Crude Oil Bounces Back Above $45 Per Barrel, Despite Glut Ejiofor Alike with agency reports Crude oil yesterday edged up from multi-month low, but prices remained under pressure from a supply glut that has persisted despite the efforts led by the Organisation
of Petroleum Exporting Countries (OPEC) to balance the market. Brent crude futures were up 60 cents yesterday at $45.42 per barrel, after falling as low as $44.53. They fell 2.6 per cent in the previous session to $44.35, their lowest
since November 2016. US crude futures were up 40 cents at $42.93 a barrel, after also slipping. On Wednesday, they touched $42.05 per barrel, their lowest intraday level since August 2016. Since peaking at $55 per barrel in late February, crude
has dropped around 20 per cent, erasing gains recorded at the end of 2016, in the wake of the initial OPEC-led production cut. OPEC and other producers agreed to reduce output by 1.8 million barrels per day (bpd) from January for six months,
and last month extended the deal for a further nine months until March 2018. However, oversupply has persisted, particularly with output rising in Libya and Nigeria, which were exempt from the cuts due to unrest that had limited their output.
OPEC and non-OPEC oil producers' compliance with the deal to cut output reached its highest in May since they agreed on the curbs last year, reaching 106 per cent last month in May. Continued on page 12
NCP: Osinbajo Inaugurates Adeosun, Emefiele, Others…
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Nigeria Will Remain One United Country, Says Sultan APC governors identify bad governance as cause of agitations Onyebuchi Ezigbo, Senator Iroegbu in Abuja and Mohammed Aminu in Sokoto Efforts to douse the rising
tension in the country have received a huge boost with the Sultan of Sokoto, Alhaji Muhammad Sa'ad Abubakar, saying Nigeria will not only
overcome the prevailing hatefilled agitations but will also remain one united country. A coalition of northern youth groups had recently
Labour warns against hate speeches
given the Igbos living in the northern parts of the country up to October 1, 2017 to quit or face the consequences of failing to obey the notice.
The action, which was predicated on the agitations by some Igbo youths in the South-east for an independent state of Biafra,
had attracted retaliatory quit notices from other sections of the country with several Continued on page 10
Osinbajo Summons Security Chiefs, Deploys More Troops in Taraba Omololu Ogunmade in Abuja Acting President Yemi Osinbajo yesterday summoned security chiefs over the recent violence that left many people dead in several communities in Taraba State. The acting president, according to a statement by his Senior Special Assistant on Media and Publicity, Mr. Laolu Akande, ordered the security chiefs to deploy an extra military battalion,
police reinforcements and Nigeria Security and Civil Defence Corps to the areas affected. Osinbajo who also held a meeting with Taraba State Governor Darius Ishaku, commiserated with the government and people of the state, promising them that the perpetrators of the violence would be brought to book. "The Acting President has Continued on page 10
MEDIA FOR ONE NIGERIA… INEC Writes Dino Melaye, Begins Acting President Yemi Osinbajo (m) flanked by Director-General of Department of State Security (DSS), Mr. Lawal Daura (left) Chairman and Publisher of THISDAY Newspapers Limited, Prince Nduka Obaigbena, during a Recall Process July 3… Page 51 meeting withandmedia chiefs and editors in Abuja… yesterday state house