Thursday, August 17, 2017 6:15PM/FDC
US shale production is expected to climb 117,000bpd to 6.14mbpd this quarter. In an increasing shale production world, oil is expected to trade within a range of $40-60pb between 2017-2022. But as we all know there is no way of accurately forecasting oil price futures.
In this scenario, Nigeria will need to be more aggressive in its revenue optimization programmes including blocking of leakages. The whistle blowing policy aimed at retrieving stolen funds and improving transparency is a step in the right direction to achieving revenue growth.
The attached slides sum up the events that took place in the domestic and global commodity markets this week.
1. Bonny Light Slipped to $50.26pb Following Slowdown in Chinese Refining
2. Brent Crude Now Trading Above July 2017 Average
3. Domestic Commodity Prices Remain Static In Spite of MPC Hold Decision
4. Price of Rice Still High at N18,500 per bag
5. Threat To Agric Policy Emerge as AFEX Warehouse in Kaduna Invaded by The Police (1)
6. Staple Food Prices Remain High Due to Shortages Arising From Heavy Rains
7. Domestic Commodities Remained Relatively Flat During The Break
8. Commodity Prices Maintain Upward Trajectory as Forcados Terminal is Set to Resume Operations
9. Some Prices Are Increasing When Headline Inflation is Declining
10. Domestic Commodity Prices Remain Sticky Downwards as Crop Diseases Keep Prices Elevated
11. Price of a Bag of Rice Declined by 14%
12. Commodity Prices Maintained Upward Trajectory
13. Recent Spike in Commodity Prices Confounded Analysts
14. Retail Prices Remained Stubbornly Static as Naira Strengthened at the New Forex Window
15. Commodity Retailers Leave Retail Prices Unchanged