Economy
Nigeria’s Crude Output Falls 30,000 Barrels Daily to 1.43mbpd in November
By Adedapo Adesanya
Nigerian crude output fell by 30,000 barrels per day to 1.43 million barrels per day in November, according to data from an S&P Global Commodity Insight.
This was lower than the 1.46 million barrels produced in October by Africa’s largest oil producer and 312,000 barrels per day short of its 1.742 million barrels per day target in 2023.
Angola, Africa’s second-largest oil producer, saw output drop 20,000 barrels per day to 1.13 million barrels per day, according to the survey, compared with its quota of 1.46 million barrels per day.
The drops impacted the wider output of the Organisation of the Petroleum Exporting Countries and its allies (OPEC+) to which Nigeria is a member, as total crude production fell 110,000 barrels per day in November to 42.6 million barrels per day.
Nigeria, alongside Angola, has been at the centre of tough OPEC+ negotiations in recent months over production quotas for 2024, and they are among several countries to have had their targets slashed, much to their displeasure.
Nigeria was then handed a 1.5 million barrels per day quota for 2024 by OPEC+ at its November 30 meeting.
Iraq which recorded 110,000 barrels per day contributed the most to the decline in production for November. Despite this, the Middle East producer is still 70,000 barrels per day above its quota.
Iraq, OPEC’s second-biggest member, had its output affected by stormy weather in the month, which prevented loadings from its southern ports, as well as a lingering dispute with the semi-autonomous Kurdistan region over the payment to oil companies.
OPEC’s largest producer, Saudi Arabia, kept November production flat on the month at 9 million barrels per day. This is in line with its pledge to voluntarily cut 1 million barrels per day of crude from June levels to shore up oil prices.
The largest non-OPEC producer in the group, Russia, saw production fall by 20,000 barrels per day to 9.43 million barrels per day.
Saudi Arabia has said it will extend this cut through the first quarter of 2024 while Russia pledged to voluntarily cut exports by 300,000 barrels per day from the May-June average up to the end of 2024. It plans to deepen this cut, which it says includes crude and oil products exports, to 500,000 barrels per day in the first quarter of 2024.
The second-largest non-OPEC producer, Kazakhstan, reduced crude output by 30,000 barrels per day to 1.53 million barrels per day in November, as storms affected loading at its key CPC export route.
OPEC production falls were partially offset by gains in Iran and Venezuela. The two sanctioned countries are exempt from quotas and have seen production grow significantly in recent months.
Libya and non-OPEC Mexico also do not have quotas under the OPEC+ supply accord.
By Modupe Gbadeyanka
The federal government has been asked by the Nigerian Bar Association (NBA) to suspend the implementation of the controversial tax laws.
In a reaction to the tax reform acts, the president of the group, Mr Afam Osigwe (SAN), the suspension of the laws would allow for a proper investigation into allegations of alterations in the gazetted and harmonised copies.
A member of the House of Representatives, Mr Abdussamad Dasuki, alleged that some parts of the laws passed by the parliament were different from the gazetted copy.
To address the issues raised, the NBA said it is “imperative that a comprehensive, open, and transparent investigation be conducted to clarify the circumstances surrounding the enactment of the laws and to restore public confidence in the legislative process.”
“Until these issues are fully examined and resolved, all plans for the implementation of the Tax Reform Acts should be immediately suspended,” the association declared.
It noted that the controversies “raise grave concerns about the integrity, transparency, and credibility of Nigeria’s legislative process.”
“These developments strike at the very heart of constitutional governance and call into question the procedural sanctity that must attend lawmaking in a democratic society,” it noted.
“Legal and policy uncertainty of this magnitude has far-reaching consequences. It unsettles the business environment, erodes investor confidence, and creates unpredictability for individuals, businesses, and institutions required to comply with the law. Such uncertainty is inimical to economic stability and should have no place in a system governed by the rule of law.
“Nigeria’s constitutional democracy demands that laws, especially those with profound economic and social implications, emerge from processes that are transparent, accountable, and beyond reproach. Anything short of this undermines public trust and weakens the foundation upon which lawful governance rests.
“We therefore call on all relevant authorities to act swiftly and responsibly in addressing this controversy, in the overriding interest of constitutional order, economic stability, and the preservation of the rule of law,” the organisation stated.
By Adedapo Adesanya
Demand for hot stocks, including MRS Oil Plc, buoyed the NASD Over-the-Counter (OTC) Securities Exchange by 0.52 per cent on Tuesday, December 23.
The energy company was one of the three price gainers for the session as it chalked up N19.69 to sell at N216.59 per share versus the previous day’s value of N196.90 per share.
Further, FrieslandCampina Wamco Nigeria Plc gained N2.95 to close at N56.75 per unit versus N53.80 per unit and Golden Capital Plc appreciated by 84 Kobo to N9.29 per share from Monday’s N8.45 per share.
Consequently, the market capitalisation went up by N10.95 billion to N2.125 trillion from N2.125 trillion and the NASD Unlisted Security Index (NSI) rose by 18.31 points to 3,570.37 points from 3,552.06 points.
Yesterday, the NASD bourse recorded a price loser, the Central Securities Clearing System Plc (CSCS), which gave up 17 Kobo to close at N33.70 per unit against the previous trading value of N33.87 per unit.
The volume of securities traded at the session went down by 97.6 per cent to 297,902 units from the previous day’s 12.6 million units, the value of securities decreased by 98.5 per cent to N10.5 million from N713.6 million, and the number of deals remained flat at 32 deals.
By value, Infrastructure Credit Guarantee Company (InfraCredit) Plc ended as the most actively traded stock on a year-to-date basis with 5.8 billion units exchanged for N16.4 billion. This was followed by Okitipupa Plc, which traded 178.9 million units valued at N9.5 billion, and MRS Oil Plc with 36.1 million units worth N4.9 billion.
In terms of volume, also on a year-to-date basis, InfraCredit Plc led the chart with a turnover of 5.8 billion units traded for N16.4 billion. Industrial and General Insurance (IGI) Plc ranked second with 1.2 billion units sold for N420.7 million, while Impresit Bakolori Plc followed with the sale of 536.9 million units valued at N524.9 million.
By Dipo Olowookere
It was another bullish trading session for the Nigerian Exchange (NGX) Limited as it closed higher by 0.59 per cent on Tuesday.
The market further rallied due to continued interest in large and mid-cap stocks on the exchange by investors rebalancing their portfolios for the year-end.
Yesterday, Aluminium Extrusion sustained its upward trajectory after it further appreciated by 9.96 per cent to N14.90, as Austin Laz gained 9.81 per cent to close at N2.91, Custodian Investment improved by 9.69 per cent to N38.50, and First Holdco soared by 9.35 per cent to N50.30.
Conversely, Royal Exchange declined by 7.22 per cent to N1.80, Champion Breweries shrank by 6.57 per cent to N15.65, NASCON lost 5.36 per cent to trade at N105.05, Sovereign Trust Insurance depreciated by 5.28 per cent to N3.77, and Japaul went down by 4.51 per cent to N2.33.
At the close of business, 29 shares ended on the gainers’ table and 27 shares finished on the losers’ log, representing a positive market breadth index and bullish investor sentiment.
This raised the All-Share Index (ASI) by 895.06 points to 153,354.13 points from 152,459.07 points and lifted the market capitalisation by N579 billion to N97.772 trillion from the previous day’s N97.193 trillion.
VFD Group finished the day as the busiest stock after it recorded a turnover of 192.0 million units worth N2.1 billion, GTCO exchanged 63.5 million units valued at N5.6 billion, Access Holdings traded 49.8 million units for N1.0 billion, First Holdco sold 45.8 million units valued at N2.3 billion, and Secure Electronic Technology transacted 38.3 million units worth N28.4 million.
In all, market participants bought and sold 677.4 million units valued at N20.8 billion in 27,589 deals compared with the 451.5 million units worth N13.0 billion traded in 33,327 deals on Monday, showing an improvement in the trading volume and value by 50.03 per cent and 60.00 per cent apiece, and a shortfall in the number of deals by 17.22 per cent.
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