August 17, 2023/FBNQuest Research The most recent electricity report from the National Bureau of Statistics (NBS), shows that the total electricity billed by the country’s distribution companies (Discos) declined slightly by -2% y/y, but increased by +4% q/q to 5,852 gigawatt hours in Q1 ’23. In comparison to the more […]
OPINION/EDITORIAL
OPEC’s Review of the Demand and Supply of Oil
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. […]
FX Respite from the NNPCL-AFREXIM Emergency Crude Repayment Loan?
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 […]
