Economy
Supply Concerns, Fuel Switching Boost Crude Oil Prices
By Adedapo Adesanya
Crude oil prices edged up by about one per cent on Wednesday on expectations that the winter season in the Northern hemisphere will see an increase in gas-to-oil switching due to high prices.
Brent crude futures settled higher by 93 cents or 1 per cent at $94.10 a barrel while the US West Texas Intermediate (WTI) crude ended $1.17 or 1.3 per cent higher at $88.48 per barrel.
The International Energy Agency (IEA) said it expects widespread switching from gas to oil for heating purposes.
The agency said the deepening economic slowdown and a faltering Chinese economy will cause global oil demand to grind to a halt in the fourth quarter of the year.
Global oil demand is set to grow by 2 million barrels per day this year, the IEA said on Wednesday, revising its growth down by an estimate of 110,000 barrels per day from last month as it expects China’s oil demand to fall for the first time in more than three decades.
The slowdown in China will be partly offset by “large-scale switching from gas to oil,” which is estimated to average 700,000 barrels per day in the fourth quarter of 2022 and the first quarter of 2023, double the level from a year ago, according to the IEA.
Oil demand in China is expected to fall by 2.7 per cent, or by 420,000 barrels per day, this year compared to last year, per IEA estimates. If the estimates are correct, this could be the first yearly decline in Chinese oil demand since 1990 and only the second such drop in IEA records since 1984.
The IEA’s new estimate is now in line with several analyst forecasts that anticipate sudden COVID-19 lockdowns will weigh on China’s oil demand this year as people avoid mass travel around holidays, dragging fuel consumption in the world’s top crude importer down for 2022 for the first time in two decades.
Elsewhere in the IEA report, figures show still very resilient Russian oil exports. Russian total oil exports actually rose by 220,000 barrels per day in August to 7.6 million barrels per day, which is down by just 390,000 barrels per day from pre-war levels. Estimated export revenues for Russia fell by $1.2 billion from July to $17.7 billion in August.
However, the EU embargo on Russian crude oil and product imports that comes into effect in December 2022 and February 2023, respectively, is expected to result in deeper declines as an additional 1 million barrels per day of products and 1.4 million barrels per day of crude will have to find new homes, the IEA said.
In the US, however, crude inventories rose last week for a second week in a row, once again boosted by the ongoing releases from the Strategic Petroleum Reserve (SPR), the latest government data from the Energy Information Administration (EIA) showed.
Crude stockpiles rose by 2.4 million barrels as 8.4 million barrels were released from the SPR, part of a programme scheduled to end next month.
On its part, the Organisation of the Petroleum Exporting Countries (OPEC) said global oil demand in 2022 and 2023 will come in stronger than expected, citing signs that major economies are faring better than expected despite challenges such as surging inflation.
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.
-
Feature/OPED6 years agoDavos was Different this year
-
Travel/Tourism10 years ago
Lagos Seals Western Lodge Hotel In Ikorodu
-
Showbiz3 years agoEstranged Lover Releases Videos of Empress Njamah Bathing
-
Banking8 years agoSort Codes of GTBank Branches in Nigeria
-
Economy3 years agoSubsidy Removal: CNG at N130 Per Litre Cheaper Than Petrol—IPMAN
-
Banking3 years agoSort Codes of UBA Branches in Nigeria
-
Banking3 years agoFirst Bank Announces Planned Downtime
-
Sports3 years agoHighest Paid Nigerian Footballer – How Much Do Nigerian Footballers Earn