Saturday, November 25, 2017 08:00 AM / Proshare
From the Editor’s Desk
In the week ahead, precisely the 30th of November 2017, Oil producing export countries (OPEC) will meet to determine whether to sustain the present cuts in production or further deepen the cuts in order to retain both market share and possibly beat up oil prices. Data so far from OPEC monthly publication stated that global crude oil demand rose from 96.3 million barrels per day in the 2nd quarter of 2017 to 97.7 million barrels per day in the 3rd quarter. This reflects 1.4% growth in global demand for crude in the 3rd quarter when compared to the previous quarter. This is due to gradual improvement in the macro environment in Europe and South East Asia.
The total supply of crude oil in the 3rd quarter stood at 96.4 million barrels per day, making it the highest production of crude in 2017 as it grew by 1.2% on a quarterly basis. This increase was on the heel of improved production in OPEC countries like Libya and Nigeria fused with increased activity in the Gulf of Mexico. The recent uptick in global demand outweighed global supply by 1.1 million barrels per day, thereby sustaining two quarters of excessive demand. At the same time the recent uptick in demand coupled with political uncertainty have driven price to a 2 year high of $64 per barrel. Data from OPEC showed that freight cost on the bonny light, Nigerian reference crude has dropped to a 2 year low of $1.26 per barrel.
Fig 1: The Global Balance of Stock Of Crude
OPEC is still interested in creating a broader consensus with the
inclusion of non-OPEC countries, the completely fizzling out of excessive
supply put the cartel in a position to retain the existing cut without further
Central Bank of Nigeria
will auction treasury bills worth N118 billion in the primary market, which
consist of 91 days, 182 days and 364 days. Expected maturity of commercial
instruments worth the same value will also mature in the week ahead. We do
expect that the play out will leave the money market largely neutral.
Sunday, November 26, 2017
The Performance, Earnings and Returns Leadership Awards (PEARL) Awards will hold today in Lagos.
Monday, November 27, 2017
Tuesday, November 28, 2017
The Businessday Education Summit & Fair (EDUSUM 2017) themed: Realigning Education with Market Demand: The Role of Private Sector as a Catalyst” will hold today in Lagos, while the West Africa Property Investment Summit commences.
Wednesday, November 29, 2017
The Nigerian-American Chamber of Commerce will hold its November 2017 Breakfast Meeting today themed “Foreign Direct Investment as a Catalyst for Development” today, while the West Africa Convergence Conference (WACC 2017) and the NACCIMA-NIRSAL Agriculture and Agribusiness Conference 2017 will commence today.
Thursday, November 30, 2017
PwC Nigeria will today hold its Annual Power & Utilities Roundtable themed “The Pathway to Recovery”, while the Africa Young Entrepreneur (AYE) Network with Giants (NWG) conference holds.
Friday, December 01, 2017
An Experience Session with Juliet Anammah, CEO, Jumia Nigeria will hold today in Lagos with the theme “Involvement of Technology In Business”.
Contact for Details: