Economy
OPEC+ Decision, Ukraine Attacks, Venezuela Invasion Threat Buoy Oil Prices
By Adedapo Adesanya
Oil prices rose more than 1 per cent on Monday following drone attacks by Ukraine, the closure of Venezuelan airspace by the United States, and a decision by the Organisation of the Petroleum Exporting Countries and allies (OPEC+) to leave output levels unchanged in the first quarter of 2026.
Brent crude futures settled at $63.17 a barrel after going up by 79 cents or 1.27 per cent and the US West Texas Intermediate (WTI) crude futures traded at $59.32 a barrel after growing by 77 cents or 1.32 per cent.
Ukrainian naval drones have been attacking sanctioned tankers in the Black Sea in recent weeks as the country piled on the pressure on Russia’s vast oil industry. Last week, two oil tankers sailing to Novorossiysk, a major Russian Black Sea oil terminal, were hit, with Ukraine taking credit. On Monday, a tanker carrying Russian gasoil was hit by multiple explosions off the coast of Senegal, marking the third case in recent days.
Ukraine has repeatedly urged the West to take action against Russia’s shadow fleet, which is helping move Russian oil around global markets and fund its war. Last month, the Trump administration announced fresh sanctions targeting Russia’s oil and gas giants, Rosneft and Lukoil. It has also drafted a new 19-point peace plan that’s far more favorable to Ukraine compared to the original 28-point plan that heavily favored Russia.
This development comes as global oil demand continues to rise despite the negativity, further lending support despite worries to supply.
OPEC+ reaffirmed its plan to maintain current production levels rather than raise output further on Sunday. The move had been expected and is seen as an attempt to guard against a supply glut.
The decision comes amid growing concerns that the global oil market remains oversupplied, with multiple market participants and analysts expecting a glut in 2026. The group is still holding some 3.24 million barrels per day of production offline, with 1.24 million barrels per day of that being the voluntary cuts that the group has been unwinding this year.
However, market analysts noted that prices remain far below earlier 2025 levels, as a global surplus looms driven by rising production from both OPEC+ and non-OPEC producers, as well as weak demand growth.
Concerns about a possible conflict between the US and Venezuela also remains a key factor as American military has concentrated a quarter of its global naval fleet off Venezuela in a major escalation aimed at pressuring Nicolás Maduro to step down.
On Saturday, the US President said “the airspace above and surrounding Venezuela” should be considered closed, sparking fresh uncertainty in the oil market, as the South American nation is a major producer. While a full-scale US invasion appears unlikely due to limited troop levels and high risks, targeted military action may still be employed, potentially destabilizing the wider region.
By Adedapo Adesanya
The Nigeria Customs Service (NCS) is seeking a reduction in import duty exemptions, which rose to N34 trillion, limiting its ability to increase its revenue generation threshold.
The Comptroller-General of the Customs Service, Mr Adewale Adeniyi, disclosed that the value of import duty exemption certificate approvals increased to that level in 2025, describing the policy as one of the major factors restricting its revenue generation.
At an investigative session of the Senate Committee on Finance with revenue-generating agencies in Abuja on Monday, Mr Adeniyi explained that government fiscal policies have continued to impact the revenue-generating capacity of the Customs Service, both positively and negatively.
“The NCS would have generated significantly higher revenue over the years if not for government-approved import duty waivers and other external factors affecting collections,” he said.
He added that the Import Duty Exemption Certificate scheme, introduced in March 2020, accounted for about N34 trillion in approvals in 2025, with nearly 60 per cent covering duty-free importation of military hardware due to Nigeria’s prevailing security challenges.
Other government-backed duty waivers, he noted, covered the importation of Compressed Natural Gas (CNG), electric and hybrid vehicles, healthcare equipment and medical supplies, industrial machinery and manufacturing inputs, as well as food import intervention programmes.
While acknowledging the impact of the waivers on Customs revenue, Mr Adeniyi argued that fiscal policy should not be assessed solely on the basis of revenue generation but also on its broader economic and social objectives.
He, however, urged the federal government to establish stronger monitoring mechanisms to ensure beneficiaries of duty waivers deliver the intended economic outcomes, including lower consumer prices, increased local production and improved healthcare access.
The committee also expressed displeasure over the absence of several heads of government agencies invited to the hearing, including the Nigerian Civil Aviation Authority (NCAA), Small and Medium Enterprises Development Agency of Nigeria (SMEDAN), Industrial Training Fund (ITF), and the Federal Medical Centre (FMC), Jabi.
The Chairman of the Senate Committee on Finance, Mr Sani Musa, warned that the affected chief executives must appear at the committee’s next sitting or face severe sanctions under the Senate’s rules.
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By Adedapo Adesanya
The NASD Over-the-Counter (OTC) Securities Exchange rose by 0.40 per cent on Monday, July 13, buoyed by buying interest in 11 Plc, Central Securities Clearing System (CSCS) Plc and UBN Property Plc, which offset the profit-taking in Food Concepts Plc, the parent company of Chicken Republic.
11 Plc gained N20.69 to end at N227.64 per share compared with last Friday’s price of N206.95 per share, CSCS Plc grew by N1.83 to N91.48 per unit from N89.65 per unit, and UBN Property Plc added 1 Kobo to sell at N1.81 per share versus N1.80 per share.
On the flip side, Food Concepts Plc depreciated by 24 Kobo to close at N2.45 per unit, in contrast to the preceding session’s N2.69 per unit.
As a result, the market capitalisation increased by N9.2 billion to N2.587 trillion from N2.578 trillion, and the NASD Security Index (NSI) improved by 15.33 points to 4,311.67 points from 4,296.34 points.
Yesterday, the volume of securities traded by investors surged by 615.9 per cent to 9.1 million units from the previous 1.3 million units, and the value of securities rose by 997.1 per cent to N320.4 million from the preceding session’s N29.2 million, while the number of deals decreased by 12.5 per cent to 28 deals from last Friday’s 32 deals.
At the close of trades, Great Nigeria Insurance (GNI) Plc remained the most active stock by value on a year-to-date basis, with 3.4 billion units valued at N8.4 billion, followed by Infrastructure Credit Guarantee (Infracredit) Plc with 2.3 billion units worth N6.5 billion, and CSCS Plc with 73.9 million units exchanged for N5.2 billion.
GNI Plc also closed the session as the most traded stock by volume on a year-to-date basis, with 3.4 billion units sold for N8.4 billion, followed by Infracredit Plc with 2.3 billion units traded for N6.5 billion, and Resourcery Plc with 1.1 billion units transacted for N415.7 million.
