Business
Nigeria’s Bonny Light Crude Holds Steady After Price Slide
Nigeria’s benchmark crude, Bonny Light, has shown signs of stabilization following a three-week decline in global oil prices. The crude last traded at around $65.77 per barrel, down slightly from September highs but reflecting a narrowing trading range in recent weeks.
The broader market remains under pressure from an oversupply, driven by increased production from both OPEC and non-OPEC producers, while demand growth has slowed. Nigeria’s own production rose modestly to 1.40 million barrels per day in October, still below budget targets. Analysts expect the global surplus to continue into 2026, with supply exceeding demand by over two million barrels per day, putting downward pressure on prices.
Other factors affecting the market include shifts in major buyers’ stockpiling, particularly in China, and geopolitical developments such as sanctions on Russia, which could influence global crude flows. These dynamics have led to contango pricing, where current oil prices are lower than future contract prices. Brent crude settled near $62 per barrel, while West Texas Intermediate traded close to $59, signaling continued caution in the market.
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BREAKING: Supreme Court fixes date for judgement on ADC leadership dispute
The Supreme Court has fixed Thursday, April 30, for judgment in the leadership dispute rocking the opposition African Democratic Congress (ADC). The apex court had reserved judgement in the case, prompting the opposition party to petition the Chief Justice of Nigeria (CJN) that time was not on its side. However, on Wednesday, the apex court…
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Tinubu endorses Hamzat for Lagos 2027 governorship race
President Bola Tinubu has endorsed Lagos State Deputy Governor Obafemi Hamzat as the All Progressives Congress (APC) consensus governorship candidate for the 2027 election, reinforcing a fast-forming political alignment within the state’s ruling structure. The endorsement in Abuja on Wednesday, follows the earlier adoption of Hamzat by the influential Governance Advisory Council (GAC), the highest…
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BREAKING: Court restrains INEC from recognising Mark-led ADC congresses
A Federal High Court in Abuja Wednesday stopped the Independent National Electoral Commission (INEC) from recognising or taking part in any state congresses organised by committees set up by the caretaker leadership of the African Democratic Congress (ADC). In the ruling, which was delivered in Abuja by Justice Joyce Abdulmalik, the court made it clear…