Crude Oil Market Further Declines Despite Supply Disruptions

By Adedapo Adesanya Oil fell on Monday as traders approached the market with caution over plans by the Organisation of the Petroleum Exporting Countries and its allies (OPEC+) to cut production in the first quarter of 2024. Brent crude futures lost 85 cents or 1.08 per cent to finish at $78.03 a barrel while the US West Texas Intermediate (WTI) crude futures depreciated by $1.03 or 1.39 per cent to sell at $73.04 per barrel. OPEC+ announced voluntary production cuts at its meeting last week and this has raised doubts about whether or not producers would fully implement them. Investors

By Adedapo Adesanya The Nigerian Shippers’ Council (NSC) has expressed its readiness to partner with the Lekki Deep Seaport by promoting the seamless movement of cargo and the efficiency of the nation’s ports. The NSC Executive Secretary, Mr Pius Akutah, gave the assurance when the Managing Director, Lekki Port LFTZ Enterprise Limited (LPLEL) – promoters of Lekki Deep Seaport, Mr Du Ruogang, led the port’s management on a courtesy visit to the NSC in Lagos. Mr Akutah, who commended the Lekki Deep Seaport management for the visit, said the council would partner with the port in areas that would boost

By Adedapo Adesanya The trio of Newrest Asl Plc, FrieslandCampina Wamco Nigeria Plc, and Acorn Petroleum Plc made the NASD Over-the-Counter (OTC) Securities Exchange appreciate by 0.14 per cent on Friday, December 1. The three gainers pressed down the 8 Kobo loss reported by UBN Property Plc, which closed the trading session at N1.52 per unit compared with the preceding day’s value of N1.60 per unit. During the trading day, Newrest Plc gained N1.46 to close at N16.10 per share compared with Thursday’s closing price of N14.64 per share, FrieslandCampina Wamco Plc moved up by 60 Kobo to end the

By Adedapo Adesanya FrieslandCampina WAMCO Nigeria Plc and Niger Delta Exploration and Production (NDEP) were the toast of investors at the NASD Over-the-Counter (OTC) Securities Exchange on Friday, May 6, extending the stay of the bulls by 0.38 per cent at the close of transactions. This meant that for all the three trading sessions this week, the unlisted securities market closed in the green territory. The market did not operate on the first two days of this week as a result of the public holidays declared by the federal government on Monday and Tuesday for Workers’ Day and Eid Mubarak.

By Adedapo Adesanya The Nigerian National Petroleum Corporation (NNPC) has increased the daily supply of Premium Motor Spirit (PMS), otherwise known as petrol, across the country by 202 per cent from 550 trucks to 1,661 trucks to combat the build-up of fuel queues in some parts of the country. This was made known in a statement by the Group General Manager, Group Public Affairs Division, Mr Kennie Obateru, quoting the Managing Director of the Petroleum Products Marketing Company (PPMC), Mr Musa Lawan. It was revealed that there have been the delivery of about two billion litres of PMS in strategic

By Modupe Gbadeyanka The Oil and Gas Trainers Association (OGTAN) has commended the management of the Nigerian National Petroleum Corporation (NNPC) under the leadership of the Group Managing Director, Dr Maikanti Baru, for sanitizing the distribution channels of petroleum products in the country. President of OGTAN, Dr Mayowa Afe, gave this commendation during a courtesy visit to the GMD at the NNPC Towers, Abuja, on Thursday. OGTAN is the independent umbrella group of training service providers in the oil and gas industry established by the Nigerian Content Development and Monitoring Board (NCDMB) in 2010 representing the education and training sectorial

By Adedapo Adesanya The Central Bank of Nigeria (CBN) has reassigned two pre-shipment inspection agents; Carmine Assayer and Cobalt International to inspect all non-oil exports emanating from northern and south-western parts of Nigeria. This was disclosed by Director, Trade and Exchange Department of the CBN, Mr Ozoemena Nnaji, in a circular titled Notice of Re-assignment of Pre-Shipment Inspection Agents for Non-oil Exports on Thursday. According to the CBN Director, Carmine Assayer has been re-assigned from the northern zone to serve as PIA for non-oil export for the south-west zone, comprising Lagos, Ondo, Osun, Ekiti and Ogun states. On the other

By Dipo Olowookere Minister of Agriculture and Rural Development, Mr Audu Ogbeh, on Thursday visited the the Institute of Livestock and the School of Pest Control in Kaduna. Mr Ogbeh used the occasion to have a first-hand assessment of the facilities and operations at the two institutions. The Minister embarked on a guided tour of the pest control laboratories, livestock workshops and agricultural equipment warehouses, some of which were in a state of disrepair. It was gathered that the warehouse containing the stock of new rice mills recently procured to boost rice milling capacity nationwide was also inspected by the

By Dipo Olowookere Former Governor of Katsina State, Mr Ibrahim Shehu Shema, has turned himself in to the Economic and Financial Crimes Commission (EFCC) after he was declared wanted by the agency two days ago, reports say. According to his spokesman, Mr Oluwabusola Olawale, the immediate past Governor of the state presented himself to the EFCC about an hour ago. He was wanted by the agency over allegation against him that he embezzled some money running into billions of Naira during his tenure. But Mr Shema slammed the EFCC for declaring him wanted. He also accused his successor of witch-hunting

By Dipo Olowookere Investors at the Nigerian Exchange (NGX) Limited are already putting an eye on Thomas Wyatt as its share price increased by 52.58 per cent last week. Business Post reports that Thomas Wyatt shares ended the trading week at N1.48 per unit, in contrast to the 97 Kobo per unit it finished in the preceding week. Its value at N1.48 is its 52-week high. It has been keenly observed that Thomas Wyatt has maintained an upward trajectory since the NGX Regulation lifted the embargo it placed on the company in October after it filed its results. The details

By Investors Hub The major U.S. index futures are currently pointing to a higher opening on Monday, with the S&P 500 poised to reach a new record intraday high. The markets may continue to benefit from optimism about U.S.-China trade talks as well as news that the European Union has granted the U.K.?s request for a Brexit deadline extension. The move by the EU, which delays Brexit until January 31st, was widely expected but still removes the risk of a damaging no-deal split on Thursday. Overall trading activity may be somewhat subdued, however, as traders look ahead to the Federal