Connect with us

Economy

IEA Follows OPEC in Lowering Global Oil Demand Forecast for 2020

Published

on

oil weak dollar

By Adedapo Adesanya

The International Energy Agency (IEA) lowered its global oil demand forecasts for the first time in several months as the number of COVID-19 infections remains high and amid ongoing weakness in the aviation sector.

In its monthly report, the IEA said it now sees global oil demand for 2020 at 91.1 million barrels per day, reflecting a fall of 8.1 million barrels per day.

This revised forecast is 140,000 barrels per day lower than the IEA’s previous projection.

The agency also revised down its 2021 global oil demand estimate by 240,000 barrels per day to 97.1 million barrels per day, with jet fuel demand identified as the “major source” of weakness.

The IEA said new infections are interrupting mobility and pointed to the easing in lockdown that has fuelled the resurgence of COVID-19 cases around the world.

This came a day after the Organisation of the Petroleum Exporting Countries (OPEC cut its outlook for global oil demand. The oil cabal, which accounts for roughly a third of total world oil output, expects demand growth to drop by 9.1 million barrels per day this year, marking a decline of 100,000 barrels per day from its last forecast.

Oil production rose in the US, Canada, and Brazil, while the OPEC+ countries, which agreed to jointly curtail output for several months this year, eased their self-imposed restrictions, the IEA said.

It was noted that if OPEC+ countries that have not complied with their quotas cut back by enough to bring them into compliance, global oil supply would not necessarily increase significantly.

Despite this outlook, the price of OPEC basket of crudes appreciated to $45.34 a barrel on Thursday, compared with $45.08 the previous day, according to OPEC Secretariat calculations released on Friday.

The OPEC Reference Basket of Crudes (ORB) is made up of the following: Saharan Blend (Algeria), Girassol (Angola), Djeno (Congo), Zafiro (Equatorial Guinea), Rabi Light (Gabon), Iran Heavy (Islamic Republic of Iran), Basra Light (Iraq), Kuwait Export (Kuwait), Es Sider (Libya), Bonny Light (Nigeria), Arab Light (Saudi Arabia), Murban (UAE) and Merey (Venezuela).

Adedapo Adesanya is a journalist, polymath, and connoisseur of everything art. When he is not writing, he has his nose buried in one of the many books or articles he has bookmarked or simply listening to good music with a bottle of beer or wine. He supports the greatest club in the world, Manchester United F.C.

Economy

Stanbic IBTC Ignites Investment Spark with InvestBeta Season 2

Published

on

InvestBeta Season 2

Following the success of its debut season, Stanbic IBTC Asset Management, a subsidiary of Stanbic IBTC Holdings PLC, announces the return of the InvestBeta Game Show, with registration officially open.

The second season of the InvestBeta show builds on the first edition, aimed at equipping young Nigerians with real-world financial skills in a fun, relatable, and competitive format. The show’s first season, which aired in 2024, captured the attention of Gen-Z viewers across the country, blending entertainment with investment education in a way that had never been done before. With positive feedback, it proved that young Nigerians are ready to learn how to grow their money, and all they need is the right platform.

The new season reflects the Group’s broader youth-focused mission through Beyond Dreams, its dynamic community created for Nigerians aged 18–30. The community aims to help young people turn their aspirations into reality through secure, timely and smart investment choices. Since its inception, Beyond Dreams has grown to a network of over 90,000 young members, generated 2,100+ new investment accounts, and continues to position the Group as a trusted partner in the financial futures of Nigeria’s youth.

Busola Jejelowo, Chief Executive, Stanbic IBTC Asset Management noted InvestBeta reflects our deep commitment to financial education. She said, “We understand that today’s young people want more than just advice but practical, hands-on experience. This is why the InvestBeta game show is here to change how young Nigerians see money and what they can do with it.”

Entries are now open to eligible young Nigerians who want to be part of Season 2. Registration is free via the official link: https://bit.ly/StanbicIBTCInvestBeta. Successful applicants will be selected to compete in a series of challenges designed to test their knowledge, strategy, and creativity around real-life financial scenarios.

And for those who missed the first season, full episodes are available to watch on Stanbic IBTC’s official YouTube channel. From quick financial questions to investment tips, Season 1 offered real lessons with real impact, and Season 2 is gearing up to raise the bar.

To stay in the loop, follow @beyonddreamsng across all social media platforms and be part of the countdown to the second season of Nigeria’s most engaging youth-focused investment competition.

If you are 18 to 26, curious about how money works, and ready to build your future, this is your sign.

Continue Reading

Economy

OTC Exchange Jumps 0.43%

Published

on

OTC stock exchange

By Adedapo Adesanya

Trading activities at the NASD Over-the-Counter (OTC) Securities Exchange ended on a positive note with a 0.43 per cent growth on Thursday, July 17.

The expansion recorded yesterday raised the market capitalisation by N8.68 billion at the close of business to N2.042 trillion from the N2.033 trillion quoted at the preceding session, and the NASD Unlisted Security Index (NSI) gained 14.83 points to settle at 3,487.67 points compared with the 3,472.84 points it finished on Wednesday.

According to data, there were two price gainers during the trading session, with Okitipupa Plc growing by N4.50 to close at N239.50 per share versus the N235.00 per share it ended at midweek, as Food Concepts Plc chalked up 29 Kobo to close at N3.20 per unit, in contrast to the previous day’s N2.91 per unit.

On the flip side, the bourse recorded a price loser and it was UBN Property Plc, which lost 22 Kobo to end at N2.02 per share compared with the preceding day’s N2.24 per share.

At the close of business, the volume of trades surged by 280,246.7 per cent to 252,312 units from the 90 units traded during the midweek session, the value of transactions increased by 365,667.5 per cent to N21.4 million from N5,850, and the number of deals went up by 525 per cent to 25 deals from four deals.

Okitipupa Plc remained the most traded stock by value on a year-to-date basis with 153.9 million units valued at N4.9 billion, followed by Air Liquide Plc with 507.2 million units sold for N4.2 billion, and FrieslandCampina Wamco Nigeria Plc with 42.3 million units worth N1.8 billion.

Impresit Bakolori Plc remained the most active stock by volume on a year-to-date basis with the sale of 536.9 million units for N524.8 million, trailed by Air Liquide Plc with 507.2 million units valued at N4.2 billion, and Geo-Fluids Plc with a turnover of 272.3 million units worth N493.4 million.

Continue Reading

Economy

Naira Crumbles Further to N1,533/$1 at Official FX Market

Published

on

flow of naira notes

By Adedapo Adesanya

The value of the Naira further depreciated against the US Dollar by N3.26 or 0.21 per cent in the Nigerian Autonomous Foreign Exchange Market (NAFEM) segment of the forex market on Thursday, July 17 to N1,533.22/$1 from the previous closing price of N1,529.96/$1.

Equally, the domestic currency weakened against the Pound Sterling in the official FX market during the trading session by N2.76 to close at N2,056.52/£1 compared with the previous day’s rate of N2,053.76/£1 but appreciated against the Euro by N2.81 to finish at N1,776.42/€1, in contrast to the N1,779.23/€1 it was traded at midweek.

In the black market, the exchange rate of the Nigerian Naira and the US Dollar remained unchanged yesterday at N1,535/$1, according to data obtained by Business Post.

The poor performance of the Naira in the spot market on Thursday came amid increased demand despite positives that indicate that the country’s reserves will strengthened on improved crude output as well as enhanced foreign portfolio investment (FPI) inflows amid slowdown in import trade-related outflows.

In the first six months of 2025, the Central Bank of Nigeria (CBN) injected a total of $4.1 billion into the FX market to stabilise the Naira and ease liquidity pressures in the currency market, 215 per cent higher than the $1.3 billion recorded during the same period in 2024, according to the latest CSL Stockbrokers’ H2 2025 Outlook report.

The analysts at CSL, however, expressed concerns over the sustainability of the currency defence strategy, citing weak oil earnings, subdued foreign portfolio investment inflows, and uncertainties around external financing.

As for the cryptocurrency market, it was bullish as the US made the historical milestone towards stablecoin-regulating legislation.

The first major crypto regulatory initiative in the US is about to become law after the House of Representatives passed the stablecoin bill known as the GENIUS Act.

The approval came directly on the heels of another major legislative accomplishment for the industry, when the House also passed the Clarity Act that would govern the oversight of the digital assets markets in the US

During the trading session, Dogecoin (DOGE) jumped by 14.7 per cent to $0.2423, Ripple (XRP) appreciated by 13.1 per cent to $3.56, Cardano (ADA) added 12.4 per cent to trade at $0.8664, Litecoin (LTC) rose by 10.9 per cent to $108.52, Ethereum (ETH) expanded by 7.4 per cent to $3,645.41, Solana (SOL) improved by 6.4 per cent to $182.76, Binance Coin (BNB) soared by 5.1 per cent to $748.01, and Bitcoin (BTC) advanced by 1.6 per cent to $120,390.40, while the US Dollar Tether (USDT) and the US Dollar Coin (USDC) remained unchanged at $1.00 apiece.

Continue Reading

Trending