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Ukraine Conflict Causing Huge Volatility in Energy Market -OPEC

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The Organisation of the Petroleum Exporting Countries (OPEC) has stated that the ongoing war by Russia in Ukraine was causing huge volatility for the global energy market. Mr Mohammad Barkindo, OPEC Secretary-General, made the assertion while speaking at the virtual 62nd Meeting of the Joint Technical Committee (JTC) on Wednesday.

Barkindo noted that there were implications and possible far-reaching consequences of the ongoing conflict in Ukraine.

He said: “As highlighted at our last meeting, the conflict has compounded the uncertainties related to the pandemic.

“It has heralded in further economic volatility, elevated risk premiums for oil, as well as many other essential commodities, given that both the Russian Federation and Ukraine are key global exporters, including of essential agricultural goods.

 “From the oil market perspective, however, what is clear is that Russia’s oil and other liquids exports of more than seven million barrels per day cannot be made up from elsewhere. The spare capacity just does not exist.”

According to him, its potential loss, through either sanctions or voluntary actions, is clearly rippling through energy markets. “The crises we face are causing huge volatility, with daily price swings of more than $5 per barrel occurring on 13 occasions across March and April,” Barkindo said.

He also recalled that April 2020 was the darkest and most sudden downturn in the history of the oil industry due to the COVID-19 pandemic. Barkindo said April 2020 saw global oil demand drop by more than 20mbpd with industries and businesses shuttered-in and populations locked down.

“None of us will ever forget April 20, 2020. On that day, the price of NYMEX WTI in the futures market plunged by 56 dollars/b to minus-37.6 dollars/b, the first ever drop into negative territory. “The markets were reacting to the situation with an unheralded bearish ferocity.

“It was a visceral moment for us all. I do not think any of us here ever envisaged a moment where sellers were literally paying buyers!

“However, the uncontrolled chaos over the month was also met by a landmark decision from OPEC and non-OPEC countries in the Declaration of Cooperation (DoC) on April 12,” Barkindo said.

He said the move was key to rescuing the industry from the precipice on which it stood, and in turn, assist with the resuscitation of the global economy. Barkindo said what recent events and developments imply was the continuing shift among policymakers to better understanding what was required in the energy transition.

He said: “It is not about moving from one energy to another; it is about utilising all available energies and understanding the energy security dimension of our future to enable the necessary investments.

“This was clearly highlighted last month by U.S. investment bank, JP Morgan in its first annual energy outlook. “It said the world needs to find 1.3 trillion dollars of incremental investment by 2030 to boost all types of energy output and infrastructure from renewables to oil and gas to avoid an energy crunch.

“What we are seeing is a wake-up call to all stakeholders. We need to ensure there is a clear pathway for all energy investments.” Sustained investment in oil is required if we are to expand production and ensure adequate spare capacity, a vital cog in the oil market landscape.” (NAN)

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Israel Rejects Latest Gaza Ceasefire Proposal

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 The Israeli Government has rejected the latest proposal for a ceasefire and release of hostages in the Gaza Strip, local media reported on Monday.

“The proposal received by Israel cannot be accepted by any responsible government,’’ the Times of Israel quoted an unnamed senior official as saying, who didn’t give any further details.

According to the ynet news website, the proposal was made by a Palestinian-American businessman who has reportedly been involved in direct negotiations with Palestinian extremist group Hamas for some time.

According to Hezbollah-affiliated Arab broadcaster Al-Mayadeen, the proposal involves a 70-day ceasefire to allow both sides to conduct negotiations on an end to the war.

With Hamas is to release five living hostages and the bodies of a further five from Gaza.

The draft is far removed from the proposal drawn up by U.S. Special Envoy Steve Witkoff, ynet quoted an Israeli official as saying.

Witkoff’s recently submitted draft provides for the release of 10 living hostages in exchange for 45 to 60 days of ceasefire.

According to Israeli sources, at least 20 hostages are still being held alive in the Gaza Strip, with the fate of three further abductees unclear.

In addition, the Islamists are still holding the bodies of 35 hostages abducted from Israel during the attacks it launched on Oct. 7, 2023. (dpa/NAN)

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Fate of Nigerian Medical Students from Sudan Hangs in Balance

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A group of 47 Nigerian medical students who escaped war-torn Sudan in May 2023 are now struggling to register for the Nigerian Medical and Dental Council (MDCN) examination due to a document snag.The students, many of who fled or were evacuated by the Federal Government without exit visas, are currently racing against time to meet the registration deadline, with their future careers hanging precariously in the balance.

Report says that these students, who were enrolled at Sudan International University (SIU), were evacuated to Nigeria during the 2023 conflict in Sudan while in final year of study.
According to the students, with the approval of the National Universities Commission (NUC), they were permitted to continue their academic programme at Usmanu Danfodiyo University Teaching Hospital (UDUTH) in Sokoto.
Speaking to NAN on Sunday in Abuja, one student said: “We successfully completed our studies and graduated in 2024, receiving our certificates as students of SIU.”He added that they were currently preparing to sit for the MDCN examinations.The student, however, added that one of the requirements was presenting a first entry visa and a last exit visa.“Unfortunately, none of us have these documents as most of our passports remained in Sudan due to the emergency evacuation.“We respectfully request permission to sit for the examinations scheduled for June 2025,” he said.The President of the Nigerian Students Association at SIU, Najid Hassan, confirmed that due to the war in Sudan, Nigerian students were evacuated by the Federal Government.Hassan explained that with NUC approval, the affected students were allowed to continue their academic programme at UDUTH following a Memorandum of Understanding (MoU) between SIU and UDUTH.“After the MoU, we resumed studies at UDUTH in December 2023 and spent one year there.“We completed clinical rotations, lectures in gynaecology, pediatrics, surgery, and medicine, and graduated in October 2024.“We took examinations supervised by consultants at UDUTH,” Hassan said.He added that after graduation, students were awarded certificates bearing the SIU name.Hassan, however, said that when they approached MDCN for registration, the process, expected to be seamless, became challenging.“We are currently preparing for the MDCN exams, but one requirement is the submission of a ‘first entry visa and a last exit visa.’“Unfortunately, none of us have these documents because most passports remain in Sudan due to emergency evacuation,” Hassan said.He appealed to the Federal Government to intervene.NAN reports that MDCN is the regulatory body for Medicine and Dentistry in Nigeria and was established by the Medical and Dental Practitioners Act.The Act had been operational since Dec. 18, 1963, and updated under the Laws of the Federation of Nigeria 2004.The council’s statutory functions include setting and reviewing standards for medical and dental education.Section 9(3) and (4) of the Act empowers the council to conduct assessment exams for holders of foreign medical or dental qualifications recognised by their countries of origin.Candidates expected to sit for these examinations are trained outside Nigeria at institutions listed in the World Directory of Medical Schools.One of the application requirements is submitting relevant portions of international passports, including visa and arrival/departure stamps.In a 2024 publication addressing students returning from conflict zones, MDCN Registrar Dr Fatima Kyari, reaffirmed these rules but expressed sympathy for students affected by COVID-19 and conflicts in Ukraine and Sudan.“The council has held extensive consultations and developed remediation pathways to facilitate integration.”“Students graduating in 2023 or later were advised to return to a designated campus of their foreign university to complete studies physically.“They can also transfer to an accredited Nigerian university, subject to NUC approval; or integrate into a Nigerian university per NUC guidelines.“Many students from Sudan and Ukraine have successfully integrated through these pathways, exempting them from the foreign-trained medical and dental graduates (FTMDG) exams if graduating from Nigerian institutions,” Kyari said.She explained that the MoU with UDUTH was an academic collaboration and did not equate to clinical training for medical qualification recognised by MDCN.She noted that students who properly transferred and graduated from Nigerian universities approved by MDCN had been indexed, graduated, and registered as doctors.The Federal Ministry of Education, through the Director of University Education, Hajiya Rakiya Ilyasu, acknowledged the situation.She advised the affected students to formally write to the Minister of Education, including their names, and to copy the Director of Education Support Services to help facilitate a resolution.Similarly, NUC Deputy Executive Secretary, Chris Maiyaki, confirmed awareness of the development and advised students to contact the Ministry of Education to resolve the issues.However, all efforts by NAN to obtain a response from Mrs Abike Dabiri-Erewa, Chairman/CEO of the Nigerians in Diaspora Commission (NiDCOM), regarding the students’ plea proved unsuccessful.Similarly, all efforts to get a reaction from Usmanu Danfodiyo University Sokoto (UDUS) failed.The Deputy Provost of the Medical School, said he had no authority to speak on the issue, while the Vice Chancellor, Prof. Bashir Garba, said he was on transit and would respond appropriately.(NAN)

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Philippine President Calls for Resignation of All Cabinet Secretaries

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 Philippine President Ferdinand Marcos Jr. has asked all of his Cabinet secretaries to submit their resignations on Thursday in what he called a “bold reset” of his administration following last week’s mid-term elections.

The elections saw more opposition candidates win crucial Senate seats, signaling shifting political tides.

Marcos, the 67-year-old son of the late Philippine dictator overthrown in 1986, won the presidency in a landslide in 2022, a stunning political comeback marked by a call for national unity.

However, his vice-presidential running mate, Sara Duterte, also widely popular, later distanced herself from Marcos in a falling-out that had sparked intense political discord.

Marcos had since emerged as one of the region’s most vocal critics of China’s aggression in the disputed South China Sea, bolstered by support from the United States and other allies. Domestically, he continued to face significant challenges, including high inflation, unfulfilled promises to lower rice prices, and growing concerns over kidnappings and other crimes.

“This is not business as usual,” Marcos said in a government statement.

“The people have spoken and they expect results, not politics, not excuses. We hear them and we will act.” (AP/NAN)

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