Economy
World oil demand to increase by 5.8 mb/d in 2021 — OPEC

The Organisation of Petroleum Exporting Countries (OPEC) has disclosed that world oil demand will increase by 5.8 million barrels per day in 2021.
OPEC made this known in its Oil Market Report for October 2021, a copy which was obtained by the News Agency of Nigeria )NAN) on Wednesday in Lagos.
The report said the world oil demand growth was revised down from 5.96 mb/d in September’s assessment.
It said the downward revision was mainly driven by lower-than-expected actual data for the first three quarters of this year.
“This is in spite of healthy oil demand assumptions going into the final quarter of the year, which will be supported by a seasonal uptick in petrochemical and heating fuel demand and the potential switch from natural gas to petroleum products due to high gas prices.
“Both Organisation for Economic Cooperation and Development (OECD) and non-OECD figures are adjusted lower,’’ the report noted.
According to the report, the downward revision in OECD regions focused in the first half of 2021, while the non-OECD revision is concentrated in the third quarter of 2021.
According to the report, the world is expected to consume 96.6 mb/d of petroleum products this year.
“For 2022, world oil demand growth is unchanged at 4.2 mb/d. As a result, global demand next year is seen averaging 100.8 mb/d.
“Demand is anticipated to be supported by healthy economic momentum in the main consuming countries and better management of the COVID-19 pandemic.’’
Economy
Ojulari, new NNPCL MD, hits the ground running, assembles new management team as he takes over from Kyari

Funso OLOJO
The new Group Chief Executive Officer of the Nigerian National Petroleum Company Limited (NNPC Ltd), Bayo Ojulari, has assembled new management team that will drive the vision of President Bola Ahmed Tinubu in the petroleum sector shortly after he took over the mantle of leadership from his predecessor, Mr Mele Kyari.
It could be recalled that the appointment of the erswhile NNPCL boss, Kyari was terminated and Ojulari was appointed in his stead with immediate effect.
However, in a brief handover ceremony held at the NNPC Towers, Ojulari commended Kyari for his contributions to the growth of NNPC Ltd and his sterling service to the nation.
He disclosed that the objective of his management was to consolidate on the successes of his predecessor and take the company to the next level.
He said though the targets set for his management were quite enormous, he would be relying on the co-operation of the Management and staff of the company, as well as the counsel of his predecessor to achieve set targets.
“I will be counting on your support. I will need it. I will be coming around to seek your counsel,” Ojulari told Kyari.
Earlier in his remarks, Kyari congratulated Ojulari and thanked the Management and staff of the company for their support while in office.
He pledged to do everything within his power to support the new Management to succeed, stressing that he was only a call away.
Soon after the official handing over ceremony, the new new NNPCL, Mr Ojulari announced the appointment of a new 8-man Senior Management Team .
The team which will be headed by the GCEO, Mr Bashir Bayo Ojulari, has Roland Ewubare as Group Chief Operating Officer; Adedapo Segun as Group Chief Financial Officer; and Olalekan Ogunleye as Executive Vice President Gas, Power & New Energy.
Other members of the team are: Udy Ntia as Executive Vice President Upstream; Mumuni Dagazau as Executive Vice President Downstream; Sophia Mbakwe as Executive Vice President Business Services; and Adesua Dozie, as Company Secretary & Chief Legal Officer.
All appointments are with immediate effect.
Economy
Tinubu sacks Kyari, NNPCL GMD, appoints Ojulari as new CEO, reconstitutes board

Funso OLOJO
Bayo Bashir Ojulari new NNPC GCEO,
Mrs Lydia Shehu Jafiya, Permanent Secretary of the Federal Ministry of Finance, will represent the ministry on the new board, while Aminu Said Ahmed will represent the Ministry of Petroleum Resources.
During his career, he was chairman and member of the board of trustees of the Society of Petroleum Engineers (SPE Nigerian Council) and a fellow of the Nigerian Society of Engineers.
Economy
Dangote group remits N402.3 billion tax to government coffers in 2024

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