Tag: Saudi

  • Kukah hits hard again: Nigerian elites rush to Saudi, Jerusalem for forgiveness after looting treasury dry

    Kukah hits hard again: Nigerian elites rush to Saudi, Jerusalem for forgiveness after looting treasury dry

    Catholic Bishop of Sokoto Mathew Kukah has again taken a swipe at Nigerian leaders accusing them of rushing to ‘holy land’ for forgiveness after looting the nation’s resources dry.

    Recall that the outspoken cleric in his Christmas Day Message slammed the President Muhammadu Buhari’s admnistration of insecurity and nepotism.

    In Tuesday’s sermon at the funeral mass for Archbishop Peter Yariyock Jatau, the pioneer indigenous Archbishop of Kaduna Catholic Diocese, at St. Joseph’s Catholic Cathedral, Kaduna, Rev. Kukah spoke against corruption in government.

    He described Nigeria as a “wasteland” and “a nation at war with itself”.

    Referring to the reaction to his Christmas message, Rev. Kukah said he would not keep quiet when things are going wrong.

    In the sermon titled: ‘A nation in search of its soul, the Bishop said: “The duty and responsibility of government is the security and welfare of its citizens. The Priest is a watchman, one whose duty is to watch over the city and to raise his voice whenever he sights danger. He calls on those who lead to remain faithful to their duties.”

    “Today, our dear nation is like the proverbial farmer searching for his black goat. He has to do it with a sense of urgency because darkness is setting in as the sun quickly recedes. Our nation has become one huge waste land, huge debris of the deceit, lies, treachery, double dealing and duplicity.

    “Nigerian politics has become a huge trojan horse, a hoax, a hall of guile and dissimulation. The levels of frustration are rising by the day and we can see all this in the rise in domestic violence and intercommunal conflicts. A combination of all these has turned us unto a nation at war with itself.

    “Nigerians complain that the country is full of Churches and Mosques and they cannot find the values of these religions in everyday life. We sin at home by stealing the nation’s resources but we seek repentance and forgiveness in Saudi Arabia and Jerusalem in the guise of lesser or higher pilgrimages.

    “Our duty is to reject the notion of corrupt governments that somehow, the Lord has not provided for every society. When they call for us to tighten our belts because there is recession, that oil prices have fallen, that there are problems with balance of payments and so on.

    “The Priest at the duty post must say what he can see, namely, that when those who preside over the affairs issue a bad check, it must be resisted, that when they pretend that the society faces bankruptcy, or that there are insufficient funds, we must reject these and insist on the equitable use of the resources for the common good of all.

    “We make money from abandoning projects duly paid for by governments which have adopted Contractocracy as a governance mechanism. We are allowing others to use our money to develop their own infrastructure. Our elites all assembled in Dubai for Christmas and also to welcome the new year.

    “As virtue recedes into the sunset in our country, there is an urgent need for us to pause and take stock of what is required to save our country,” Kukah said.

    The Cleric who took time to speak about the achievements to the late Archbishop Jatau, said the late clergyman took over the mantle of leadership, raised the bar and by sheer diplomatic efficiency and sought to forge and strengthen a viable relationship between Church and State.

    “So, tonight, our prayers for him is similar to that issued by Cardinal Ratzinger at the funeral of the late Pope John Paul 11 when he said: Yes, bless us, Holy Father. We entrust your dear soul to the Mother of God, your Mother, who guided you each day and who will guide you now to the eternal glory of her Son, our Lord Jesus Christ. Amen. Like Stephen, may the gates of heaven stand erect till you have passed through.”

  • Brent Falls to $30 as Saudi Ramps up Supply to 10m Barrels/Day

    Brent crude fell to $30 per barrel on Tuesday as Saudi Arabia took matters a step further in the oil war with Russia as it announced reasons to ramp up production to 10 million barrels per day.

    This is coming in a period the oil market has been impacted heavily by the coronavirus, which has forced governments to close its borders, leading airlines to cut the number of flights daily.

    Last night, the Brent traded down by 4.2 percent or $1.33 to precisely sell at $30.36, while the US West Texas Intermediate (WTI) crude futures was down by 6.17 percent or $1.77 at $26.93 per barrel.

    With a growing number of countries going into lock-down, oil markets are facing an oil glut as the drop in demand is coinciding with a supply flood as Saudi Arabia and Russia intensify their price war for market share.

    According to reports, Saudi Arabia’s Energy Ministry issued a statement on Tuesday, revealing that “Saudi Arabia will utilize the gas produced from the Fadhili gas plant to compensate for around 250,000 barrels a day of domestic oil consumption, which will enable the Kingdom to increase its crude exports during the coming few months to exceed 10 million barrels a day.”

    It was noted that Saudi Arabia may struggle to free up more crude oil for exports in the next couple of months as power consumption is set to increase during the hottest months of the year in the country which runs from May to September.

    The market is charting in the lowest region in five years and with Saudi Arabia, Russia, and UAE contributing cheap oil aggressively to the market, pressure will continue to pile on economies already in a tight spot as a result of weakened demand.

    There have been warnings of a looming recession as many analysts have reviewed projected prices again. The investment bank, Goldman Sachs, slashed its price outlook for Brent to $20 per barrel, while WTI was posted to trade at $22 per barrel in Q2.

    Goldman has cut estimates multiple times in the last few weeks. The firm previously lowered its target for WTI to $29 and Brent to $30 after the breakdown in talks by members of the Organisation of the Petroleum Exporting Countries (OPEC) and its allies earlier in early March.

    The firm also said that the sudden drop-off in demand, which began in January when the virus started hitting Chinese fuel demand, aided the price war that’s broken out between OPEC and its allies, which includes Russia.

  • Saudi sentences 5 to death, 3 to jail over Khashoggi killing

    Saudi Arabia on Monday sentenced five people to death and three more to jail terms totaling 24 years over the killing of Saudi journalist Jamal Khashoggi in Istanbul in October 2018.

    Saudi Deputy Public Prosecutor and spokesman Shalaan al-Shalaan, reading out the verdict in the trial, said the court dismissed charges against the remaining three of the 11 people that had been on trial, finding them not guilty.

    Khashoggi was a U.S. resident and critic of Saudi Crown Prince Mohammed bin Salman, the kingdom’s de facto ruler.

    He was last seen at the Saudi consulate in Istanbul on Oct. 2, 2018, where he had gone to receive papers ahead of his wedding.

    His body was reportedly dismembered and removed from the building, and his remains have not been found.

    The killing caused a global uproar, tarnishing the crown prince’s image.

    The CIA and some Western governments have said they believe Prince Mohammed ordered the killing, but Saudi officials say he had no role.

    Eleven Saudi suspects were put on trial over his death in secretive proceedings in Riyadh.

    In the investigation into the murder, 21 were arrested and 10 were called in for questioning without arrest, Shalaan said.

    Riyadh’s criminal court pronounced the death penalty on five individuals, whose names have not yet been released, “for committing and directly participating in the murder of the victim”.

    The three sentenced to prison were given various sentences totaling 24 years “for their role in covering up this crime and violating the law”.

    Shalaan added that the investigations proved there was no “prior enmity” between those convicted and Khashoggi.

    The verdicts can still be appealed.

    Last November the Saudi prosecutor said that Saud al-Qahtani, a former high-profile Saudi royal adviser, had discussed Khashoggi’s activities before he entered the Saudi consulate with the team which went on to kill him.

    The prosecutor said Qahtani acted in coordination with deputy intelligence chief Ahmed al-Asiri, who he said had ordered Khashoggi’s repatriation from Turkey and that the lead negotiator on the ground then decided to kill him.

    Both men were dismissed from their positions but while Asiri went on trial, Qahtani did not.

    Shalaan said on Monday that Asiri had been released due to insufficient evidence, and Qahtani had been investigated but was not charged and had been released.

  • Saudi football players visit Jerusalem Muslim holy site

    Saudi football players visit Jerusalem Muslim holy site

    Players from Saudi Arabia’s national football team travelled to Jerusalem’s Old City on Monday to pray at one of Islam’s holiest sites.

    The players visited the Noble Sanctuary, a compound that houses the Golden Dome of the Rock and al-Aqsa Mosque, the third holiest shrine in Islam.

    “This is the most beautiful day in my life,” said Yasser Al-Mishal, president of the Saudi Football Federation.

    “Really, it’s hard to express my feelings. I thank God that I could visit al-Aqsa mosque and pray inside the mosque.”

    The Dome of the Rock is built where Prophet Mohammad is said to have ascended to heaven, and it encompasses the Foundation Stone, a rock holy to Muslims, Jews and Christians.

    Jordan has custodianship of the holy sites.

    The area is one of the most sensitive sites in the Israeli-Palestinian conflict.

    It is revered by Jews as Temple Mount, the site of two biblical Jewish temples.

    The site is situated in a part of Jerusalem captured by Israel in the 1967 Middle East war and annexed in a move that has not been recognised internationally.

    The Saudi players are due to face the Palestinian national team in the occupied West Bank on Tuesday in a 2022 FIFA World Cup qualifying match.

  • Attack: Oil Prices Rebound as Saudi Recovery Continues

    Attack: Oil Prices Rebound as Saudi Recovery Continues

    Oil prices were at first trading lower on Monday afternoon as reports stated that Saudi Arabia already had gotten about 75 percent of its output up and running since the attacks on its Aramco fields two weeks ago.

    However, as at Tuesday night, the Brent Crude was trading higher at $63.42 per barrel after gaining 22 cents or 0.35 percent, while the US West Texas Intermediate (WTI) also recorded gains of 38 cents equivalent to 0.65 percent to trade at $58.47 per barrel.

    Saudi’s oil production was hinted at more than 1.3 million barrels per day in Khurais, while current production from Abqaiq is at about 3 million barrels per day.

    Things also took a new turn on Monday as leaders from United Kingdom, France and Germany have said in a joint statement at the 74th General Assembly of the United Nations that Iran was responsible for the attacks on Saudi Aramco fields earlier this month.

    They were talks by French President Emmanuel Macron, British Prime Minister Boris Johnson and German Chancellor Angela Merkel on Monday during the annual United Nations gathering of world leaders to coordinate their strategy on Iran.

    “It is clear for us that Iran bears responsibility for this attack. There is no other plausible explanation,” the three leaders said in the joint statement released by the French government

    There are clear indications on what this might mean for oil prices but expectations are that oil prices will continue to rise.

  • Full oil production to resume by end of month, says  Saudi oil minister

    Full oil production to resume by end of month, says Saudi oil minister

    Saudi Arabia’s energy minister Abdulaziz bin Salman said that half of the crude oil production that was disrupted due to the weekend attack on Aramco’s oil facilities had been restored.

    Salman made this known at a news conference on Tuesday.

    “Over the past two days, we were able to contain the damage and restore more than half of the production that was disrupted due to the terrorist attack,” he said.

    He added that Aramco will fulfill all its commitments towards its clients this month through withdrawing from its stocks of crude oil.

    He expected that the production capacity will return to 11 million barrels per day by the end of September and to 12 million barrels by the end of November.

    “Not a single shipment to an international customer has been or will be missed or canceled as a result of these attacks,” Aramco’s CEO Amin Nasser told journalists in Jeddah.

    Drone attacks at the weekend targeted two facilities operated by Saudi state oil giant Aramco in the eastern province of Buqyaq, forcing the kingdom to halt about half its oil supplies afterwards.

    Earlier in the day, Saudi Arabia’s King Salman bin Abdelaziz said that the kingdom is able to deal with the consequences of the “cowardly attacks” that targeted the Saudi oil facilities.

    In a cabinet meeting, the king said the attacks not only target the kingdom’s vital facilities, but also the global oil supply and the stability of the world economy.

    The “kingdom will defend its lands and vital facilities, and is able to respond to such acts whatever their source is,” said the cabinet.

    Oil prices were sent soaring following the attacks, which were claimed by Houthi rebel fighters in Yemen who are backed by Iran.

  • Attack: Full oil production resumes month end – Saudi Arabia

    Attack: Full oil production resumes month end – Saudi Arabia

    Saudi Arabia’s energy minister Abdulaziz bin Salman said that half of the crude oil production that was disrupted due to the weekend attack on Aramco’s oil facilities had been restored.

    Salman made this known at a news conference on Tuesday.

    “Over the past two days, we were able to contain the damage and restore more than half of the production that was disrupted due to the terrorist attack,” he said.

    He added that Aramco will fulfill all its commitments towards its clients this month through withdrawing from its stocks of crude oil.

    He expected that the production capacity will return to 11 million barrels per day by the end of September and to 12 million barrels by the end of November.

    “Not a single shipment to an international customer has been or will be missed or canceled as a result of these attacks,” Aramco’s CEO Amin Nasser told journalists in Jeddah.

    Drone attacks at the weekend targeted two facilities operated by Saudi state oil giant Aramco in the eastern province of Buqyaq, forcing the kingdom to halt about half its oil supplies afterwards.

    Earlier in the day, Saudi Arabia’s King Salman bin Abdelaziz said that the kingdom is able to deal with the consequences of the “cowardly attacks” that targeted the Saudi oil facilities.

    In a cabinet meeting, the king said the attacks not only target the kingdom’s vital facilities, but also the global oil supply and the stability of the world economy.

    The “kingdom will defend its lands and vital facilities, and is able to respond to such acts whatever their source is,” said the cabinet.

    Oil prices were sent soaring following the attacks, which were claimed by Houthi rebel fighters in Yemen who are backed by Iran.

  • Buhari condemns attacks on Saudi oil facilities

    Buhari condemns attacks on Saudi oil facilities

    President Muhammadu Buhari said Nigeria stands in solidarity with the Kingdom of Saudi Arabia, following drone attacks on the country’s oil facilities at Khurais and Abqaiq.

    The president stated this in a statement by his Senior Special Assistant on Media and Publicity, Malam Garba Shehu, in Abuja on Monday.

    “We in Nigeria once experienced attacks on our own oil facilities. Those who sought, by doing so, to undermine governments of the day did not succeed then – nor at any time.

    “The identities of those who sent the drones to attack the Saudi refineries, and from where, may not yet be known.

    ”Still, these attacks similarly represent economic warfare aimed at damaging a government, but, in reality, always and only damaging innocent citizens’ livelihoods: those with no place, nor cause, to be harmed.”

    The Nigerian leader maintained that those responsible for the attacks would succeed in creating more enemies rather than friends in the international community.

    “The attackers of Saudi Arabia will win no friends in the international community for their actions – whoever they may be, and however certain they be in their cause,” he added.

  • Nigeria may benefit as oil prices soar after attacks on Saudi facilities

    Nigeria may benefit as oil prices soar after attacks on Saudi facilities

    As an oil-producing country, there is a likelihood that Nigeria may benefit from the surge in oil prices after two attacks on Saudi Arabian facilities on Saturday knocked out more than 5% of global supply.

    While the attack on Saudi Aramco could cause a drastic shortage in global oil supply, and drive oil revenue [but also increase subsidy cost or increase the price of fuel], Nigeria’s oil supply cut by the Organization of the Petroleum Exporting Countries (OPEC) may, however, change the dynamics for Nigeria.

    if Saudi Arabia’s output is disrupted for a significant amount of time – meaning weeks at least – Asian buyers seeking heavier grades of crude to feed their refineries will have a reason to try to take more from Nigeria regardless.

    – Brent crude jumped 10% to $66.28 a barrel, while West Texas Intermediate rose 8.9% to $59.75 in Asian trading.

    The Saudis have not gone into any detail about the attacks, barring saying there were no casualties, but have given a few more indications about oil production.

    Energy Minister Prince Abdulaziz bin Salman said some of the fall in production would be made up by tapping huge storage facilities.

    The kingdom is the world’s biggest oil exporter, shipping more than seven million barrels daily.

    “Saudi authorities have claimed to control the fires, but this falls far short of extinguishing them,” said Abhishek Kumar, head of analytics at Interfax Energy in London. “The damage to facilities at Abqaiq and Khurais appears to be extensive, and it may be weeks before oil supplies are normalised.”

    Saudi Arabia is expected to tap into reserves so that exports can continue as normal this week.

    However, Michael Tran, managing director of energy strategy at RBC Capital Markets in New York, said: “Even if the outage normalises quickly, the threat of sidelining nearly 6% of global oil production is no longer a hypothetical, a black swan or a fat tail. Welcome back, risk premium.”

  • Saudi simplifies visa for Nigerian pilgrims – NAHCON

    The National Hajj Commission of Nigeria (NAHCON) says the Saudi Arabian authorities has simplified visa processing for 2019 hajj season through its e-visa.
    The head of Public Affairs Division of NAHCON, Fatima Usara, said this in a statement on Wednesday in Abuja.
    Usara said the introduction of the new system of processing and obtaining e-Visa does not require intending pilgrims to undergo any physical screening in Saudi embassies which was in contrast to the 2018 hajj.
    ”Under this arrangement, the intending pilgrim’s visa will spontaneously be administered upon completion of Hajj fare payment on the e-portal.
    ”The next move is for the visa applicant to proceed to a café to print out the visa document and wait for his/her scheduled flight for the pilgrimage. With respect to Nigerian pilgrims, their respective state pilgrims’ boards print out the visas on behalf of their pilgrims,” the statement explained.
    ”This procedure has been stress-free thus far with a considerable number of visas already processed. Visas are administered within hours of making full payments therefore creating a leeway for one to pay and get his/her visa ready hours before closure of Hajj e-portal for 2019 Hajj, deadline for this being 15th of July 2019.”
    She therefore cautioned intending pilgrims to safeguard their visa slips and other travel documents.
    ”NAHCON cautions intending pilgrims to safeguard their visa slips and other travel documents conscientiously to forestall anyone missing his/her chance of participating in 2019 Hajj. This is because Saudi Arabian authorities will not honour entry of anyone with incomplete travel documents into the Kingdom for any reason.
    ”The visa slip is in paper form, which may easily be destroyed by wetness. Therefore, the Commission recommends extra care in handling travel documents to Hajj 2019,” she said.