August 17, 2023/CSL Research In its Monthly Oil Market Report for August 2023, the Organization of Petroleum Exporting Countries and its allies (OPEC+) reported that the OPEC Reference Basket (ORB) advanced by 7.8% m/m to an average of US$81.06/bbl in July 2023 from an average of US$75.19/bbl in June 2023. […]

August 17, 2023/Cordros Report On 16 August, the Nigerian National Petroleum Company Limited (NNPCL) announced that it had secured a USD3.00 billion emergency crude repayment loan from the African Export-Import (AFREXIM) bank. According to the NNPCL, this loan agreement is not a crude-for-refined product swap but an upfront cash loan […]

August 16, 2023/CSL Research After a long wait, the Central Bank of Nigeria released its consolidated and separate financial statements for the first time since 2015. This follows President Bola Ahmed Tinubu’s order to the appointed special investigator -CEO of Financial Reporting Council of Nigeria, Jim Obaze to probe CBN […]