As part of signs that the global oil market is moving closer to rebalancing, Nigerian Bonny light price against earlier predictions, surged closer to $40, as it closed at $37.57 per barrel mark, up by 5.57% on Wednesday.
This is coming against the backdrop of a decline in crude oil inventory by 483,000 barrels for the week ending May 29, as estimated by the American Petroleum Institute (API) on Tuesday, and signs that OPEC+ producers are close to agreeing on a short extension of their historic deal to cut output.
According to data from oilprice, the Brent crude was sold for $39.79 per barrel. The American WTI dropped to $36.79 per barrel.
Meanwhile, Russia and some other OPEC+ member countries are pushing for an extension by a month or 2 of the current output cut of 9.7 million barrels per day beyond June. This is within the 1-3 months’ extension that Saudi Arabia is pushing for.
Either way, the market likes the idea of more cuts, with the understanding that going through with the earlier agreed output cut after June, will not be enough to draw down the global oil glut that is negatively affecting prices and building up inventories.
Analysts had predicted an inventory build of over 3 million barrels, and last week, the API had predicted a crude oil inventory of 9.731 million barrels. Meanwhile, the Energy Information Administration (EIA) estimated that the inventory was going to be up by 7.9 million barrels by last week.
Biden to appoint Nigerian-born attorney as Deputy Treasury Secretary
Nigerian-born attorney, Adewale Adeyemo has been selected by US President-elect, Joe Biden as Deputy Treasury Secretary.
United States President-elect, Joe Biden, has selected a Nigerian-born attorney, Adewale Adeyemo, as the Deputy Treasury Secretary.
This was disclosed by Biden on Sunday, according to Wall Street Journal.
Adeyemo, who is a former senior international economic adviser during the Obama administration, will serve under former Federal Reserve Chair Janet Yellen, who Biden plans to appoint to lead the US Treasury Department.
Adeyemo’s appointment is one of many key cabinet positions Biden is expected to announce in the coming days.
What you need to know
Born in Nigeria, Adeyemo was raised in California where he obtained a bachelor’s degree before proceeding to Yale Law School for his legal education.
Before his appointment into the Obama administration, Adeyemo worked as an editor at the Hamilton Project, then served as senior advisor and deputy chief of staff to Jack Lew in the United States Department of Treasury.
He later worked as the chief negotiator for the Trans-Pacific Partnership and also served as the first chief of staff of the Consumer Financial Protection Bureau under Elizabeth Warren.
In 2015, he was appointed to concurrently serve as Deputy National Security Advisor for International Economics and deputy director of the National Economic Council.
He went on to become the first president of the Obama Foundation.
Canada extends travelers’ restrictions to January 2021
The Canadian Government has extended a temporary travel restrictions for all travelers seeking entry into the country.
The Canadian Government has extended the mandatory isolation order and temporary travel restrictions for all travelers seeking entry into the country, except the United States, to January 2021.
This was disclosed by the Minister of Public Safety & Emergency Preparedness, Bill Blair, on Sunday.
In a statement seen by Nairametrics, he explained that the travel restrictions for US citizens and foreign nationals arriving from the US would remain in place until December 21, 2020 and might be extended at that time.
The decision was taken to protect Canadians from COVID-19 and reduce the spread of the disease in Canada. Blair said:
“Protecting the health and safety of Canadians is my most important responsibility. We have introduced a number of policies to keep Canadians safe but must remain flexible and adapt to the evolving COVID-19 situation, while keeping your health as our top priority.
“The ability to align US and international travel extension dates, as well as the Mandatory Isolation Order, beginning on January 21, 2021 will enable the Government to communicate any travel extensions or changes as quickly as possible and provide certainty for Canadians, US and international travelers.
“In addition, the Government is amending its order and creating a framework for considering applications from high-performance amateur sport organizations seeking to hold International Single Sport Events.”
To be considered, applicants are expected to include written commitments of ongoing support from provincial/territorial and local public health authorities and provincial/territorial governments, as well as a robust plan to protect public health and the health of participants.
The authorization would be issued by the Department of Canadian Heritage (Sport Canada) in consultation with the Public Health Agency of Canada (PHAC).
“Anyone experiencing symptoms of COVID-19, or who has recently come into close contact with someone infected with COVID-19, should continue to quarantine or isolate for 14 days. At all Canadian ports of entry, the final determination on a traveler’s admissibility is made by border services officers who base their decision on the information presented and available to them at the time of entry,” he added.
- The Department of Canadian Heritage will determine which foreign nationals can receive accreditation to enter Canada to participate in an International Single Sport Event.
- An International Single Sport Event includes World Championships, Olympic or Paralympic Qualifications, as well as World Cups.
- A high-performance amateur athlete is defined as an athlete competing at the international level and affiliated with his or her country’s national sport federation.
What you need to know
In March, 2020, the Government introduced several measures, including prohibitions and restrictions on discretionary and optional travel from the United States (US) and all other countries, to minimize the introduction and spread of COVID-19 and protect the health and safety of Canadians.
The measures included the requirement for all travelers entering Canada to quarantine or isolate for 14 days.
Explore Data on the Nairametrics Research Website
Trump administration acknowledges likely election loss, agrees to transition with Biden
Trump administration seems to have officially commenced the transition to Biden after weeks of delay and law suits.
The Donald Trump administration seems to have acknowledged the loss of the presidential election as the General Services Administration (GSA), after weeks of non-cooperation has informed President-elect, Joe Biden that the administration is ready to begin the formal transition process.
According to a report from CNN, this was disclosed in a letter from the Administrator of DSA, Emily Murphy on Monday afternoon, November 23, 2020.
The letter is the first major step taken by the Trump administration to acknowledge its defeat in the presidential election after over 2 weeks that Joe Biden was declared the winner.
Monday’s letter is coming hours after Michigan formally certified the election results and some Republican senators had called for the transition process to start. This is also as more lawsuits from Trump’s legal team were dismissed, and Georgia election earlier certified on Friday and Pennsylvania set to be certified as well.
While making the decision to cooperate with the President-elect, Murphy said she had not been pressured by the White House to delay the formal transition and did not make a decision out of fear or favoritism.
She said, “Please know that I came to my decision independently, based on the law and available facts. I was never directly or indirectly pressured by any Executive Branch official, including those who work at the White House or GSA, with regard to the substance or timing of my decision. To be clear, I did not receive any direction to delay my determination.”
The letter signifies Murphy’s formal acknowledgment of Joe Biden’s victory, a normally perfunctory process known as ascertainment. This action will allow the transition process, which has been delayed for some weeks, to officially commence, ensuring that current administration agency officials cooperate with the incoming Biden team, and providing millions in government funding for the transition.
For some weeks after his announcement as the winner of the presidential election, the Biden team who have been denied access to government information and agencies by the Trump administration, had worked informally to kick start the transition process with some actions which include setting up a coronavirus task force, consulting with public health officials outside the government, meeting with top corporate leaders, amongst others.
The delay in ascertainment meant that Biden’s team was denied access to government data and could not make contact with federal agencies, nor spend $6.3 million in government funding now available for the transition. A Biden official said the most urgent need was for the transition to be given access to Covid-19 data and the vaccine distribution plans.
The Biden team is expected to have access to additional office space inside the agencies and the ability to use federal resources for background checks on Biden’s White House staff appointments and Cabinet appointments.
Moments after the letter was sent, Donald Trump tweeted thanking Murphy for her work and affirming the decision to start the transition.
His tweet reads, “I want to thank Emily Murphy at GSA for her steadfast dedication and loyalty to our Country. She has been harassed, threatened, and abused — and I do not want to see this happen to her, her family, or employees of GSA. Our case STRONGLY continues, we will keep up the good fight, and I believe we will prevail!” Trump tweeted. “Nevertheless, in the best interest of our Country, I am recommending that Emily and her team do what needs to be done with regard to initial protocols, and have told my team to do the same.”
This letter from GSA now means that the Biden team will now have access to government agency staff with regular briefings in addition to details of administrative issues that need to be addressed immediately.
The President-elect and his vice will also be receiving classified intelligence briefings as white house officials will start to cooperate.
It can be recalled that Murphy, who was appointed by Donald Trump, had refused to go ahead with the ascertainment process, despite Biden’s clear victory. She has faced intense scrutiny and political pressure from Democrats and, in recent days, Republicans calling for the start of a smooth transition.