By Adedapo Adesanya

The crude oil market dropped on Thursday due to falling demand, retreating fears of renewed Middle East conflict and expected increases in supply.

Brent crude traded at $67.52 a barrel after going down by $1.88 or 2.71 per cent, while the US West Texas Intermediate (WTI) crude finished at $62.84 a barrel, down $1.79 or 2.77 per cent.

The International Energy Agency (IEA) cut its demand growth outlook, a revision that landed in a market already uneasy about how quickly supply is said to be rising.

Selling accelerated after the Paris-based agency trimmed its 2026 global demand growth forecast to 850,000 barrels per day. A month ago, it was expecting 930,000 barrels per day.

The agency still sees global supply expanding by about 2.4 million barrels per day this year. The balance between supply and demand looks heavy, especially once winter disruptions unwind.

January tightened the market for a moment. Storms shut in more than 1 million barrels per day in North America. Kazakhstan, Russia, and Venezuela were dealing with outages of their own. Global supply fell by roughly 1.2 million barrels per day, but it appears that those barrels are now starting to return.

On its part, the Organisation of the Petroleum Exporting Countries (OPEC) is projecting much stronger demand growth, above 1.4 million barrels per day.

Crude oil production from the OPEC+ alliance slumped by as much as 439,000 barrels per day in January compared to December as a major supply disruption in Kazakhstan added to lower output from Iran and Venezuela, OPEC data showed in its Monthly Oil Market Report (MOMR).

The unplanned outages and lower production could ease to some extent the fears of oversupply that have been weighing on oil prices.

On the geopolitical front, Prime Minister of Israel, Mr Benjamin Netanyahu, said as he was departing the US, noting that President Donald Trump appeared to be framing a resolution to the conflict with Iran over nuclear weapons.

On Wednesday, the American President said after talks with PM Netanyahu that they had yet to reach a definitive agreement on how to move forward with Iran, but that negotiations with Tehran would continue.

Earlier this week, President Trump said on Tuesday that he was considering sending a second aircraft carrier to the Middle East if a deal is not reached with Iran. The date and venue of the next round of talks have yet to be announced.

By Adedapo Adesanya

Nigerian businessman, Mr Femi Otedola, has congratulated his billionaire friend, Mr Aliko Dangote, on the Dangote Refinery achieving its full nameplate capacity of 650,000 barrels per day, expressing optimism that this will further strengthen the Naira against the US Dollar in the currency market.

In an X post on Thursday, Mr Otedola described it as a transformative milestone for Nigeria and Africa, noting that the refinery’s operations could ease pressure on Nigeria’s foreign exchange reserves.

“I congratulate my friend and brother, @AlikoDangote, on the remarkable achievement of the Dangote Petroleum Refinery reaching its full 650,000 barrels per day capacity.

“More importantly, it is transformational for Nigeria and Africa. Supplying up to 75 million litres of PMS daily changes our energy narrative and conserving foreign exchange.

“With domestic refining now firmly underway after decades of reliance on imports, pressure on the foreign exchange market should ease significantly. I am optimistic that the Naira will strengthen meaningfully, and trading below N1,000/$1 before year-end is increasingly within reach,” he wrote.

Earlier today, it was reported that all key components, including the naphtha hydrotreater, isomerisation unit, and reformer unit, of the single train refinery are now operating steadily at 650,000 barrels per day. This enables the facility to produce up to 75 million litres of Premium Motor Spirit (petrol) daily, significantly boosting Nigeria’s domestic fuel supply and reducing reliance on imports.

The $20 billion refinery, Africa’s largest, began operations in 2023 and has been ramping up production amid challenges, including crude supply issues.

Mr Dangote announced plans in October 2025 to expand capacity to 1.4 million barrels per day, which would make it the world’s largest refinery, surpassing India’s Jamnagar facility.

Mr Otedola added that his best friend is investing an additional $12 billion in this expansion, including the production of polypropylene and Linear Alkyl Benzene for detergents, with work already underway.

“Aliko is not stopping here. He has embarked on an additional $12 billion expansion to increase refining capacity to 1.4 million barrels per day, alongside 2.4 million tons of polypropylene and 400,000 metric tons of Linear Alkyl Benzene for detergent production. Work has already commenced in earnest.

“Congratulations once again, my brother. Nigeria is proud of you,” he said.

By Modupe Gbadeyanka

The Nigeria Customs Service (NCS) has approved the activation of the Lagos Free Zone Green Channel to enable the seamless and controlled movement of Free Zone cargo directly from the Lekki Deep Sea Port to the Lagos Free Zone (LFZ).

This development makes LFZ the first and only zone in the country to operate a sanctioned green channel, reflecting globally recognised port-to-free-zone logistics and customs integration models successfully implemented in leading trade hubs in the Middle East and Asia.

With this, businesses in the Lagos Free Zone can now scale their industrial output with total peace of mind, as every consignment is protected by an unbroken chain of 24/7 CCTV surveillance, telemetry, and tamper-evident digital logs that ensure absolute cargo integrity.

This integration not only secures the supply chain but also builds unrivalled investor confidence by establishing a transparent, high-compliance trade environment monitored directly by the customs.

For manufacturers and distributors, the outcome is a predictable, ultra-fast logistics flow that solidifies LFZ as the most efficient regional hub for Nigerian and West African operations.

“This approval is a testament to our commitment to trade modernisation. The Lagos Free Zone Green Channel will enhance Customs visibility while significantly improving investor confidence in Nigeria’s Special Economic Zones,” the Comptroller-General of Customs, Mr Bashir Adeniyi,” stated.

On her part, the chief executive of LFZ, Mrs Adesuwa Ladoja, said, “The activation of the Lagos Free Zone Green Channel is the latest testament to our customer-centricity and our commitment to continually deliver enhanced ease of doing business for our tenants.

“The Green Channel solidifies the advantages of Lekki Deep Sea Port being physically and digitally integrated into our zone. We have effectively removed the ‘last mile’ uncertainty that has historically challenged Nigerian logistics.

“Our tenants no longer need to navigate the complexities of traditional port exits; instead, they benefit from a high-velocity, customs-integrated corridor that moves cargo with precision and speed.

“This is a game-changer for manufacturing and regional distribution, reinforcing Lagos Free Zone as the premier gateway for those looking to dominate the West African market.”