    "A couple of countries, I don't want to mention names," he said when asked if any had requested holding an emergency meeting.

    Any meeting that would take place would be to review OPEC's position to see if there was any need to change its strategy, Kachikwu said, adding that the meeting could take place in February or March.

    Much will depend on the attitude of OPEC heavyweight Saudi Arabia, which has resisted calls for a cut in production to help boost prices.

    "Saudi Arabia‎ has never held the position that it does not want to talk," Kachikwu said. "In fact, it was very supportive of a meeting before June, at the time when we held the December meeting, if (there was a) consensus call for it."

    (Writing by David French; editing by Jason Neely)

    The Gambia’s Hidden History: How A Tiny River Basin Influenced Colonial Trade And Slavery

    A mural at a slave house on Janjanbureh Island, once known as Georgetown, in The Gambia. Peter van der Sluijs/Wikimedia Commons BY PAPA CHER...