OPEC Projects 11m bpd Oil Demand Shortfall by December Banks on COVID-19 vaccines for market recovery US company, Moderna, announces 95% efficient vaccine Emmanuel Addeh in Abuja and Martin Ifijeh in New Jersey, USA The Organisation of Petroleum Exporting Countries (OPEC) has predicted that despite
increasing stability in the demand for crude oil by China and India, there will be a reduction in the demand for the product by about 11 million barrels per day by the end of the year.
Speaking at the virtual 46th meeting of the Joint Technical Committee of the oil cartel, OPEC Secretary-General, Dr. Sanusi Barkindo, stated, however, that the market will likely rebound by six million
bpd by 2021, if the expected vaccines for COVID-19 become effective. Coincidentally, an American company, Moderna, yesterday announced that its vaccine had shown 95 per cent effectiveness
against the virus. During the conference, Barkindo told delegates that the OPEC supply cuts, which started in April, must be strictly adhered to in order to ensure the stability of the
prices of crude oil and avoid a reversion to the devastating fall in prices in the first quarter of this year. He added that the threat of Continued on page 8
Boost Food Production, Analysts Urge FG as Inflation Hits 14.23%... Page 6 Tuesday 17 November, 2020 Vol 25. No 9353. Price: N250
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2023: It’s Premature to Zone Presidency Now, Says PDP Promises to address South-east concerns Clarifies Umahi's decision to leave party not irrevocable Emmanuel Addeh in Abuja Despite the agitation by the South-east for it to allot the presidential ticket of the party to the zone in 2023, the Peoples Democratic Party (PDP) yesterday said it would not be stampeded into doing so. According to the party, it is premature to allot the
party's ticket to any of the six geopolitical zones as the party needs to engage in consultations with all its critical stakeholders to arrive at such a decision. Spokesman of the party, Mr Kola Ologbondiyan, spoke on The Morning Show Continued on page 9
NLC Demands Emergency in Oil Downstream Sector
Sylva: Subsidy unfair to the masses
Omololu Ogunmade and Onyebuchi Ezigbo in Abuja The organised labour yesterday called on the federal government to immediately declare a state of emergency in the downstream arm of the petroleum sector as a means of arresting the rising price of petrol. In addition, it advised the
government to enter into a contract with refineries closer home to Nigeria to reduce the freight cost of the product. While reacting to the fresh increase in the pump price of fuel from N160 per litre to N168 per litre, President of the Nigeria Labour Congress (NLC), Dr. Ayuba Wabba, asked the federal government Continued on page 8
HONOUR FOR THE BANKER... L-R: Ambassador of Belgium to Nigeria, Mr. Daniel Bertrand; Group Chairman of United Bank for Africa, Mr. Tony Elumelu; and Secretary to the Government of the Federation, Mr. Boss Mustapha, at the conferment of the highest Belgian national honour on Elumelu in Abuja... recently
CBN, NDIC to Establish Fund to Guarantee Depositors’ Funds Safety...Page 5