By Adedapo Adesanya

Oil prices closed higher by more than 1 per cent on Tuesday after the US imposed sanctions targeting Iran’s oil revenue stream while the market weighed the expected outcome of the meeting of the Organisation of the Petroleum Exporting Countries and its allies (OPEC+) on Sunday.

During the session, Brent crude gained 99 cents or 1.45 per cent to trade at $69.14 a barrel, and the US West Texas Intermediate (WTI) crude appreciated by $1.58 or 2.47 per cent to $65.59 a barrel.

The US Treasury Department on Tuesday sanctioned a network of shipping companies and vessels led by an Iraqi-Kittitian businessman for smuggling Iranian oil disguised as Iraqi oil.

The Treasury said the network, run by a businessman who is a citizen of Iraq and St Kitts & Nevis and is based in the United Arab Emirates, operates primarily by covertly blending Iranian oil with Iraqi oil, which is then marketed intentionally as solely of Iraqi origin to avoid sanctions.

The administration of President Donald Trump is keeping pressure on Iran while nuclear talks have stalled. A sixth round of negotiations was suspended after the start of a 12-day war in June.

“By targeting Iran’s oil revenue stream, Treasury will further degrade the regime’s ability to carry out attacks against the United States and its allies,” Treasury Secretary Scott Bessent said in a statement, adding that, “We remain committed to an oil supply free from Iran and will continue our efforts to disrupt the ongoing attempts by Tehran to evade US sanctions.”

Meanwhile, investors will monitor a meeting of eight OPEC+ members on September 7, where analysts expect the group will not unwind remaining voluntary cuts.

Market analysts noted the group would not unwind the remaining voluntary cuts in place from the eight members, including Saudi Arabia and Russia, which were supporting the market and keeping prices in the $60 a barrel range.

For others, OPEC+ might wait for more data after the conclusion of the US summer driving season before it makes its next move.

Beyond OPEC+, there have been very few notable market developments as Brent continues to hover slightly above $69 per barrel, with the dearth of news caused by the US Labor Day holiday sapping the market’s risk appetite.

By Adedapo Adesanya

The Dangote refinery has exported its first petrol (gasoline) cargo to the US markets, Argus reported, citing data from global trade analytics platform Kpler and market sources.

The Gemini Pearl loaded around 300,000 barrels of petrol at the Dangote port on August 26 and is en route to the US for likely discharge at the port of New York or New Jersey by September 12.

Although there was no direct confirmation as to who bought the cargo, it was speculated that trading firm Vitol could have chartered the vessel.

This is the first Nigerian petrol cargo to move to the US, but not the first time Dangote has exported gasoline out of West Africa.

The refinery has exported to Asia, having sent three LR2 cargoes to the continent with two to the Mideast Gulf and one to Singapore, in June and July respectively.

Since starting operations in 2024, the 650,000 barrels per day refinery has aimed to capture Nigeria’s petrol market and break a long history of import dependence to supply the country’s fuel. However, truck delivery supply has limited the plan from fully materialising.

However, since the refinery began producing petrol last September, its supply has gradually found its way into a growing number of international markets, including neighboring African countries, the Middle East and Southeast Asia.

This opportunity comes for the refinery at a time where there is spike in US Atlantic Coast RBOB prices and falling inventories in the east coast.

Dangote has also previously exported petrol to the Mideast Gulf during periods of tight supply, highlighting its growing role as a new global swing supplier.

Dangote Refinery is currently exporting low-sulphur straight-run fuel oil (LSSR), suggesting its Residue Fluid Catalytic Cracking (RFCC) is still running below full capacity while the unit continues to undergo intermittent maintenance. Analysts estimated the unit’s present run rates at about 45-50 per cent efficiency.

The RFCC, which is used for upgrading heavy feedstock to light products such as petrol, was shut in August for around 10-15 days, although the unit has likely restarted since. High metals content in the refiner’s LSSR exports, a feedstock for the RFCC unit, continues to indicate operational issues at the RFCC.

At its current 650,000 barrels per day capacity, the refinery is expected to be capable of producing around 210,000 barrels per day of petrol at an 85 per cent utilization rate, leaving it shy of domestic consumption that is anticipated to grow steadily each year.

By Aduragbemi Omiyale

Failure to release financial results for the 2024 fiscal year has led to the suspension of three insurance companies on the Nigerian Exchange (NGX) Limited.

The affected underwriting firms are Regency Alliance Insurance Plc, International Energy Insurance Plc, and Universal Insurance Plc.

As a result of the embargo, shareholders and other investors will not be able to trade their stocks on the local stock market, according to a notice signed by Obioma Oge for the Head of Issuer Regulation Department of the NGX.

In the statement, it was disclosed that the effective date for the suspension of the three organisations was Monday, September 1, 2025.

It was in line with Rule 3.1, Rules for Filing of Accounts and Treatment of Default Filing, (Default Filing Rules), which 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.

However, the embargo may be lifted if the trio released their outstanding financial statements for “the year ended December 31, 2024.”