Economy
Easing of Oil Output Cuts to Sway Market This Week
By Adedapo Adesanya
Last week, prices of both the Brent crude and the US West Texas Intermediate (WTI) crude initially dropped on oil demand recovery worries but eventually turned around to show signs of resilience yet again.
Following this positive outcome at the oil market, things could be very difficult for the market this week as one of the major factors that have lifted prices may be eased.
The production cuts from the Organisation of the Petroleum Exporting Countries and its allies (OPEC+), which just did not only remove crude oil from an oversaturated market but eventually helped to boost prices, may start tapering to allow for an increase in production to allow countries fight for market share.
When the cabal started cutting outputs in May, the agreement was to reduce almost 10 per cent or 9.7 million barrels daily for two months including June. However, there was an extension to this to July.
However, analysts note that this may not extend into August with cuts expected to taper to 7.7 million barrels per day through December. According to Wall Street Journal sources, the countries are planning to relax the curbs by 2 million barrels a day to 7.7 million.
The report said that Saudi Arabia was worried as continued support will be dangerous, especially as non-OPEC members attempt to gain market share.
The report came two days after the Energy Information Administration (IEA) said that the worst effects of coronavirus on oil demand had passed but will continue to echo as the market recovers.
The group will hold a virtual meeting on Wednesday to discuss and recommend the next line of action.
In its monthly global energy report, the IEA predicted a slight improvement in global demand for crude oil this year.
However, it also cautioned that much still depends on how the pandemic develops.
The IEA report also noted that the resurgence of cases in some parts of the world, including the US and Latin America, was casting a shadow over the outlook and threatened to derail a recovery in demand.
“The recent increase in COVID-19 cases and the introduction of partial lockdowns introduces more uncertainty to the forecast,” it said.
The number of new COVID-19 cases continue to rise in the major producing country, the US, as the state of Florida soared by 15,299 cases on Saturday. This set the record for the highest COVID-19 cases in the country in a single day for any US state.
The rising number of cases impairs economic recovery and oil demand in the world’s largest oil-consuming nation and curtails crude prices.
On the supply side, more risks of additions to the supply glut have arisen with Libya’s preparations to restart oil production and exports, which also poses a threat to the oil price recovery.
The number of oil rigs in the US, an indicator of short-term production in the country, fell by 4 to 181 for the week ending July 10, from 185 the previous week, according to the latest data. Over the past 17 weeks, the decline in the oil rig count totalled 502, the data showed.
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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