Economy
OPEC Revises Oil Demand Growth to 95.89mb/d in 2021
By Adedapo Adesanya
The Organisation of the Petroleum Exporting Countries (OPEC) has revised down its global oil demand growth forecast for 2021 as a result of uncertainty surrounding the COVID-19 pandemic despite the roll-out of vaccines in several countries.
The oil cartel in its latest Monthly Oil Market Report (MOMR) forecast that demand will total 95.89 million barrels per day next year in contrast to its previous forecast of 96.26 million barrels per day.
The downward revision reflects the uncertainty surrounding the impact of COVID-19 on transportation fuels in the Organisation for Economic Co-operation and Development (OECD) economies in the first half of next year.
OPEC estimates their recovery to be capped at 2019 levels and forecasts for a mild winter in the northern hemisphere are pressuring the outlook for middle distillates demand.
Economic growth next year and the related impact on oil demand recovery depends on uncertainties surrounding the pandemic, policies of the incoming US administrations, Brexit and trade negotiations, the cartel said.
Recent news regarding vaccination programmes in most major economies provides upside to next year’s GDP growth forecast of 4.4 per cent.
The UK became the first country to start rolling out the COVID-19 vaccine that US firm Pfizer has developed with Germany’s Biontech earlier this month.
The organisation assumes vaccines will be gradually available globally by the second half of 2021. It said, “Earlier availability would allow a faster-than-anticipated move towards normalisation,” the report said.
Lower transportation fuel demand in the US and OECD Europe led to a downward revision in OPEC’s demand forecast for 2020, which is now pegged at 89.99 million barrels per day, 9.77 million barrels per day lower than 2019. In November, the OPEC report predicted a 9.75 million barrels per day drop in this year’s consumption.
On the supply side, non-OPEC liquids have been revised lower for this year and for 2021. Non-OPEC supply is now expected to average 62.67 million barrels per day this year, down by 2.5 million barrels per day from 2019.
Last month’s report estimated a 2.43 million barrels per day drop to 62.73 million barrels per day. This change reflects lower-than-expected output in the fourth quarter of 2020, mainly in the US, partially offset by revisions to output in Russia and Canada.
Non-OPEC supply is forecast to rebound by 850,000 b/d to average 63.52 million barrels per day next year, a slower pace of growth than the 950,000 barrels per day increase predicted in last month’s MOMR.
“This is mainly due to downward revisions to Russia, following the new decision taken at the recent ministerial meeting of the OPEC and Non-OPEC countries participating in the declaration of co-operation,” the report said.
The trimmed Non-OPEC supply forecast for this year has resulted in an upward revision to the call on OPEC members’ own crude, which is now estimated at 22.2 million barrels per day in 2020, down by 7.1 million barrels per day from 2019. But the forecast call on OPEC crude for next year has been revised down by almost 200,000 barrels per day from last month’s report, to 27.17 million barrels per day.
OPEC crude production averaged 25.11 million barrels per day in November, up by 707,000 barrels per day from October.
By Dipo Olowookere
ASO Savings and Loans Plc has been delisted from the daily official list of the Nigerian Exchange (NGX) Limited.
This action followed the revocation of the operating licence of the company by the Central Bank of Nigeria (CBN) in December 2025.
In a circular on behalf of the NGX Regulation (NGX RegCo) by Ugochi Eke, it was disclosed that the effective date of the delisting is today, Friday, January 16, 2026.
Already, the company has been notified of this development, according to the notice obtained by Business Post.
Before ASO Savings lost its operating licence, it had failed to meet some post-listing requirements, a part of the disclosure from the NGX RegCo stated.
“The board of NGX Regulation Limited via its decision dated January 1, 2026, approved that the step below should be taken pursuant to the process for regulatory delisting of issuers.
“The board has approved the delisting of ASO Savings and Loans Plc from the Nigerian Exchange Limited’s daily official list effective January 16, 2026.
“ASO Savings is hereby notified of this enforcement action and is advised to direct any communication in respect of the foregoing to [email protected].
“NGX RegCo was engaging the listed entity, concerning its outstanding post-listing obligations. However, due to the revocation of the operating license of ASO Savings by its primary regulator, the Central Bank of Nigeria (CBN) effective December 16, 2025; NGX RegCo will delist the entity from the daily official list effective January 16, 2026.
“In view of the foregoing, NGX RegCo has proceeded with publishing the name of the Company in the national dailies.
“The company has been duly notified of this enforcement action, and this publication serves as notification to the investing public, particularly shareholders of the company and investors in the Nigerian capital market,” the statement read.
By Adedapo Adesanya
The Minister of State for Petroleum Resources (Oil), Mr Heineken Lokpobiri, has issued a stern warning to oil and gas investors that petroleum licences in Nigeria are strictly for active development, not asset hoarding or speculative holding, declaring that operators must drill or risk losing their rights.
He made this admonition while delivering his message at the 2025 Nigerian Upstream Petroleum Regulatory Commission (NUPRC) Licensing Bid Round Conference in Lagos, where he outlined the government’s hardline stance on asset utilisation and investor accountability.
“The oil assets in portfolio are not mere symbols or souvenirs,” Mr Lokpobiri said, adding that, “Holders of licences are obligated to drill, drill and drill for a shared benefit for the Government, Nigerians and the operators.”
He stressed that the administration is determined to ensure petroleum assets are translated into tangible economic value, noting that licences are time-bound rights granted solely for productive use.
“These assets belong to the Federal Government, and licences are granted strictly for a defined period for productive use, not passive ownership,” the minister said. “Our licensing framework is designed to eliminate speculation and ensure that only serious, capable investors participate.”
Mr Lokpobiri also issued a strong caution to bidders seeking to participate in the 2025 licensing round, urging them to fully understand the process and obligations before submitting bids.
“As prospects take part in this bid round, a clear understanding of the modus operandi guiding the process is essential,” he said, recalling previous bid rounds where some winners attempted to reverse their commitments.
“Past experiences have shown instances where some winning bidders sought refunds based on unmet expectations or perceived asset limitations,” Lokpobiri stated. “Such actions are untenable, as there is no provision in law for the refund of a bid already won.”
According to him, the conference was convened to remove ambiguity and protect the integrity of the licensing system, stressing that the government would strictly enforce all contractual obligations arising from the process.
“This conference serves to provide clarity upfront,” he said. “Participants must be fully informed, deliberate and committed, as the Government will uphold the sanctity of the process and enforce all obligations.”
The minister’s remarks reinforce the Federal Government’s broader push to accelerate upstream development, boost production and attract only technically and financially capable investors into Nigeria’s oil and gas sector, amid renewed licensing activity under the Petroleum Industry Act (PIA).
By Dipo Olowookere
The suspension earlier placed on Premier Paints Plc, preventing investors from buying and selling its stocks on the Nigerian Exchange (NGX) Limited, has now been lifted.
The embargo was removed on Wednesday, a notice from the stock exchange, seen by Business Post, disclosed.
Almost four years ago, Premier Paints was suspended from the bourse due to the inability of its board to file the company’s financial results.
The NGX had on July 1, 2022, informed the investing community it had prohibited the trading of the organisation’s securities “in line with the provisions of Rule 3.1: Rules for Filing of Accounts and Treatment of Default Filing (Default Filing Rules).
The part of the rules provides that: “If an Issuer fails to file the relevant accounts by the expiration of the cure period, the exchange will; a) send to the issuer a second filing deficiency notification within two business days after the end of the cure period, b) suspend trading in the issuer’s securities, and c) notify the Securities and Exchange Commission (SEC) and the market within 24 hours of the suspension.”
In the latest disclosure dated Wednesday, January 14, 2026, and signed by the Head of Issuer Regulation Department of the NGX, Mr Godstime Iwenekhai, it was revealed that Premier Paints has now done the needful.
“The company has now filed all outstanding financial statements to Nigerian Exchange Limited.
“In view of the company’s submission of its outstanding financial statements, and pursuant to Rule 3.3 of the Default Filing Rules, which states that; The suspension of trading in the issuer’s securities shall be lifted upon submission of the relevant accounts provided The exchange is satisfied that the accounts comply with all applicable rules of the exchange. The exchange shall thereafter also announce through the medium by which the public and the SEC was initially notified of the suspension, that the suspension has been lifted, trading license holders and the investing public are hereby notified that the suspension placed on trading on the shares of Premier Paints Plc was lifted (on) Wednesday, January 14, 2026,” the circular stated.
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