Oil Gallops to 18-month High After Non-OPEC Producers Agree to Cut 558,000bpd Ejiofor Alike with agency report Crude oil rose by as much as 6.5 per cent yesterday to an 18-month high after the Organisation of Petroleum Exporting Countries (OPEC) and non-OPEC producers
reached their first deal since 2001 to jointly reduce output to try to tackle global oversupply and boost prices. After a year of wrangling, OPEC had agreed on November 30 to cut output by 1.2 million bpd for six months, effective January 1,
2017, with top exporter Saudi Arabia cutting around 486,000 bpd to curb the oversupply that has dogged markets for two years. The Guardian of the UK reported that a group of 11 countries, which are not part of the OPEC cartel, also
collectively agreed to cut output by 558,000 barrels per day from January 1, 2017. The cut by non-OPEC bolstered the production cuts agreed by OPEC to stem the worldwide glut in oil and drive prices higher. Also, the deal between
OPEC and non-OPEC producers was the first of such deals between the two groups in 15 years. Saudi Arabia further signalled that it might be prepared to make deeper cuts, on top of the 486,000 bpd it initially pledged.
“I can tell you with absolute certainty that effective January 1, we’re going to cut and cut substantially to be below the level that we have committed to on November 30,” said Saudi’s Oil Minister Khalid alContinued on page 8
Police Nab One of the Masterminds Behind Kidnap of CBN Governor’s Wife...
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Security Personnel Attempt to Disrupt Rivers Senatorial Results Announcement PDP wins two, APC one as both parties reject results Wike: Federal
might will not work in 2019 Makarfi, Sheriff trade words over mega party Ernest Chinwo in Port Harcourt and Onyebuchi Ezigbo in Abuja The anarchy in Rivers State arising from the violent rerun elections held in the state on Saturday, took a turn for the worse yesterday when some
security operatives made up of soldiers and policemen in Special Anti-Robbery Squad (SARS) uniforms stormed the Port Harcourt City Hall collation centre and tried to disrupt the declaration of Continued on page 6
Death Toll of Collapsed Church Building in Uyo Put at 29
Church’s pastor speaks from hospital bed, absolves self of blame Chiemelie Ezeobi in Lagos and Okon Bassey in Uyo with agency report The number of people who died in Saturday’s collapsed Reigners Bible Church building in Uyo, the Akwa Ibom capital, has been put at 29.
The state Commissioner of Police, Murtala Mani, confirmed this in Uyo while speaking to the media yesterday. However, Reuters disputed the figures, anchoring doubts Continued on page 6
Buhari Departs for Gambia Today to Persuade Jameh to Handover Power... Page 9
ETERNA RENDERS ACCOUNT TO ITS SHAREHOLDERS...
L-R: Non-Executive Director, Eterna Plc, Mr. Ibrahim Boyi; Managing Director/CEO of Eterna Plc, Mr. Mahmud Tukur; and Chairman of the company, Chief Michael Ade Ojo, at the company’s 23rd Annual General Meeting, held in Lagos… recently