PRESIDENT BUHARI ARRIVES TEHRAN FOR 3RD GECF SUMMIT

President Muhammadu Buhari on Sunday arrived in Tehran, Iran, to participate in the Gas Exporting Countries Forum (GECF) summit on Monday. The Minister of State for Petroleum Resources, Mr Ibe Kachikwu and the National Security Adviser, Retired Maj.-Gen. Babagana Monguno were at the airport to welcome the President.

Read more @ The Guardian Online

Nigeria, other oil producers face 2.25% loss – IMF

Energy-exporting countries, including Nigeria, could see about 2.25 per cent loss in economic growth annually from 2015 to 2017, compared to 2012 to 2014, due to the sharp decline in oil prices over the past year, according to the 2015 World Economic Outlook by the International Monetary Fund.

 

The new report, two chapters of which were released on Monday, noted that the recent drop in commodity prices had been accompanied by pronounced declines in real Gross Domestic Product growth rates, much more so in commodity-exporting countries than in other emerging markets and developing economies.

Read more @ The Punch Online

 

OPEC COUNTRIES PANIC AS OIL PRICE DROP PERSISTS

Nigeria and some members of the Organisation of Petroleum Exporting Countries are now in a panic mode owing to the fall in price of oil which has persisted for months now.

The countries are calling for supply cuts after the drop in oil prices, but core Gulf members are betting winter demand will revive the market, suggesting the group is no closer to any collective steps.

Read more @ The Punch