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Top executives at the world’s largest oil-trading houses said the worst of the market’s woes are probably over, with some predicting prices will climb to $50 a barrel by next year. “The down market is behind us,” Torbjorn Tornqvist, chief executive officer of Gunvor Group Ltd., said on Tuesday at the FT Global Commodities Summit in Lausanne. “It is the beginning of the end of that for sure.” Oil has rebounded after falling to the lowest level in more than 12 years amid signs a global glut will ease as U.S. output declines. The world’s largest oil traders were meeting in Switzerland as members of OPEC and other major producers prepare to assemble in Doha on April 17 to discuss an output freeze. Oil traders benefited from a surge in volatility last year and that should continue, according to Tornqvist. “We are going to have lots of volatility going forward,” Tornqvist said. “From here on the trend is up.” A “rebalancing” of global crude oil supply and demand could take place by t...

Read the statement as released by Akpandem James, Media Adviser to the Minister of Budget and National Planning, Udoma Udo Udoma below. In view of the recent controversies surrounding the 2016 budget, it has become necessary to state the following so as to set the facts straight: The details of the 2016 budget were received by the President on Thursday, April 7, 2016. Immediately this was received the President, desirous of signing the document into law as soon as possible, directed that copies should be made available to Heads of the various Ministries, Departments and Agencies (MDAs) of the Federal Government. Ministers were asked to go through the details and give their reactions as it affects their respective Ministries so as to guide the President and enable him sign the Appropriation Bill into law. That process is still on-going and no statement has been issued by the Executive on the matter, apart from the one by the Honourable Minister of Information, Alhaji Lai Moham...