Oil Output: OPEC Considers More Cuts Two Months’ Time

By Adedapo Adesanya Nigeria will accept and work with a production quota of 1.5 million barrels of crude oil per day in 2024 as the country aims to grow on the back of its oil resources, following a revision done by the Organisation of the Petroleum Exporting Countries and its allies, OPEC+. According to a statement issued by the Press and Public Relations unit of the Ministry of Petroleum Resources, Thursday’s meeting of the 23-man group addressed crucial aspects, including the completion of assessments by independent sources (IHS, Wood Mackenzie, and Rystad Energy) on the projected production levels for Angola,

By Adedapo Adesanya  Oil prices rose by more than $1 a barrel on Wednesday as investors focused their attention on an upcoming OPEC+ output policy meeting and looked past a jump in crude stockpiles in the United States. Brent crude futures were up by $1.01 or 1.2 per cent to $82.69 per barrel, and the US West Texas Intermediate (WTI) crude futures gained $1.16 or 1.5 per cent to close at $77.57 a barrel. Prices were lifted by a media report that the Organisation of the Petroleum Exporting Countries and allies such as Russia, known collectively as OPEC+, was considering

By Adedapo Adesanya The Organisation of the Petroleum Exporting Countries and its allies (OPEC+) on Thursday asked Nigeria to produce about 1.5 million barrels of crude oil per day in 2024, lower than the 1.78 million barrels per day benchmark it proposed in the 2024 Appropriation Bill presented to the National Assembly on Wednesday for passage. The output ceiling was around 1.8 million barrels per day before it was cut down to 1.5 million barrels yesterday at the group’s virtual meeting, a huge blow to Nigeria’s revenue target for the fiscal year. OPEC had tasked three consultancies – IHS, Rystad

By Aduragbemi Omiyale President Bola Tinubu has said the 2024 budget presented to the joint session of the National Assembly on Wednesday was designed to achieve macroeconomic stability, a better investment environment, greater access to social security, poverty reduction and enhanced human capital development. According to him, if these goals are achieved, the standard of living of Nigerians will improve and the citizens will enjoy the dividends of democracy. While presenting the 2024 Appropriation Bills to the parliament yesterday, the President said this was why he christened the budget proposal as the Budget of Renewed Hope. Mr Tinubu told the

By Modupe Gbadeyanka Residents of Abuja interested in knowing more about Islamic Estate Planning will have the opportunity to get expert opinions on the topic this weekend. This is because FBNQuest Trustees, a subsidiary of FBN Holdings Plc, is organising an Islamic estate planning clinic in the nation’s capital on Saturday, March 19, 2022. A statement from the organisation said the event, which is “strictly by invitation,” will take place at Fraser Suites located on Plot 294, Leventis Close, Central Business District, Abuja. Participants will have knowledge about the importance of estate planning in line with Islamic law as speaker

By Adedapo Adesanya Shell has reiterated its commitment to its research and development strategy, which, according to the Managing Director of the deep-water business of Shell in Nigeria, Mrs Elohor Aiboni, aligns with the country’s 10-year strategic roadmap for local content being implemented by the Nigerian Content Development and Monitoring Board (NCDMB). According to her, Shell Nigeria Exploration and Production Company (SNEPCo) would continue to explore opportunities for collaboration with public and private sector stakeholders to enhance in-country capabilities in research and development. Mrs Aiboni made the commitment at the just concluded second edition of the NCDMB Research and Development

By Aduragbemi Omiyale As the deadline for the stoppage in the use of old N200, N500, and N1,000 banknotes as legal tender in the country draws closer, the Central Bank of Nigeria (CBN) has directed banks to open their doors on Saturday, January 29 and Sunday, January 29, 2023, to customers for cash deposits. The CBN maintained that it would not shift the deadline for the deposit of old Naira notes from Tuesday, January 31, 2023, despite calls from different quarters, including from the National Assembly, the Nigeria Labour Congress (NLC) and others. According to the CBN governor, Mr Godwin

By Adedapo Adesanya President Muhammadu Buhari has declared that Nigeria will stand behind Mr Akinwumi Adesina in his bid to get re-elected as President of the African Development Bank (AfDB) despite recent backlash facing his campaign. The President made his position known at State House, Abuja, on Tuesday, when he hosted the embattled AfDB President, who was on a courtesy visit to the Presidential Villa. In a statement by the President’s spokesman, Mr Femi Adesina, Mr Buhari was quoted as saying, “In 2015, when you were to be elected for the first term, I wrote to all African leaders, recommending

By Adedapo Adesanya Former Nigerian Vice President, Mr Atiku Abubakar, has called on the federal government to build strategic oil reserves so as to protect the nation from oil price fluctuations. Amid the coronavirus crisis, demand for oil has slumped, with oversupply leading to massive storage issues. Globally, oil prices have been hit by the effects of the coronavirus and Nigeria crude grades are currently selling below their production cost and this is a major threat to oil companies. Mr Atiku, in a statement signed on Tuesday, advised the Nigerian government to protect the nation’s economy and take similar measures

By Adedapo Adesanya The Nigerian Content Development and Monitoring Board (NCDMB) and the Bank of Industry (BoI) have signed an amendment to the  Memorandum of Understanding (MoU) on the $50 million Nigerian Oil and Gas Parks Scheme (NOGaPS) Manufacturing Fund. The fund was created by the NCDMB and domiciled with BoI to attract oil and gas equipment manufacturers to the NOGaPS facilities established by the NCDMB and increase access to affordable finance by the manufacturing entities. The signing of the amended MoU took place in Lagos at the 2023 Second-Quarter Review Meeting of the Nigerian Content Intervention Fund (NCIFund) on

By Investors Hub European stocks are turning in a lacklustre performance on Tuesday even as banks have gained ground on growth optimism after ECB President Mario Draghi said there is little evidence that negative rates are undermining banking profitability. While the UK’s FTSE 100 Index is down by 0.3 percent, the French CAC 40 Index is down by 0.1 percent and the German DAX Index is just below the unchanged line. French lender Credit Agricole has rallied after it agreed to buy Italy’s wealth-management specialist Banca Leonardo SpA for an undisclosed amount. Mining stocks have also moved broadly higher, with

By Dipo Olowookere In line with expectations, the Central Bank of Nigeria (CBN) on Thursday floated an Open Market Operations (OMO) to mop up excess liquidity in the financial system. Business Post reports that the central bank came to the market with N250 billion worth of its liquidity management tool in three different maturities unlike the two is came with at the previous exercise. The CBN offered N20 billion worth of the 82-day bill, N30 billion worth of the 173-day instrument and N200 billion worth of the 362-day bill and at the end of the sales, it received N5 billion