By Adedapo Adesanya

The oil market slid about 2 per cent on Wednesday after paring deeper losses earlier in the trading session, as Iran reviewed a proposal by the United States to end the ​war that has disrupted global energy flows.

Brent futures fell $2.27 or 2.2 per cent to settle at $102.22 a barrel, while the US West Texas ‌Intermediate (WTI) crude futures lost $2.03 or 2.2 per cent to trade at $90.32 per barrel.

It was reported that Iran was still reviewing a US proposal to end the war in the Gulf, despite an initial response that was negative, indicating that it had so far stopped short of rejecting it outright.

Pakistan delivered the 15-point proposal on behalf of the US government, and the consideration appeared to ⁠signal that at least some figures in Iran may be considering it.

Meanwhile, the White House Press Secretary, Mrs Karoline Leavitt, said President Donald Trump would hit Iran harder if it fails to ​accept that the Middle East country has been “defeated militarily”.

Currently, the market is facing the biggest-ever oil supply ​disruption as the US-Israel war has halted shipments of oil and liquefied natural gas through the Strait of Hormuz, which typically carries about 20 per cent of the world’s LNG and crude supply.

Market analysts noted that this has resulted in around 20 million barrels of crude losses daily, or some 500 million barrels, or five full days of global ​supply, since the war began on February 28. Countries have started rationing fuel use.

India, one of the world’s largest oil consumers, has bought its first cargo of Iranian liquefied ‌petroleum gas ⁠in years after the US temporarily removed sanctions.

Meanwhile, Japan has called on the International Energy Agency (IEA) for an additional coordinated release of oil stockpiles, as it seeks to shield consumers from higher energy prices.

In Venezuela, oil production, including condensate and gas liquids, reached 1.1 million ⁠barrels per day ​in March.

Amid these developments, Russia’s major export terminals suspended crude oil ​and oil products loadings after massive Ukrainian drone ​attacks sparked blazes. At least 40 per cent of Russia’s oil export capacity has been halted following Ukrainian drone attacks on its energy infrastructure.

The US Energy Information Administration (EIA) said energy firms added 6.9 million barrels of crude into stockpiles during the ​week ended March 20.
That was higher than the build of 2.4 million barrels reported by the American Petroleum Institute (API) on ​Tuesday.

By Aduragbemi Omiyale

The federal government, through the Minister of Women Affairs and Social Development, is working together with the Nigerian Exchange (NGX) Group Plc to deepen the participation of women in capital markets.

The Minister of Women Affairs and Social Development, Ms Imaan Sulaiman-Ibrahim, underscored the urgency of inclusion in achieving national economic ambitions.

“The capital market reflects our collective choices, who participates, who has access, and who benefits. Women remain underrepresented in formal finance despite their critical role in Nigeria’s productivity.

“Through strategic partnerships and targeted interventions, we are working to change this narrative and expand opportunities for women across the economy.

“Achieving a one-trillion-dollar economy requires the full participation of Nigerian women,” she said at the closing gong ceremony at the NGX on Tuesday in Lagos.

She said the government was ready to partner with capital market stakeholders to expand financial access and unlock opportunities for women across the country.

Welcoming the Minister, the chairman of NGX Group, Mr Umaru Kwairanga, commended the Ministry’s leadership in promoting women’s development and economic participation.

“Women are central to Nigeria’s economic progress. As we work towards a more inclusive and resilient economy, the capital market remains a vital platform for expanding access to finance, supporting women-led enterprises, and enabling broader participation in wealth creation.

“NGX Group remains committed to partnering with the Ministry to drive sustainable impact and empower the next generation of women leaders,” he stated.

Also speaking, the Director General of the Securities and Exchange Commission (SEC), Mr Emomotimi Agama, emphasised the importance of deliberate inclusion.

“Behind every successful market are women. For Nigeria’s capital market to reach its full potential, we must be intentional about empowering women as active participants.

“Current participation levels do not yet reflect our population or potential. Collaborations like this send a strong call to action for more women across Nigeria to engage with the market and contribute to national growth,” the SEC chief stated.

On his part, the chief executive of NGX Group, Mr Temi Popoola, said, “At NGX Group, we are building a dynamic and inclusive market ecosystem that expands access to investment opportunities and supports diverse participants. Through partnerships such as this, we are unlocking new pathways for women to participate as investors, entrepreneurs, and wealth creators.”

By Adedapo Adesanya

The Minister of State for Petroleum Resources (Oil), Mr Heineken Lokpobiri, has acknowledged that the country still depends on imported petroleum products as domestic refining cannot fully meet local demand.

Speaking on the state of the downstream sector at the CERAWeek by S&P Global Conference in Houston, Texas, Mr Lokpobiri acknowledged that while local refining capacity has improved significantly, it remains insufficient to fully cover national consumption.

The Minister noted that Nigeria was making measurable progress, with domestic refining contributing a growing share of supply, but added that imports remain a critical component of the country’s fuel supply mix for now.

“We are not yet at a point where local production alone can satisfy total consumption,” he said, underscoring the need to sustain imports while capacity continues to build.

The Minister emphasised that Nigeria’s daily fuel consumption stands at about 50 million litres, while domestic refining output remains below that level, making imports necessary to bridge the shortfall and ensure supply stability.

Data from the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA) aligns with this position, showing that although local refining volumes have risen in recent months, they are not yet sufficient to fully meet national demand.

Dangote refinery had earlier this year said it can supply 75 million litres of Premium Motor Spirit (PMS) daily against an estimated national consumption of 50 million litres, alongside 25 million litres of Automotive Gas Oil (AGO) compared with an estimated daily demand of 14 million litres.

It also stated that it has the capacity to supply 20 million litres of aviation fuel daily, far above the estimated maximum domestic consumption of four million litres.

According to the refinery, the availability of volumes above prevailing demand provides critical supply buffers, enhances market stability and reduces reliance on imports, particularly during periods of peak demand or logistical disruption.

The minister highlighted what he described as a fundamental shift in Nigeria’s petroleum sector following recent reforms.

He noted that Nigeria has moved away from a subsidy-driven regime that, for years, placed a heavy fiscal burden on the country and distorted the downstream market.

According to him, the removal of subsidies has not only eased pressure on government finances but also curtailed widespread fuel smuggling and arbitrage that previously thrived under price differentials.

Mr Lokpobiri said the deregulation of the downstream sector is beginning to deliver results, with a more transparent and competitive market structure emerging. This, he added, is helping to restore investor confidence and attract new investments into refining and related infrastructure.

The minister also pointed to ongoing efforts to rehabilitate existing refineries and support new refining projects, noting that these initiatives are critical to closing the gap between production and consumption.

He emphasised that while Nigeria is making steady progress toward boosting domestic refining capacity, noting that the transition will take time to sustain investment and policy consistency.

At the same time, Mr Lokpobiri underscored Nigeria’s ambition to evolve beyond meeting local demand to becoming a supplier of refined petroleum products within the West African region.

However, he maintained that achieving that goal depends first on significantly expanding domestic capacity.