Economy
Oil Woes Continue as Saudi Slashes Prices to Win Asian Market
By Adedapo Adesanya
Oil fell further on Monday after Saudi Arabia slashed crude contract prices for Asia as part of its plans to capture the world’s largest importer.
The action revived concerns over the demand outlook as the price of the Brent crude fell by 39 cents or 0.54 per cent to settle at $72.22 per barrel, while the West Texas Intermediate (WTI) crude slid by 40 cents or 0.58 per cent to settle at $68.89 a barrel.
Saudi Arabia cut oil prices for sales to Asia next month by more than twice the expected amount in a sign the world’s largest crude exporter wants to entice buyers to take more of its barrels.
By lowering pricing for Arab Light crude, its main oil grade, by $1.30 a barrel to a premium of $1.70 more than the regional benchmark, it wants buyers to take more Saudi crude as it risks isolating customers if it sets monthly prices too high.
For October, Saudi official prices for cargo sales to the US, northwest Europe, and the Mediterranean were stable or slightly changed, pointing to the producer’s intent on prioritizing oil flows to Asia.
The Organisation of the Petroleum Exporting Countries and allies (OPEC+) this month decided to continue rolling back supply cuts implemented last year to support prices as the coronavirus slashed demand.
Led by Saudi Arabia and Russia, the oil cabal is moving cautiously to get oil back onto the market amid continued flare-ups of the virus that are slowing economic recovery.
Demand has improved from the depths of last year and the OPEC+ cuts have helped support markets with Brent trading as high as $78 a barrel.
Traders are closely watching for the return of oil production and refineries affected by Hurricane Ida.
The US granted a second refiner in Louisiana access to the country’s emergency crude stockpiles as about 1.5 million barrels per day of oil production in the Gulf remain shut-in after the hurricane, the Bureau of Safety and Environmental Enforcement (BSEE) said on Monday.
It is releasing crude from the strategic petroleum reserves as production in the Gulf Coast struggles to recover.
In addition, it remains challenging for analysts and traders to form a cohesive picture of the global demand outlook due to the continuing spread of the virus.
Still, fuel consumption in the US has climbed to a record, while crude inventories at key storage hubs such as Saldanha Bay have also dipped, a sign that the pandemic-induced glut is quickly dissipating.
By Aduragbemi Omiyale
The pre-registration training and examination for capital market operators (CMOs) for the second quarter of 2026 has been postponed.
Business Post gathered that the new date for the exercise is now Monday, June 15, 2026.
This information was disclosed by the Securities and Exchange Commission (SEC) through a circular on Monday, June 8, 2026.
The Nigerian capital market regulator stated that this postponement has also resulted in the extension of the deadline for registration to Friday, June 12, 2026.
In the notice today, the SEC expressed its regret for the inconvenience this action may cause operators, who had prepared for the initial date of the training and examination.
“Further to the recent circular on Q2 2026 Pre-registration Training and Examination, the Securities and Exchange Commission (SEC) hereby informs all eligible applicants for the Q2 2026 Pre-registration Training and Examination that the commencement date has been postponed to Monday, June 15, 2026.
“Registration on the designated portal has also been extended to Friday, June 12, 2026. All other conditions contained in the circular remain unchanged.
“The commission regrets any inconvenience this postponement may cause and appreciates the understanding of all applicants,” the disclosure noted.
By Aduragbemi Omiyale
One of the leading healthcare firms in Nigeria, Fidson Healthcare Plc, has listed additional shares on the Nigerian Exchange (NGX) Limited.
The new stocks absorbed into the stock market were 600 million units, raising the total issued and fully paid-up shares of Fidson to 3,000,000,000 ordinary shares of 50 Kobo each from 2,400,000,000 ordinary shares of 50 Kobo each.
The fresh equities came from the company’s rights issue of 600,000,000 ordinary shares of 50 Kobo each at N35.00 per share.
They were issued to existing investors on the basis of one new ordinary share for every existing four ordinary shares held as of the close of business on Wednesday, November 12, 2025.
Confirming the development, the regulator in a notice said, “Trading licence holders are hereby notified that an additional 600,000,000 ordinary shares of 50 Kobo each of Fidson Healthcare Plc were on Tuesday, June 2, 2026, listed on the daily official list of Nigerian Exchange Limited.
“The additional shares arose from the company’s rights issue of 600,000,000 ordinary shares of 50 Kobo each at N35.00 per share on the basis of one new ordinary share for every existing four ordinary shares held as at the close of business on Wednesday, November 12, 2025.
“With the listing of the additional 600,000,000 ordinary shares, the total issued and fully paid-up shares of Fidson Healthcare Plc have now increased from 2,400,000,000 to 3,000,000,000 ordinary shares of 50 Kobo each.”
By Modupe Gbadeyanka
This news will surely excite local contractors with verified claims of N100 million or less, as the federal government has approved their payments.
This approval for the disbursement was given by the Minister of Finance and Coordinating Minister of the Economy, Mr Taiwo Oyedele.
This followed a verification and reconciliation exercise designed to ensure only validated claims qualify for payment.
The beneficiaries cover contractors across multiple ministries, departments and agencies. The release of the funds is expected to enable contractors to return to project sites, pay workers, settle suppliers and meet outstanding financial commitments.
In an announcement on Monday, the Federal Ministry of Finance also said this latest batch of payments would ease liquidity pressure on small businesses and accelerate economic activity nationwide.
It was noted that the payments for verified claims of N100 million below were strategically done to spread economic impact broadly rather than concentrate disbursements among a handful of large firms.
The payments form part of a broader push to clear inherited contractor obligations, with over N700 billion verified in recent months.
“For many beneficiaries, the release of funds represents more than a financial transaction. It provides the certainty needed to sustain operations, preserve jobs, complete ongoing projects, and contribute to economic recovery and growth,” the ministry said in a statement.
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