The oil market is “adequately supplied for now,” but the supply losses from Venezuela and Iran leave the market suffering from “strain,” according to a new report from the International Energy Agency (IEA). The IEA noted that global oil production increased by 1.4 million barrels per day (mb/d) on a net basis since May, which […]
Business
Trade: West African countries to interlink payment system
Mrs Ngozi Egbuna, Director-General, West African Monetary Institute (WAMI) says West African countries have joined forces to interlink their payment system to make trading between African countries easier. Egbuna disclosed this on Sunday in an interview with the News Agency of Nigeria (NAN) on the sideline of the IMF/WB Annual Meetings in Bali. She revealed […]
Cryptocurrency market on ‘the brink of implosion’
Investors should brace for an imminent collapse in the entire cryptocurrency market following a steep decline in the value of Bitcoin over the last year, a new study from Juniper Research has warned. In a report published on Monday, the firm highlighted how the price of Bitcoin had fallen to just $6,594 (£4,994) – one-third […]
EIA forecasts lower OPEC output, higher U.S. output estimates for 2019
The US Energy Information Administration on Wednesday boosted its Brent and WTI crude oil price forecasts on uncertainty over the impact of the looming re-imposition of US sanctions on Iranian crude exports. In its Short-Term Energy Outlook, EIA forecast Brent to average $74.43/b in 2018, up $1.59 from last month’s forecast, and WTI at $69.56/b […]
World Bank Regrets Advising Nigeria Wrongly On Economic Growth
Jim Yong Kim, World Bank President has said the organisation was wrong to have advised Nigeria, and Africa as a whole, to focus on investing in hard infrastructure than in human capital. Speaking at the International Monetary Fund (IMF) and World Bank Group (WBG) Annual Meetings in Bali, Indonesia, Kim said its approach of pumping […]
Shippers Council meets with companies over $400 surcharge
By Foster Obi The Nigerian Shippers’ Council (NSC) has scheduled a meeting with shipping companies operating in Nigeria on Monday October 15, 2018 over planned introduction of congestion surcharge on Apapa and Tin Can Island Ports by some of these companies. NSC which made this known in a statement signed by the Director Special Duties, […]
Dana Air threatens to downsize over Aviation Unions Bi-Courtney Dispute
Dana Air on Thursday said it had lost over N100 million to the ongoing dispute between aviation unions and Bi-Courtney Aviation Services Limited (BASL). The airliner said that the dispute had led to the shutting down of the Murtala Muhammed Airport 2 where it was operating from. Dana Air’s Communication Manager, Mr Kingsley Ezenwa, said […]
Cabotage: NIMASA To Stop Waivers To Oil Companies
… As DG Charges IOCs to Play Their Part in Industry Growth By Foster Obi The Director-General of the Nigerian Maritime Administration and Safety Agency (NIMASA), Dr. Dakuku Peterside, has said the Agency will no longer encourage the application of any form of waivers under the Cabotage Act, particularly from the oil firms operations as […]
Nigeria worries over Ghana’s continuous closure of shops
National Association of Nigerian Traders (NANTS) President, Ken Ukuoha (L) and the Senior Special Assistant to the President on Foreign Affairs and Diaspora, Mrs Abike Dabiri-Erewa Nigeria has expressed concern over the continued closure of Nigerians shops in Ghana two weeks after President Koffi Nana-Akudo gave the order to reopen them. The Senior Special Assistant […]
Crude oil futures fell further in European trading Thursday
At 1048 GMT, the front month ICE December Brent crude futures were down $1.82 from Wednesday’s settle at $81.27/b, while the NYMEX November light sweet crude contract fell by $1.38 at $71.79/b. Brent lost $1.91 on Wednesday while WTI slid $1.79. A key driver was the spike in crude inventory reported by the American Petroleum […]