Economy
Crude Oil Won’t Sell at $90 Per Barrel in 2023—Analysts
By Adedapo Adesanya
Some oil market analysts have projected that the price of crude oil is not expected to reach $90 per barrel this year due to factors such as a lower possibility of deeper supply cuts by the Organisation of the Petroleum Exporting Countries and its allies (OPEC+) and China’s record-high crude oil stocks.
Brent crude, which serves as Nigeria’s crude benchmark oil, has experienced more than a 5 per cent increase in the past month. This has been attributed to additional output reductions by OPEC+ members and concerns about aggressive interest rate hikes by central banks being eased by cooling inflation in major economies.
Analysts at Goldman Sachs, a leading global investment bank, believe that the market will shift into a deficit in the second half of the year, and as a result, prices could potentially move towards $86 a barrel.
The bank asserts that a significantly larger deficit of 3.3 million barrels per day would be necessary to drive crude prices back to the three-figure range. As such, Goldman Sachs believes it is unlikely that the 23-member alliance will cut production in order to raise prices to such levels.
The Energy Minister of the United Arab Emirates (UAE), Mr Suhail Al Mazrouei, said recently that current actions by OPEC+ were sufficient to support the oil market for now, and the group is “only a phone call away” if any further steps are needed.
OPEC+, which includes allies led by Russia, pumps around 40 per cent of the world’s crude. The group has been limiting supply since late 2022 to bolster the market.
On its part, JPMorgan recently cut its oil price forecasts for this year and 2024 as it sees the global supply growth offsetting a record rise in demand while inventory build-up lowers the risk of price spikes. The Wall Street bank revised its average Brent price forecast for 2023 to $81 per barrel from $90 earlier, and for West Texas Intermediate (WTI) to $76 a barrel from $84 previously.
JPMorgan oil market experts also lowered its 2024 price forecasts for Brent to $83 per barrel from $98 and for WTI to $79 a barrel from $94 earlier. Brent futures were trading around $75 a barrel on June 14, while US WTI crude was around $70 per barrel.
The US bank now sees global oil supply growing by 2.2 million barrels per day in 2023, surpassing projected demand growth of 1.6 million barrels per day.
“It is becoming increasingly clear that high oil prices over the past two years did exactly what they are supposed to do — incentivize supply,” JPMorgan said in a note. The world could consume a record-setting 101.4 million barrels per day of oil this year, led by unprecedented demand in China, India, and the Middle East, it added.
Goldman Sachs report also highlights the potential impact of US shale companies ramping up their output. As these companies have experienced a decrease in production costs, any potential cuts made by the alliance of 23 oil-producing countries could be undermined.
In early June, Saudi Arabia, the world’s largest crude exporter, announced that it would extend its voluntary output cut of one million barrels per day until August. Russia also plans to reduce its oil supplies by 500,000 barrels per day in August, in addition to the previously announced output reductions.
The OPEC+ group has implemented total production curbs of 3.66 million barrels per day, which accounts for approximately 3.7 per cent of global demand. These include a two million barrel per day reduction agreed upon last year and voluntary cuts of 1.66 million barrels per day announced in April.
Goldman Sachs points out that there is an increased awareness of the effects of high oil prices, with the energy crisis experienced last year leading to radical policies aimed at achieving net-zero emissions.
In March 2022, Brent crude reached nearly $140 a barrel due to fears of global energy shortages triggered by Russia’s invasion of Ukraine.
China, the world’s second-largest economy and top crude importer, is expected to play a significant role in crude oil demand this year. While China’s economy rebounded after the lifting of COVID-19 restrictions earlier this year, it experienced a slowdown in May, with weaker retail sales, manufacturing output, and a slowdown in the property sector.
Although China’s macroeconomic performance could improve, Goldman Sachs highlights that the country’s crude oil inventories are nearing record highs. As a result, if demand outperforms expectations, these inventories are likely to be drawn down substantially.
Analysts also said China’s pledge to boost its economy has improved sentiment in oil markets while fundamentals look increasingly bullish.
While the economic data from China and the US remain mixed, the fundamentals are increasingly pointing to a tighter oil market this summer.
Russian crude oil exports have shown signs of decline for a second consecutive week and are estimated to have sunk to a six-month low in the four weeks to July 16. Russia is preparing to cut 500,000 barrels per day off its oil exports in August, and shipping plans so far suggest that Russia could deliver on at least part of its pledge to reduce oil exports next month.
Saudi Arabia’s crude oil exports have also started to decline, to below 7.0 million barrels per day in May, for the first time in many months.
Crude shipments out of the world’s top exporter could further decline as Saudi Arabia is now cutting its production by 1.0 million barrels per day in July and August.
When it comes to scaling up Bitcoin operations, every miner hits a wall sooner or later. Whether it’s rising energy bills, cooling issues, or limited rack space, home setups just don’t cut it at scale. That’s where colocation Bitcoin solutions step in, offering industrial-grade infrastructure without the headache of building a data center from scratch. For many crypto miners, this has become a game-changer.
Cryptocurrency Mining Explained
At its core, cryptocurrency mining is the process of validating transactions and adding them to the blockchain ledger. Miners compete to solve complex mathematical puzzles using powerful hardware, like ASICs (Application-Specific Integrated Circuits). Once a solution is found, it’s broadcast across the network, and the miner gets rewarded in crypto.
But this isn’t something you can pull off with a basic laptop. Running a profitable mining operation demands serious horsepower and reliable uptime, especially when you’re dealing with blockchain technology and its nonstop, decentralized nature.
How Colocation Facilities are Used in Crypto Mining
Colocation facilities are specialized data centers where miners can house their mining rigs. Instead of hosting hardware in a garage or warehouse, miners rent space in these facilities that already offer high-end cooling, power redundancy, and lightning-fast connectivity. This is ideal for running blockchain workload management tasks that require stable environments.
More importantly, colocation sites are often located in regions with access to cheaper electricity, significantly lowering the energy consumption in mining, a major factor for profitability. And for those managing Bitcoin nodes, colocation facilities provide the uptime and security needed to ensure uninterrupted participation in the network.
Colocation Benefits for Miners – Why are They Becoming Popular?
The list of colocation benefits for miners keeps growing. One of the biggest is reduced overhead. There’s no need to worry about cooling systems, fire suppression, or backup generators — the colocation provider services take care of it all. This lets miners focus purely on maximizing hash rates and ROI.
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In the fast-moving world of crypto, infrastructure can make or break your mining game. Colocation isn’t just for enterprise giants anymore — it’s becoming the go-to solution for solo miners and small firms looking to scale without blowing their budget. With better uptime, lower costs, expert support, and hardened security, colocation facilities are proving essential in today’s mining landscape.
By Adedapo Adesanya
The Nigerian Postal Service (NIPOST) and the KLM Royal Dutch Airlines have signed a direct international mail partnership to boost delivery and ease bottlenecks around Nigerian logistics.
The Postmaster General of NIPOST, Mrs Tola Odeyemi, confirmed this agreement between both parties, describing its as a milestone in many years.
According to Mrs Odeyemi, NIPOST operated without any direct partnerships with international airlines, relying heavily on multiple third-party handlers, resulting in delays, higher costs, and uncertainty around the delivery of packages.
“With this new partnership, KLM will now handle our outbound international mail directly, with no middlemen involved,” she wrote in the announcement on X, formerly, known as Twitter, noting that the deal will bring faster and more reliable delivery, reduced risk of loss or damage, lower handling charges, and access to over 200 countries through KLM’s global network.
KLM Royal Dutch Airlines is the national carrier of the Netherlands and offers services – passenger and cargoes – to 164 destinations worldwide and boasts about 116 aircrafts as of 2025.
“This breakthrough is possible because we have begun clearing longstanding debts owed to international carriers. We are actively working to rebuild global trust, and this partnership is only the first of many doors that will reopen,” she added.
She also noted that NIPOST is currently in strategic discussions with Ethiopian Airlines to serve African and Eastern routes, further strengthening the country’s regional and continental logistics framework.
“Our goal is clear and unwavering: to connect Nigeria regionally and globally, efficiently, securely, and affordably,” she noted.
The NIPOST chief also noted that the development serves as a major win for Nigerian businesses especially Small and Medium Enterprises (SMEs).
According to her, some of the benefits cover those who export goods, or sell products online, as it introduces quicker, more affordable international shipping, greater peace of mind with improved reliability, and new potential to reach and grow in global markets.
“I remain grateful to the incredible teams working diligently behind the scenes, and to every Nigerian who continues to believe in our mission. We are not just delivering mail, we are delivering solutions and moving Nigeria forward,” she added.
By Dipo Olowookere
For now, investors will no longer be able buy or sell shares and securities of Golden Guinea Breweries Plc on the floor of the Nigerian Exchange (NGX) Limited.
This is because the stock exchange has suspended the beer maker due to its failure to file its financial statements for the 2024 fiscal year despite.
Companies listed on the local bourse are required as stipulated in the listing rules to submit their financial results within a certain period and when this is breached, the necessary sanctions are meted out on them.
As for Golden Guinea Breweries, it violated Rule 3.1, Rules for Filing of Accounts and Treatment of Default Filing, (Default Filing Rules), which necessitated the NGX to wield its big stick on the firm.
Trading in the equities of Golden Guinea Breweries was suspended last Tuesday via a notice to the investing community.
Investors will only be able to trade the company’s stocks and other securities when the financial statements are released for the perusal of the investing public.
“Trading license holders and the investing public are hereby notified that pursuant to the provisions of Rule 3.1, Rules for Filing of Accounts and Treatment of Default Filing, (Default Filing Rules), which states 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.
“Trading in the shares of Golden Guinea Breweries Plc has been suspended from the facilities of Nigerian Exchange Limited effective Tuesday, May 6, 2025, for not filing its Unaudited Financial Statements for the period ended December 31, 2024.
“In accordance with the default filing rules set forth above, the suspension of trading in the shares of the company shall be lifted upon the submission of the relevant financial statements,” the notice read.
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