Connect with us

Business

Oil rises to $76 as OPEC+ postpones production supply decision

Published

on

Crude oil prices rose on Monday ahead of another meeting of the Organisation of the Petroleum Exporting Countries and allies (OPEC+) for possible agreement on a gradual production increase.
Brent crude, the international benchmark, traded at $76.44 per barrel at noon on Monday with a 0.34 per cent increase.
The US West Texas Intermediate (WTI) crude also went up by 0.39 per cent to $75.45.
On Thursday, members of OPEC+ were reportedly expected to agree to a deal backed by Saudi Arabia and Russia that would further unwind previously agreed output curbs by allowing production to rise by 400,000 barrels per day every month from August to December — putting an additional two million barrels per day of crude into the market over the remainder of 2021.
The deal would also extend the duration of broader cuts that the group agreed to in 2021.
However, the United Arab Emirates (UAE) objected to the plan.
Reports said the UAE “unconditionally” supported an increase in production. But the country said the extension should be conditional on revising the so-called baseline, which determines how much a country is allowed to pump.
The UAE wants its baseline to be revised before extending those cuts till end of 2022, because it wants to produce more than it is now allowed based on the quota of its current baseline.
All OPEC+ agreements require unanimous approval.
The meeting was postponed to Friday but members failed to reach an agreement on its output policy and agreed to meet again on Monday (today).
Oil prices have surged more than 45 per cent in the first six months of 2021, with demand rising as global economies reopened.
“The issue is putting a condition on that increase, which is the extension of the agreement,” Suhail Al Mazrouei told CNBC’s Hadley Gamble, adding that the current proposal simply “wasn’t a good deal” for the UAE.
The current baseline set for the UAE was taken from October 2018, when it was producing around 3.2 million barrels a day. Last year, the number jumped to 3.8 million barrels per day

Auto

Photos: Kia dazzles Nigerian fans, unveils Sonet, Seltos compact SUVs

Published

on

Lovers of compact sport utility vehicles built with sophistication in Nigeria have two new stunning products to celebrate, coming from Kia Motors. They are the all-new Sonet and the high-tech Seltos.

The two models assembled in Nigeria and unveiled in Lagos on Friday to the motoring journalists are expected to substantially raise the market share of Kia in the compact SUV segment, which is fast becoming the toast of many new car buyers globally including Nigeria, especially young trendy people.

Details later…

 

 

 

 

Continue Reading

Business

Southern govs okay VAT collection by state governments

Published

on

Governors of the southern states have agreed that collection of value-added tax (VAT) should be undertaken by state governments.

Chairman of the Southern Governors Forum and Governor of Ondo State, Rotimi Akeredolu, disclosed this on Thursday while reading a communique at the end of a meeting of the governors in Enugu.

The Federal Inland Revenue Service and some state governments are currently in court over VAT collection.

Rivers and Lagos state governments have enacted laws empowering their respective states to collect the tax (VAT).

Last week, the Court of Appeal directed states to maintain status quo on VAT collection pending the determination of an appeal filed by the FIRS.

Akeredolu said that the governors affirmed that the collection of VAT fell within the powers of state governments.

“We resolved to support the position that the collection of VAT falls within the powers of the state,” he said.

He also said, “The meeting reaffirmed its earlier commitment to fiscal federalism and emphasised the need to pursue its inclusion in the Nigerian Constitution through the ongoing constitutional amendment.”

Akeredolu urged states in the south to leverage the competence of their houses of assembly and representation at the national assembly to pursue the goal.

He said that the meeting reviewed the state of the nation and the progress made in the implementation of the ban on open grazing of cattle in the south of Nigeria.

He said, “The meeting expressed satisfaction with the rate at which states in the south of Nigeria are amending or enacting the anti-open grazing law.

“This aligns with the uniform template and aspiration of governors in the south and we encourage the states that have yet to enact the law to do so expeditiously.

“The meeting agreed to encourage the full operationalisation of the already agreed regional security which will share intelligence and collaborate toward the safety and security of the region.”

The meeting was attended by Ifeanyi Ugwuanyi of Enugu, Nyesom Wike of Rivers, Emmanuel Udom of Akwa Ibom, Babajide Sanwo-Olu of Lagos and Ifeanyi Okowa of Delta.

Others are Adegboyega Oyetola (Osun), Douye Diri (Bayelsa) and Dapo Abiodun (Ogun).

The deputy governors in attendance were Bisi Egbeyemi (Ekiti), Rauf Olaniyan (Oyo), Kelechi Igwe (Ebonyi), Ude Oko-Chukwu (Abia), Philip Shuaibu (Edo), Prof. Ivara Esu (Cross River) and Placid Njoku (Imo).

Continue Reading

Auto

Land Rover to expand Defender with eight-seater 130, showstopper models  

Published

on

Land Rover is preparing to expand the Defender lineup, turning it into a family of vehicles similar to what it did with the Range Rover nameplate.

The expansion will specifically cover a long-wheelbase variant, an eight-seater 130, due next year to a posh, six-figure model in 2025, caranddriver.com reports.

According to a report from Autocar, the first variant to arrive will be the 130, an extended-wheelbase version with eight seats and it is due in 2022.

An opulent range-topper is also expected by 2025, and will ride on the MLA platform that will also underpin the next generation Range Rover.

Land Rover already sells multiple versions of the Defender—the stubby but charming two-door 90, the standard four-door 110, and the burly supercharged V8 model.

The 130 should be at least 10 inches longer than the 110, with most of that length added to the rear overhang.

The Defender 130 is expected to only come in higher trim levels and should feature both the six and eight-cylinder engine options.

The US and China will be the stretched Defender’s primary markets, says the report.

The fancier model coming in 2025 will be based on the MLA platform that will underpin the next Range Rover. The MLA platform will support combustion engines, plug-in-hybrid setups, and electric powertrains, and will also form the basis for the next Range Rover Sport, Velar, and Discovery.

This would make a Defender EV possible, but the Range Rover and Velar are expected to have priority for all-electric versions.

The high-end Defender’s interior will be the major distinction, and Autocar says it will feature more vibrant colours and upscale materials.

Although the powertrain landscape will have shifted even further towards EVs by 2025, the luxe-Defender will likely still be powered by the six-cylinder engine.

A plug-in hybrid is also currently sold in Europe, and an evolution of this setup could come to the US as well.

An entry-level Defender 80 had also been rumoured to debut by 2025. It would have been based on the EMA (Electric Modular Architecture) platform, but Autocar reports that this model has been cancelled. That platform will be found in the next Evoque and Discovery Sport, but Land Rover has apparently decided to not move the Defender name down market, as a baby Defender likely wouldn’t have the higher profit margins that should make the 130 and luxury Defender worth the investment.

 

 

 

Continue Reading

Trending