Economy
Disruptions Suck Nigeria’s Crude Oil Output by 70,000bpd
By Adedapo Adesanya
Nigeria witnessed the biggest crude oil production decline among the Organization of the Petroleum Exporting Countries (OPEC) members in October 2021.
This occurred as the 13-producer group’s overall output rose above the previous month’s figures.
Nigeria’s crude oil output was down by 70,000 barrels per day, following disruptions after recovery in September.
The fall happened as a Royal Dutch Shell venture, the Shell Petroleum Development Company of Nigeria (SPDC), declared force majeure on loadings of Bonny Light crude after a pipeline shut down.
In total, OPEC pumped 27.5 million barrels per day in October, according to a survey cited by Reuters, 190,000 barrels per day higher than the previous month but below the 254,000 increase permitted under the supply deal.
The second-largest decline among OPEC producers was in Libya, one of the countries exempt from OPEC supply curbs, due to a pipeline leak, the survey showed.
Also in another country exempted from the agreement, Iran which has raised exports since the fourth quarter despite US sanctions, showed little change in October. Talks to revive its 2015 nuclear deal with world powers, which would allow a larger export recovery, are set to resume.
Venezuela, also exempted, saw output increase slightly, this was helped by the arrival of Iranian condensate to help the South American country convert its extra-heavy oil into exportable crude.
The Reuters survey aims to track supply to the market and is based on shipping data provided by external sources, Refinitiv Eikon flows data, information from tanker trackers such as Petro-Logistics and Kpler, as well as information provided by sources at oil companies, OPEC and consultants.
The survey reported that, overall, involuntary outages in some smaller producers offset higher supplies from Saudi Arabia and Iraq.
OPEC states and their allies, a grouping known as OPEC+, are relaxing output cuts made in 2020 as demand recovers from the coronavirus pandemic, although some members are not delivering the full boosts promised due to a lack of capacity.
The OPEC+ alliance is also wary of pumping too much oil in case of renewed setbacks in the battle against COVID-19.
The supply restraint has helped support oil prices, which are trading near $85 a barrel and close to a three-year high, prompting the United States and other consumers to urge producers to supply more crude.
The OPEC+ agreement allowed for a 400,000 barrels per day production increase in October from all members, of which about 254,000 barrels per day is shared by the 10 OPEC members covered by the deal.
With output undershooting the planned increase last month, OPEC’s compliance with its pledged cuts increased to 118 per cent in October the survey found, from 114 per cent a month earlier.
OPEC+ will meet on Thursday, November 4 to review its policy and is expected to reconfirm its plans for monthly increases of 400,000 barrels per day.
The biggest rises in October came from OPEC’s top two producers, Saudi Arabia and Iraq, which both boosted output largely as promised according to the agreement.
Kuwait, the United Arab Emirates and Algeria also made increases as called for by their higher October quotas. Angolan exports stop their declining trend and rose in October.
Output declined or did not increase in the Republic of Congo, Equatorial Guinea and Gabon, the survey found, owing to a lack of capacity to produce more.
Economy
BNB Price Reflects Changing Dynamics in the Digital Asset Market
Economy
NASD Unlisted Security Index Crosses 4,000-point Benchmark Again
By Adedapo Adesanya
The NASD Over-the-Counter (OTC) Securities Exchange achieved a milestone on Friday, April 24, 2026, after five securities on the platform helped with a 1.85 per cent growth.
Data showed that the NASD Unlisted Security Index (NSI) again crossed the 4,000-point benchmark yesterday.
The index chalked up 73.64 points during the trading day to close at 4,052.59 points compared with the preceding session’s 3,978.95 points, while the market capitalisation added N5.38 billion to finish at N2.424 trillion versus Thursday’s closing value of N2.380 trillion.
The price gainers were led by Okitipupa Plc, which grew by N25.00 to sell at N305.00 per share compared with the previous price of N280.00 per share. Central Securities Clearing System (CSCS) Plc gained N6.92 to close at N76.26 per unit versus N69.34 per unit, Afriland Properties Plc appreciated by N1.00 to N17.00 per share from N18.00 per share, FrieslandCampina Wamco Nigeria Plc improved by 55 Kobo to N99.55 per unit from N99.00 per unit, and Food Concepts Plc increased by 5 Kobo to N2.70 per share from N2.65 per share.
However, there was a price loser, MRS Oil, which dipped by N21.75 to N195.75 per unit from N217.50 per unit.
During the final session of the week, the value of securities jumped 75.2 per cent to N41.3 million from N23.6 million units, and the number of deals expanded by 62.9 per cent to 44 deals from 27 deals, while the volume of securities declined marginally by 0.9 per cent to 447,403 units from 451,522 units.
At the close of trades, Great Nigeria Insurance (GNI) Plc was the most traded stock by volume (year-to-date) with 3.4 billion units worth N8.4 billion, trailed by Resourcery Plc with 1.1 billion units valued at N415.7 million, and Infrastructure Guarantee Credit Plc with 400 million units traded for N1.2 billion.
GNI was also the most active stock by value (year-to-date) with 3.4 billion units sold for N8.4 billion, followed by CSCS Plc with 59.6 million units transacted for N4.0 billion, and Okitipupa Plc with 27.8 million units exchanged for N1.9 billion.
Economy
Naira Slips to N1,358/$1 as FX Reserves, Policy Uncertainty Concerns
By Adedapo Adesanya
It was not a good day for the Nigerian Naira in the currency market on Friday, April 24, as its value depreciated against the major foreign currencies at the close of transactions.
In the Nigerian Autonomous Foreign Exchange Market (NAFEX), it lost N4.53 or 0.33 per cent against the United States Dollar yesterday to trade at N1,358.44/$1, in contrast to the N1,353.91/$1 it was exchanged on Thursday.
Equally, the domestic currency slipped against the Pound Sterling in the official market during the session by N8.14 to close at N1,834.02/£1, compared with the previous rate of N1,825.88/£1 and dropped N8.01 against the Euro to sell at N1,590.73/€1 versus N1,582.72/€1.
Also, the Naira depreciated against the US Dollar at the GTBank FX desk on Friday by N4 to quote at N1,370/$1 compared with the previous session’s N1,366/$1, and at the parallel market, it depleted by N5 to settle at N1,380/$1 versus the preceding day’s N1,375/$1.
Data published by the Central Bank of Nigeria (CBN) indicated that NFEM interbank turnover surged to N43.562 million across 68 deals, up from N28.117 million the previous day.
Despite the CBN’s reassurance that the recent drop in external reserves is not worrisome, the market remains unsettled by persistent concerns over liquidity constraints, policy transparency, and weakening confidence in Nigeria’s FX market as gross reserves continue to decline to $48.4 billion.
The outlook for the Dollar appears supported by broader macro risks, including elevated oil prices tied to the tanker traffic disruptions in the Strait of Hormuz and a continued US-Iran standoff over ceasefire negotiations.
A look at the digital currency market showed that investors are sitting on the edge as the US Dollar rebounded amid geopolitical and inflation risks despite continued inflows into US spot bitcoin Exchange Traded Funds (ETFs).
Solana (SOL) rose by 1.2 per cent to sell $86.45, Cardano (ADA) appreciated by 1.1 per cent to $0.2517, Dogecoin (DOGE) grew by 0.9 per cent to $0.0989, Ripple (XRP) improved by 0.3 per cent to $1.43, Ethereum (ETH) soared by 0.2 per cent to $2,316.83, and Binance Coin (BNB) chalked up 0.1 per cent to sell for $637.44.
However, TRON (TRX) depreciated by 1.3 per cent to $0.3235, and Bitcoin (BTC) lost 0.2 per cent to close at $77,562.27, while the US Dollar Tether (USDT) and the US Dollar Coin (USDC) closed flat at $1.00 each.
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