Business

Oil Drops Further After OPEC Delay With Asian Stocks Mixed

Published

2 years ago

November 23, 2023

Oil extended losses Thursday after OPEC announced the shock delay of a key policy meeting, suggesting fresh upheaval in the bloc, while equities were mixed after two US reports dented recent euphoria over the future of interest rates.

Both main crude contracts slipped on news that the much-anticipated gathering of the major producers — combining OPEC and 10 allies — would be put back by four days to November 30.

Prices had dived almost five percent at one point Wednesday, before paring the losses.

Reports said the decision was made after Angola and Nigeria pushed back against lower targets that were urged by others, with Saudi Arabia said to have been preparing to extend a one-million-barrel-a-day output cut into the new year.

Riyadh and Russia unveiled massive cuts earlier this year in a bid to boost prices, which have come under pressure owing to stuttering economies in the United States, Europe and particularly China.

Pierre Andurand, of Andurand Capital Management, said global supplies were healthier than expected, meaning the OPEC+ cartel would need to reduce output.

“The Saudis will probably want the other countries to cut as well,” he told Bloomberg TV. “It’s going to be a negotiation.”

Equity markets in Asia fluctuated, even after a fresh pre-Thanksgiving bounce on Wall Street.

Hong Kong bounced back from morning losses to edge higher in the afternoon, with developers in ascendance as it emerged China is preparing to offer the property sector more support, calling for banks to do more for the industry.

That came after Bloomberg News reported on Wednesday that authorities had drawn up a draft list of 50 firms that would be eligible for more monetary support.

Among the winners, struggling Country Garden soared more than 23 percent after it was reported the company was on the list. Another troubled developer, Evergrande, was up more than three percent.

Elsewhere, Shanghai, Seoul, Wellington, Mumbai and Jakarta also rose but Sydney, Singapore, Taipei, Manila and Bangkok were in retreat.

London, Frankfurt and Paris all rose at the open.

The tepid performance came after data showed a pick-up in inflation expectations among US consumers, who now see it at 4.5 percent over the next year, against 4.4 percent previously expected, according to the University of Michigan.

Separately, US jobless claims came in far lower than forecast, showing that the labour market continues to hold up.

The Fed has repeatedly said it would make its rate decisions based on data, particularly inflation and jobs.

The readings gave a little jolt to the good mood on trading floors that has been swirling since below-par consumer price figures last week reinforced optimism the rate-hike cycle had ended and cuts could be on the way next year.

“Markets can be capricious sometimes, and at the present junction, investors are looking for clues confirming the Fed is done with its current tightening cycle, thus evidence to the contrary can be unsettling,” said National Australia Bank’s Rodrigo Catril.

The latest US data “triggered a (disproportionate) market reaction, US jobless claims and inflation expectations data did not support the story US inflation is easing against a weakening US labour market”, he said.

Still, observers said the outlook was bright for equities.

“We do expect the stock market rally to continue,” said Audrey Goh of Standard Chartered Bank.

“If you look at inflation, that clearly has moderated, so that will allow the Fed to stand pat. Our expectation is that policy rates have peaked.”

Key figures around 0810 GMT
Hong Kong – Hang Seng Index: UP 1.0 percent at 17,910.84 (close)

Shanghai – Composite: UP 0.6 percent at 3,061.86 (close)

London – FTSE 100: UP 0.2 percent at 7,480.41

Tokyo – Nikkei 225: Closed for a holiday

West Texas Intermediate: DOWN 0.6 percent at $76.63 per barrel

Brent North Sea crude: DOWN 0.7 percent at $81.36 per barrel

Dollar/yen: DOWN at 149.10 yen from 149.59 yen on Wednesday

Euro/dollar: UP at $1.0914 from $1.0890

Pound/dollar: UP at $1.2516 from $1.2494

Euro/pound: UP at 87.20 pence from 87.13 pence

New York – DOW: UP 0.5 percent at 35,273.03 (close)

AFP

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.