Business
Oil Production Rises 26.57m Bpd In February — OPEC
The Organisation of Petroleum Exporting Countries said crude oil production increased by 203,000 barrels per day ( bpd) in February to an average of 26.57 million barrels per day.
According to OPEC’s monthly oil market report obtained by Punch Online on Wednesday, the Organisation left the crude oil demand forecast unchanged.
“Crude oil output increased mainly in Libya and Nigeria, while production in Iran and Iraq decreased. Libya’s production climbed by around 144,000 bpd, the largest growth seen last month, while output rose in Nigeria and Saudi Arabia by 47,000 bpd and 18,000 bpd, respectively.”
Released on Tuesday, the monthly oil market report indicated that the production in Iran and Iraq declined by 15,000 bpd and 14,000 bpd, respectively.
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“Demand for OPEC crude is projected to stand at about 28.5 million bpd in 2024, 1.1 million bpd higher than in 2023, while demand for OPEC crude in 2025 is expected to reach about 28.8 million bpd.”
Meanwhile, “the non-OPEC output forecast for 2024 has been revised downward. OPEC natural gas liquids and non-conventional liquids production is expected to increase by around 60,000 bpd to average 5.5 million bpd this year, and additional growth of 110,000 bpd is forecast for 2025 to an average 5.6 million bpd.”
Non-OPEC liquids output is forecast to grow by 1.1 million bpd to average 70.5 million bpd in 2024. “This reflects a 120,000 bpd downward revision, compared with the previous month’s assessment, due to the extension of additional voluntary adjustments in 2Q24 by some countries,” it said in OPEC’s report.
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In 2025, “non-OPEC liquids production is expected to reach 71.9 million bpd, with a growth rate of 1.4 million bpd. The main drivers for liquid supply growth are projected to be the US, Brazil, Canada, Russia, Kazakhstan, and Norway, while production is forecast to see a major decline in Mexico and Angola.
“The global oil demand growth forecast for 2024 remains unchanged from last month’s assessment at 2.2 million bpd, year-on-year.
“Total world oil demand is projected to reach 104.5 million bpd this year, ‘supported by strong air travel demand and increased road mobility, including on-road diesel and trucking, as well as healthy industrial, construction, and agricultural activities, particularly in non-OECD countries,” OPEC said.
Oil demand in the OECD is forecast to grow by around 300,000 bpd year over year, led by OECD Americas and further supported by a minor uptick from OECD Europe and Asia Pacific.
In the non-OECD, OPEC said in its latest report that oil demand is expected to grow by 2 million bpd year over year, driven by China and supported by the Middle East, other Asia, India and Latin America.
In 2025, global oil demand is expected to see a robust year-over-year growth of 1.8 million bpd. “The OECD is expected to grow by 100,000 bpd on an annual basis, while demand in the non-OECD is forecast to increase by 1.7 million bpd”, OPEC’s monthly oil market report stated.
Business
CBN Retains Interest Rate At 27%
The Monetary Policy Committee of the Central Bank of Nigeria has voted to retain the benchmark interest rate at 27 per cent.
CBN Governor, Olayemi Cardoso, announced the decision on Tuesday following the apex bank’s 303rd MPC meeting in Abuja.
Cardoso stated that the committee also resolved to keep all other monetary policy indicators unchanged.
READ ALSO:CBN Issues Directive Clarifying Holding Companies’ Minimum Capital
He noted that the Cash Reserve Ratio (CRR) remains at 45 per cent for commercial banks and 16 per cent for merchant banks, while the 75 per cent CRR on non-TSA public sector deposits was equally maintained.
Cardoso added that the Liquidity Ratio was retained at 30 per cent, and the Standing Facilities Corridor was adjusted to +50/-450 basis points around the Monetary Policy Rate.
The decision comes as Nigeria records its seventh consecutive month of declining inflation, which eased to 16.05 per cent in September 2025.
Business
CBN Issues Directive Clarifying Holding Companies’ Minimum Capital
The Central Bank of Nigeria, CBN, has issued a definitive directive detailing how financial holding companies should calculate their minimum paid-up capital, following weeks of confusion that delayed the release of some banks’ half-year and nine-month financial statements.
In a circular dated November 14, 2025, the apex bank acknowledged “divergent interpretations” of the term minimum paid-up capital as stated in Section 7.1 of the 2014 Guidelines for Licensing and Regulation of Financial Holding Companies.
To eliminate ambiguity, the CBN ruled that minimum paid-up capital must be computed strictly as the par value of issued shares plus any share premium arising from their issuance.
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“All Financial Holding Companies are required to apply this definition in computing their minimum capital requirement—without exception for subsidiaries,” the circular stated.
The regulator added that the directive takes immediate effect, noting that any previous interpretation that does not align with the new clarification “should be discontinued forthwith.”
The move is expected to calm market anxiety and provide clarity for lenders navigating ongoing regulatory capital requirements.
Business
Naira Records Massive Week-on-week Depreciation Against US Dollar
The Nigerian Naira recorded massive week-on-week losses against the United States dollar at the official foreign exchange market.
The Central Bank of Nigeria’s exchange rate showed that the Naira dipped significantly to end the week at N1,456.73 on Friday, November 21, 2025, down from N1,442.43 traded on November 14.
This means that on a weekly basis, the Naira shed N14.06 against the dollar at the official market.
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However, at the black market, currently battling with low patronage, it remained stable at N1,465, the same rate traded last week.
The development comes despite Nigeria’s foreign reserves rising by 1.25 per cent to $43.64 billion in the last week.
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