Business

Crude Prices Drop After Angola Quits OPEC

Published

2 years ago

December 21, 2023

Crude prices slumped on Thursday after Angola quit the OPEC oil cartel, while Wall Street stocks rebounded after a streak of records was snapped.

The price of the main international and US crude contracts dropped more than 1.5 percent after Angola said it was leaving as it did not want to go along with further production cuts that OPEC and 10 Russian-led allies agreed on last month.

They later pared their losses.

In an effort to prop up prices, the OPEC+ alliance has implemented supply cuts of more than five million barrels per day (bpd) since the end of 2022.

But oil prices still slid to their lowest levels in nearly six months following the latest OPEC+ decision. The United States has been pumping at record rates, as have Brazil and Guyana, while the weak global economy has raised concerns about demand.

ActivTrades analyst Ricardo Evangelista said the departure of Angola, a relatively small producer at 1.1 million barrel per day, would hurt OPEC less than if it had been a big producer such as Iraq.

But the timing could not be worse “when the cartel is working hard to convince its members to voluntarily reduce production in order to support prices”, Evangelista said.

Wall Street’s three main indices jumped at the start of trading, having tumbled on Wednesday and breaking the Dow’s streak of five straight record closes as a spate of profit-taking swept trading floors.

The blue-chip Dow stood 0.7 percent higher in late morning trading, while the broader S&P 500 rose 0.8 percent and the tech-heavy Nasdaq climbed 0.9 percent.

The rebound “suggests yesterday’s sell-off was the result more of esoteric trading behavior than everyone, en masse, suddenly agreeing that they should take some money off the table”, said Briefing.com analyst Patrick O’Hare.

US equities have driven higher since late October, following a nearly unbroken path as inflation moderated and the Federal Reserve flagged plans for 2024 interest rate cuts.

A stream of US data in recent weeks has shown inflation continues to slow and the jobs market is softening. Other economic indicators suggest the US central bank is on course to bring prices under control while averting a recession.

Data on Thursday showed first-time claims for jobless benefits held steady last week at a level far below that would indicate an impending recession.

The most recent Fed gathering ended with officials indicating they would cut about three times in 2024, sparking a buying frenzy in markets and forcing some policymakers to try to temper expectations.

Eyes are now on Friday’s upcoming release of the personal consumption expenditures (PCE) price index, the Fed’s preferred gauge of inflation, which could be key for its next meeting in January.

“A higher-than-expected core US inflation reading tomorrow could tip us back into fretting about rates being higher for longer,” said AJ Bell investment director Russ Mould.

European indices ended the day lower.

Asian indices struck a mixed note although Tokyo tumbled on troubling news from Japanese carmaker Toyota, whose share price tanked.

Tokyo shares slumped after the company announced a recall of a million vehicles, and its subsidiary Daihatsu decided to suspend shipments of all models over rigged safety tests.

Key figures around 1630 GMT
West Texas Intermediate: DOWN 0.6 percent at $73.78 per barrel

Brent North Sea crude: DOWN 0.5 percent at $79.29 per barrel

New York – Dow: UP 0.7 percent at 37,325.53 points

London – FTSE 100: DOWN 0.3 percent at 7,694.73 (close)

Paris – CAC 40: DOWN 0.2 percent at 7,571.40 (close)

Frankfurt – DAX: DOWN 0.3 percent at 16,687.42 (close)

EURO STOXX 50: DOWN 0.2 percent at 4,524.86 (close)

Tokyo – Nikkei 225: DOWN 1.6 percent at 33,140.47 (close)

Hong Kong – Hang Seng Index: FLAT at 16,621.13 (close)

Shanghai – Composite: UP 0.6 percent at 2,918.71 (close)

Euro/dollar: UP at $1.0994 from $1.0942 on Wednesday

Dollar/yen: DOWN at 142.11 yen from 143.57 yen

Pound/dollar: UP at $1.2664 from $1.2639

Euro/pound: UP at 86.81 pence from 86.57 pence

AFP

Related Topics:Angola Crude Oil Oil OPEC

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$19bn Dangote Refinery Gets Another 1m Barrels Crude Oil

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Business

Again, Dangote Refinery Hikes Fuel Price

Published

1 week ago

May 6, 2026

Editor

Dangote Refinery has increased the ex-depot price of petrol by N75, bringing the price up to N1,350 per litre from the previous price of N1,275.

This is the first fuel increase by the Refinery in the month of May.

This latest development is coming seven days after the refinery raised its ex-depot price from N1,200 to N1,275 per litre.

Recall that the refinery on April 29 increased the ex-depot price of petrol by N75.

Business

Why We Sited Our Multi-Billion Naira Automobile Firm Branch in Benin – Skyewise Group CEO

Published

1 week ago

May 4, 2026

Editor

Dr. Elvis Abuyere, Chief Executive Officer and Managing Director of Skyewise Group, an automobile firm, has explained the reason for establishing a branch of the company in Benin City, the Edo State capital, describing the ancient city as “a growing economy full of enormous potential for vibrant youth.”

He added that the company considers Edo State one of the most interesting states, noting that the decision aligns with its long-term vision.

Abuyere, who spoke in Benin on Monday while taking journalists on a tour of the new automobile facility, said:
“We started very small — from Abuja to Lagos and now Benin. It is a joy and privilege for us to have completed this amazing regional office with Skyewise Group.”

According to him, beyond the automobile business, Skyewise Group is in Benin to invest in real estate, logistics, youth empowerment, and credit management. “Aand also to lend our support to what the Edo State Government is doing, knowing the fact that there is an agenda,” he added.

The young CEO urged youths in Nigeria, particularly those in Edo State, to embrace entrepreneurship, stressing that “we believe it is the future of Africa,” especially Nigeria.

He said Nigeria stands as the giant of Africa and that its youth must take bold steps in the entrepreneurship landscape.

According to Abuyere, to ensure Edo youths actualise their entrepreneurial potential, the company has prepared soft loans to help them start businesses, adding that Skyewise Group is not limited to automobile operations.

He said: “More importantly to us is youth empowerment. We want our youth to be empowered, and this is where the Skyewise Foundation comes in.

“We believe the future of Africa is entrepreneurship, and that future lies in the hands of the young people of Nigeria. We want to empower them to stand the test of time, build something meaningful, and reduce unemployment and insecurity in our land.

“I believe we need to begin taking bold steps by refining the mindset of our young people. We need to give them a sense of belonging and direction.

“We have been addressing the liquidity gap in society by providing microloans to support businesses in our environment and in Benin City.”

When asked why he chose Benin City for the multi-billion naira automobile firm, Abuyere noted: “I think this is the first automobile showroom in Edo State where you can see a car lifted from the ground floor to the first floor and beyond.”

Business

JUST IN: Nigerian Filling Stations Reduce Fuel Price After Hike

Published

2 weeks ago

May 2, 2026

Editor

Nigerian filling stations reduced their Premium Motor Spirit price on Saturday, barely 24 hours after the hike.

Checks by DAILY POST showed that Ranoil, Empire Energy, and other filling stations in Abuja adjusted their petrol pumps to N1,365 and N1,375 per litre respectively, down from N1,440 per litre on Friday.

This means that petroleum marketers dropped their fuel price by N65 and N75 per litre. DAILY POST reports that the move was to attract patronage from customers.

Recall that three days ago, Nigerian filling stations had raised their petrol pump price to between N1,365 and N1,440 nationwide after Dangote Refinery and depot owners increased ex-depot prices to around N1,275 and N1,290 per litre.

According to DAILY POST, while the Nigerian National Petroleum Company Limited and MRS Bovas filling stations raised their petrol price to around N1,365 per litre, others adjusted theirs above N1,440 per litre.

However, with the latest fuel price reduction by Ranoil and Empire Energy, the majority of filling station outlets now dispense petrol between N1,365 and N1,375 per litre.

This development comes as the ripple effect of crude oil prices continues to impact Nigeria’s domestic fuel price.

Brent and West Texas Intermediate crude rose to $114 and $105 per barrel before dropping to $108 and $101 after the filing of this report.