Economy
Crude Oil Rises as IEA Forecast Strong Demand
By Adedapo Adesanya
Crude oil edged higher on Friday after the International Energy Agency (IEA) forecast record global demand and tightening supplies, with Brent rising by 41 cents or 0.5 per cent to settle at $86.81 a barrel, and the US West Texas Intermediate (WTI) appreciating by 37 cents or 0.5 per cent to $83.19.
On a weekly basis, both benchmarks rose about 0.5 per cent.
The IEA noted that global oil demand would hit new highs and is expected to average 102.2 million barrels per day this year, driven by summer air travel, strong Chinese petrochemical activity, and higher oil use in power generation.
World oil demand is set to grow by 2.2 million barrels per day this year, with China accounting for more than 70 per cent of growth, the agency said in its closely-watched Oil Market Report (OMR) for August.
The growth estimate is unchanged from last month’s report, in which the IEA cut its global oil demand growth forecast for the first time this year due to persistent economic headwinds.
Demand in developed economies was revised up for May and June, with overall consumption returning to growth in the second quarter after two-quarters of contraction.
Moreover, Chinese demand was also stronger than expected, reaching fresh highs despite persistent concerns over its economy.
The agency, however, cut today its estimate for global oil demand growth for 2024 by around 150,000 barrels per day and sees next year’s growth slowing to 1 million barrels per day year over year.
“With the post-pandemic rebound running out of steam, and as lacklustre economic conditions, tighter efficiency standards and new electric vehicles weigh on use, growth is forecast to slow to 1 mb/d in 2024,” the agency said in the report.
Meanwhile, output cuts from Saudi Arabia and Russia set the stage for a sharp decline in inventories over the rest of 2023, which IEA said could drive oil prices even higher.
On Thursday, the Organization of the Petroleum Exporting Countries (OPEC) said it expects global oil demand to rise by 2.44 million barrels per day this year, unchanged from its previous forecast. It added that prospects for the oil market look healthy for the second half of the year.
This week’s economic data from the US also lifted market sentiment, fueling speculation that the Federal Reserve is nearing the end of aggressive rate hikes.
Market analysts noted that the supply cuts and an improving economic outlook have created more optimism among oil investors.
The number of oil rigs operating in the US, an early indicator of future output, held steady at 525 this week, energy services firm Baker Hughes said, after falling for eight weeks in a row.
The steady oil rig count indicates US producers are maintaining discipline in drilling and exploration.
By Aduragbemi Omiyale
The pre-registration training and examination for capital market operators (CMOs) for the second quarter of 2026 has been postponed.
Business Post gathered that the new date for the exercise is now Monday, June 15, 2026.
This information was disclosed by the Securities and Exchange Commission (SEC) through a circular on Monday, June 8, 2026.
The Nigerian capital market regulator stated that this postponement has also resulted in the extension of the deadline for registration to Friday, June 12, 2026.
In the notice today, the SEC expressed its regret for the inconvenience this action may cause operators, who had prepared for the initial date of the training and examination.
“Further to the recent circular on Q2 2026 Pre-registration Training and Examination, the Securities and Exchange Commission (SEC) hereby informs all eligible applicants for the Q2 2026 Pre-registration Training and Examination that the commencement date has been postponed to Monday, June 15, 2026.
“Registration on the designated portal has also been extended to Friday, June 12, 2026. All other conditions contained in the circular remain unchanged.
“The commission regrets any inconvenience this postponement may cause and appreciates the understanding of all applicants,” the disclosure noted.
By Aduragbemi Omiyale
One of the leading healthcare firms in Nigeria, Fidson Healthcare Plc, has listed additional shares on the Nigerian Exchange (NGX) Limited.
The new stocks absorbed into the stock market were 600 million units, raising the total issued and fully paid-up shares of Fidson to 3,000,000,000 ordinary shares of 50 Kobo each from 2,400,000,000 ordinary shares of 50 Kobo each.
The fresh equities came from the company’s rights issue of 600,000,000 ordinary shares of 50 Kobo each at N35.00 per share.
They were issued to existing investors on the basis of one new ordinary share for every existing four ordinary shares held as of the close of business on Wednesday, November 12, 2025.
Confirming the development, the regulator in a notice said, “Trading licence holders are hereby notified that an additional 600,000,000 ordinary shares of 50 Kobo each of Fidson Healthcare Plc were on Tuesday, June 2, 2026, listed on the daily official list of Nigerian Exchange Limited.
“The additional shares arose from the company’s rights issue of 600,000,000 ordinary shares of 50 Kobo each at N35.00 per share on the basis of one new ordinary share for every existing four ordinary shares held as at the close of business on Wednesday, November 12, 2025.
“With the listing of the additional 600,000,000 ordinary shares, the total issued and fully paid-up shares of Fidson Healthcare Plc have now increased from 2,400,000,000 to 3,000,000,000 ordinary shares of 50 Kobo each.”
By Modupe Gbadeyanka
This news will surely excite local contractors with verified claims of N100 million or less, as the federal government has approved their payments.
This approval for the disbursement was given by the Minister of Finance and Coordinating Minister of the Economy, Mr Taiwo Oyedele.
This followed a verification and reconciliation exercise designed to ensure only validated claims qualify for payment.
The beneficiaries cover contractors across multiple ministries, departments and agencies. The release of the funds is expected to enable contractors to return to project sites, pay workers, settle suppliers and meet outstanding financial commitments.
In an announcement on Monday, the Federal Ministry of Finance also said this latest batch of payments would ease liquidity pressure on small businesses and accelerate economic activity nationwide.
It was noted that the payments for verified claims of N100 million below were strategically done to spread economic impact broadly rather than concentrate disbursements among a handful of large firms.
The payments form part of a broader push to clear inherited contractor obligations, with over N700 billion verified in recent months.
“For many beneficiaries, the release of funds represents more than a financial transaction. It provides the certainty needed to sustain operations, preserve jobs, complete ongoing projects, and contribute to economic recovery and growth,” the ministry said in a statement.
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