Uncategorized
March 27, 2020 No Comments

Basic protective measures against the new coronavirus

Stay aware of the latest information on the COVID-19 outbreak, available on the WHO website and through your national and local public health authority. Most people who become infected experience mild illness and recover, but it can be more severe for others. Take care of your health and protect others by doing the following:

 

Wash your hands frequently
Regularly and thoroughly clean your hands with an alcohol-based hand rub or wash them with soap and water.

Why? Washing your hands with soap and water or using alcohol-based hand rub kills viruses that may be on your hands.

Maintain social distancing
Maintain at least 1 metre (3 feet) distance between yourself and anyone who is coughing or sneezing.

Why? When someone coughs or sneezes they spray small liquid droplets from their nose or mouth which may contain virus. If you are too close, you can breathe in the droplets, including the COVID-19 virus if the person coughing has the disease.

Avoid touching eyes, nose and mouth
Why? Hands touch many surfaces and can pick up viruses. Once contaminated, hands can transfer the virus to your eyes, nose or mouth. From there, the virus can enter your body and can make you sick.

Practice respiratory hygiene
Make sure you, and the people around you, follow good respiratory hygiene. This means covering your mouth and nose with your bent elbow or tissue when you cough or sneeze. Then dispose of the used tissue immediately.

Why? Droplets spread virus. By following good respiratory hygiene you protect the people around you from viruses such as cold, flu and COVID-19.

If you have fever, cough and difficulty breathing, seek medical care early
Stay home if you feel unwell. If you have a fever, cough and difficulty breathing, seek medical attention and call in advance. Follow the directions of your local health authority.

Why? National and local authorities will have the most up to date information on the situation in your area. Calling in advance will allow your health care provider to quickly direct you to the right health facility. This will also protect you and help prevent spread of viruses and other infections.

Stay informed and follow advice given by your healthcare provider

Stay informed on the latest developments about COVID-19. Follow advice given by your healthcare provider, your national and local public health authority or your employer on how to protect yourself and others from COVID-19.

Why? National and local authorities will have the most up to date information on whether COVID-19 is spreading in your area. They are best placed to advise on what people in your area should be doing to protect themselves.

Protection measures for persons who are in or have recently visited (past 14 days) areas where COVID-19 is spreading
Follow the guidance outlined above.

Stay at home if you begin to feel unwell, even with mild symptoms such as headache and slight runny nose, until you recover. Why? Avoiding contact with others and visits to medical facilities will allow these facilities to operate more effectively and help protect you and others from possible COVID-19 and other viruses.
If you develop fever, cough and difficulty breathing, seek medical advice promptly as this may be due to a respiratory infection or other serious condition.

Call in advance and tell your provider of any recent travel or contact with travelers. Why? Calling in advance will allow your health care provider to quickly direct you to the right health facility. This will also help to prevent possible spread of COVID-19 and other viruses.

Source: WHO

Industry Production
March 27, 2020 No Comments

Nigeria To Suffer $15.4bn Loss In Crude Oil Earnings – Analysts

Nigeria and other African economies are projected to record substantial revenue losses, particularly from the oil and gas sector, as the devastating effects of the Coronavirus pandemic continue its devastating toll on the various economies.

Giving the projection in a statement on the risks of the pandemic to the continent’s economies, Africa Energy Chamber, quoted the Atlantic Council, an American Atlanticist think tank in the field of international affairs, as noting that the immediate effect of COVID-19 for the sector has been on the demand for crude oil and on its prices.

According to the chamber, most analysts and operators now agree that 2020 could see negative demand growth for oil globally as industries shut down and countries around the world go on lockdown with the attendant effect of oil prices reaching their lowest levels since 1991.

It clarified: “For Africa, this means an immediate pressure on state budgets and macro-economic stability. Apart from South Africa, the continent’s biggest economies rely heavily on oil revenue to fuel state budget and public spending and ensure macro-economic stability.

“All sub-Saharan Africa’s producers had budgeted 2020 with an oil benchmark well above $50, from $51 in Equatorial Guinea all the way up to $57 in Nigeria. With predictions that oil prices won’t go anywhere above $30 for the rest of the year, most budgets need to be re-adjusted and public spending needs to be drastically cut”, the chamber added.

On the pandemic’s direct impact on Nigeria’s revenue potential, the Atlantic Council specifically predicted that COVID-19 would cause the country to suffer the biggest loss in the continent with $15.4bn, representing about 4% of the nation’s GDP.

According to the Council, Congo-Brazzaville could take the hardest hit, with a loss representing 34% of its GPD, in a country where the debt-to-GDP ratio is already around 90%; in Angola, the dip in oil prices at $30 could cause the country a revenue loss of almost $13bn, or 13% of GDP; while Equatorial Guinea, Gabon, and Chad could see losses of almost 10% of GDP due to the ongoing crisis.

Commenting on the worrisome scenario, Executive Chairman of the African Energy Chamber and Petroleum industry lobbyist, N.J Ayuk said: “Thousands of Africans and ex-pats are going to be laid off in oil-producing countries as companies shut down their drilling rigs and planned projects.

We need to face reality as these times are unprecedented. “The uncertainty is even more frustrating for oil companies and the workers. Forgive me but there is blood on the streets, in the water and the air has the coronavirus”, the industry analyst added.

On what is the way forward for the countries to mitigate the negative economic impact of the pandemic, Ayuk advised: “Petroleum-producing countries must come together and work with the private sector in order to get us through the COVID 19 crisis and mitigate the economic fallout as much as possible.

When the US and Europe are talking about a recession, most African countries and the common man on the streets have likely already entered a depression.”

Source: Economic Confidential

Production
March 27, 2020 No Comments

oil prices crashes as coronavirus hammers global demand

Global oil prices extended declines Friday, marking the fifth consecutive week of crude losses, as investors continue to factor in a huge slump in demand from the coronavirus pandemic and the ongoing dispute between Russia and Saudi Arabia.

A Saudi Arabia oil ministry official told Reuters Friday that there are no current discussions with respect to a joint agreement with Russia to balance global crude markets following the collapse of a three-year deal to limit production earlier this month. The comments followed more data from both the U.S. and China this week that suggest global demand is unlikely to recover in the near term as coronavirus infections accelerate and travel restrictions and business lockdowns remain in place.

“It does seem that the only thing that will bring OPEC+ back to discuss stabilizing the market will be lower prices. Therefore we are likely to see more pain in the near term,” said ING’s head of commodity strategy Warren Patterson.

“In the absence of an emergency meeting, the market will likely have to wait until the scheduled OPEC meeting in June for some sort of action,” he added. “Although by that stage it would be too late, with a significant surplus already built over much of 2Q20.”.”

Brent crude futures contracts for May delivery, the global benchmark, were last seen $1.79 lower from their Thursday close in New York and trading at $24.55 per barrel, while WTI contracts for the same month were marked $1.22 lower at $21.38 per barrel.

Crude prices were also pressured by a report that suggested the U.S. Energy Department is looking for money from its existing budget to buy 77 million barrels of oil to fill the nation’s strategic petroleum reserve after the funding was not included in yesterday’s $2.2 trillion coronavirus stimulus plan.

President Donald Trump had instructed the Energy Department to “purchase, at a very good price, large quantities of crude oil for storage in the U.S. strategic reserve”, telling reporters at the White House he was going to “fill it right to the top”.

With the ongoing collapse in crude, consumer advocate GasBuddy is now forecasting June pump prices of around $2.01 per gallon, more than $1.70 lower than its prior forecast and the lowest in at least four years.

Earlier this week, Chevron Corp  (CVX) – Get Report slashed its capital spending plans, and halted its share buyback program, while warning of a ‘material’ coronavirus impact on its 2020 earnings, amid the global crude market meltdown.

Chevron said it will lower its 2020 spending plans by around 20%, or $4 billion, and expects reduced production from its shale deposits in the Permian Basin. It’s also freezing its share buyback program, which has intended to purchase $4.25 billion in stock between now and the end of the year.

Oil prices suffered the biggest decline on record last week pulling U.S. crude prices to the lowest levels in 18 years, as travel restrictions, manufacturing sector shut-downs and a looming global recession hammer demand prospects.

Saudi Arabia, the world’s second-largest producer behind the United States, is also set to pump a record 12.3 million barrels of crude each day, starting next month, following the collapse of its output limit agreement with OPEC cartel members and Russia earlier this month in Vienna.

Source: TheStreet

error: