Economy
Brent Hits $69 Amidst Positive Economic, Demand Forecasts
By Adedapo Adesanya
The Brent crude reached the $69 per barrel region on Wednesday after it appreciated by 74 cents or 1.1 per cent to trade at $69.13 per barrel.
This was strengthened by the speedy economic recovery and optimistic forecasts for energy demand strengthened the oil market.
This also consequently pushed the West Texas Intermediate (WTI) crude futures higher by 75 cents or 1.25 per cent to sell at $66.03 per barrel, signifying an eight-week high for both futures since early March.
Economic data from the United States showed that crude exports fell last week to around 1.8 million barrels per day, their lowest since October 2018, while crude inventories declined by more than 400,000 barrels compared to an expected 2.8 million-barrel draw, according to the Energy Information Administration (EIA).
In its report on Wednesday, crude inventories fell by 427,000 barrels in the last week to 484.7 million barrels.
The market also found support after the International Energy Agency (IEA) reported that oil demand is already outperforming supply and the shortfall is expected to widen even if Iran boosts exports.
The Paris-based agency noted that global oil consumption is now forecast to rise by 5.4 million barrels per day in 2021, 270,000 barrels per day lower than in its previous outlook.
India’s COVID-19 crisis led it to downgrade its demand in the second quarter of the year by 630,000 barrels per day.
It noted that its forecast for the second half of the year is left roughly unchanged based on expectations that vaccination campaigns continue to expand and the pandemic largely comes under control.
This is coming a day after the Organisation of the Petroleum Exporting Countries (OPEC) retained a forecast for a strong recovery in world oil demand in 2021, with growth in China and the US outweigh the impact of the coronavirus crisis in India.
Positive data from the United Kingdom also lent support to the market as the country’s economy recovered with a 2.1 per cent growth in March from February led by the reopening of schools which, alongside COVID-19 testing and vaccinations improved the world’s fifth-biggest economy.
Meanwhile, the market continued to observe the happenings in India where the coronavirus death toll crossed 250,000 after it had its deadliest 24 hours since the pandemic began.
In the US, fuel shortages worsened as the shutdown of the Colonial Pipeline, the nation’s largest fuel pipeline network, entered its sixth day and fuelling stations in some cities ran out of supply.
Colonial, which transports more than 2.5 million barrels per day, said it hopes to restart a large portion of the network by the end of the week after a cyber attack on Sunday.
By Aduragbemi Omiyale
The embargo earlier placed in the trading of Thomas Wyatt Nigeria shares has been lifted by the Nigerian Exchange (NGX) Regulation Limited.
The regulatory subsidiary of NGX Group lifted the suspension on Monday, July 6, 2026, via a notice signed by Bonaventure Onwuji on behalf of the Head of the Issuer Regulation Department of NGX RegCo.
Investors were earlier prevented from buying and selling equities of the organisation after it failed to submit its relevant financial statements as required by the listing rules.
The embargo was placed on October 31, 2025, in line with the provisions of Rule 3.1: Rules for Filing of Accounts and Treatment of Default Filing, which provides that if an issuer fails to file the relevant accounts by the expiration of the cure period, the exchange will: a) send to the issuer a second filing deficiency notification within two business days after the end of the cure period, b) suspend trading in the issuer’s securities, and c) notify the Securities and Exchange Commission (SEC) and the market within 24 hours of the suspension.
After filing the results with NGX Limited, and pursuant to Rule 3.3 of the Default Filing Rules, which states that the suspension of trading in the issuer’s securities shall be lifted upon submission of the relevant accounts provided the exchange is satisfied that the accounts comply with all applicable rules of the exchange. The exchange shall thereafter also announce through the medium by which the public and the SEC was initially notified of the suspension, that the suspension has been lifted, the suspension was lifted.
By Adedapo Adesanya
Nigerian domestic oil producer Renaissance Energy has recorded its first major oil discovery since taking over Oil Mining Lease (OML) 74 last year, following the successful drilling of an exploration well offshore Nigeria in a development that could support the country’s efforts to boost crude oil production and replenish reserves.
Preliminary results showed about 1,000 feet (305 metres) of crude oil-bearing reservoirs across seven zones, with data and fluid tests confirming light oil in high-quality reservoirs, Renaissance said in a statement, without providing further details.
OML 74 is a large shallow-water block in the eastern Niger Delta off Nigeria’s coast and holds at least eight previously undeveloped discoveries.
Renaissance, which now owns Shell’s former onshore and shallow-water assets, operates Nigeria’s largest upstream joint venture with 18 oil leases, two export terminals and a FPSO vessel in the oil-rich delta.
Commenting on Tuesday, Mr Tony Attah, the managing director/chief executive of Renaissance, said the discovery reflects the company’s renewed focus on exploration and its commitment to boosting Nigeria’s long-term oil production.
“The success of JK-004, just over one year after assuming operatorship of these assets, demonstrates the strength of our exploration programme,” he said.
He lauded the Nigeria Upstream Petroleum Regulatory Commission (NUPRC), adding that the exploration performance reflected the collaboration with the company’s joint venture partners comprising the Nigerian National Petroleum Company Limited (NNPC), TotalEnergies Limited and Agip Energy and Natural Resources.
He added that the NNPC Group Chief Executive Officer, Mr Bayo Ojulari, and the Executive Vice President, Upstream, Mr Udobong Ntia, provided the needed strategic guidance with commitment for value delivery across the joint venture assets.
On his part, the Vice President of Exploration and Chief Explorer at Renaissance, Mr Johnbosco Uche, said the exploration success was due to the company’s subsurface excellence, technical rigour, and disciplined approach to reserve replacement.
“The JK-004 well provides a strong foundation for accelerated maturation with clear pathways to early development and value realisation,” the Chief Explorer said, adding that the strategic location of JK-004 near an existing field would enable rapid commercialisation.
The chief executive of the Nigerian Upstream Petroleum Regulatory Commission (NUPRC), Mrs Oritsemeyiwa Eyesan, described the feat as a perfect alignment with the commission’s vision of growing the nation’s reserves “to future-proof sustainable national growth,” and pledged to continue building the enabling regulatory environment required to support the Nigerian oil and gas industry.
By Aduragbemi Omiyale
The mandatory takeover bid of about 1.63 per cent shares held by minority shareholders of Premier Paints Plc by Xenergi has been launched.
Business Post learned that the exercise will open at 8 am on Monday, July 13, 2026, and close on Friday, August 7, 2026, and it concerns shareholders of Premier Paint, excluding Xenergi Plc, whose names appear in the register of members of Premier Paint on the qualification date, which was Monday, July 6, 2026.
Xenergi is looking to acquire a total of 2 million shares of Premier Paints at N38 per unit, amounting to N76 million.
The reason for this offer is to enable Xenergi comply with Section 142(4) of the ISA Act 2025 and Rules 445 – 448 of the SEC New Rules and Amendment dated August 30, 2021, following its acquisition of a 49.60 per cent majority equity stake in Premier Paint.
On June 8, 2026, Xenergi Plc acquired 61,003,350 ordinary shares in Premier Paint, representing a 49.60 per cent equity stake.
Xenergi Plc and Premier Paint Plc executed a Share Sale and Purchase Agreement detailing the terms and conditions of the acquisition. The acquisition was concluded following receipt of the required regulatory approvals from the Federal Competition & Consumer Protection Commission (FCCPC), the Securities and Exchange Commission (SEC) and the Nigerian Exchange (NGX) Limited.
In accordance with Section 142(4) of the ISA Act 2025, Xenergi is required to make a takeover bid to all the other shareholders of Premier Paint.
Consequently, on May 25, 2026, the board of Xenergi granted approval for a Takeover to be made to all qualifying shareholders, for the acquisition of the offer shares.
