Business
Angola Ranked Top African Oil Producer Ahead of Nigeria
Angola has been Ranked as the top Africa’s largest oil producer since oil output in Nigeria reduced in April among other Organization of the Petroleum Exporting Countries, (OPEC).
The latest monthly oil market report released by OPEC on Thursday shows that Nigeria’s oil output reduced by 270,000 barrels per day (bpd) to 999,000 bpd in April from 1.26 million bpd in March, based on direct communication.
Recall that the last time Angola overtook Nigeria was in May 2022, when oil theft was rampant.
Angola’s oil production rose by 91,000 bpd to 1.06 million bpd in May, up from 978,000 bpd in March, based on direct communication.
Nigeria suffered the biggest decline in production, the least in seven months according to government data, among its OPEC peers, followed by Iran, which lost 262, 000 bpd in April, based on direct communication.
OPEC’s oil production declined by 310,000 bpd to an average of 28.8 million bpd, the lowest level in almost a year due to a fall in Iraq’s exports and pipeline suspension while a labour strike cut shipments from Nigeria.
Oil and gas analysts have associated the recent reduction on the shutdown of activities at the Forcados oil terminal, one of Nigeria’s major export terminals.
According to oil experts, the oil terminal has been shut down for two weeks. Also, strike action at the Nigerian unit of ExxonMobil has cut off production.
“Non-OPEC liquids production (including OPEC NGLs) is estimated to have decreased m-o-m in April 2023 by 0.3 million bpd to average 72.7 million bpd,” the 13-member oil cartel said.
“The share of OPEC crude oil in total global production remains unchanged to stand at 28.2 percent in April compared with the previous month.”
According to OPEC, estimates are based on preliminary data for non-OPEC supply, OPEC NGLs and non-conventional oil, while assessments for OPEC crude production are based on secondary sources.
Business
OPay launches new office in Jos
” Opening this office in Jos allows us to stay closer to the people we serve, better understand their needs, and continue to provide fast, secure, and reliable financial services that improve everyday life.”
OPay has officially launched its new office in Jos, Plateau State.
Speaking at the event, OPay’s Chief Operations and Technology Officer, Dotun Adekunle, said that the new Jos office reflects OPay’s continued commitment to putting customers first and advancing financial inclusion across Nigeria.
He said :” Our customers are at the center of everything we do.
Opening this office in Jos allows us to stay closer to the people we serve, better understand their needs, and continue to provide fast, secure, and reliable financial services that improve everyday life.”
Business
Governor Otti Commissions Ultimum Manufacturing Plant in Aba
Razzle beverages include Razzl Pamplemousse (a unique and special grapefruit flavour), Razzl Cola, Razzl Orange, and Razzl Lemon.
Ultimum Limited, the manufacturers of Razzl brand of carbonated soft drinks has commissioned its state-of-the-art beverage manufacturing plant in Aba, Abia State.
Razzle beverages include Razzl Pamplemousse (a unique and special grapefruit flavour), Razzl Cola, Razzl Orange, and Razzl Lemon.
Located in the Osisioma Industrial Layout, the new plant was commissioned by the Governor of Abia State, Dr. Alex Chioma Otti.
Otti described the investment as a clear signal of economic revival and growing investor confidence in Abia State.
“This investment confirms that we are creating the right conditions for businesses to grow, thrive, and succeed. Investors will always go where there is clarity, stability, and opportunity.
Our focus has been to build that environment, and today’s commissioning shows that the strategy is working,” he said.
The Chairman of Ultimum Limited and representative of the investor group, Mr. Whalen Kadji, emphasized the company’s long-term commitment to Aba and Nigeria.
“We did not come here by chance. We came because of the energy and entrepreneurial spirit of Aba. This city has always been a center of enterprise, and we believe strongly in its future.
This plant is more than an investment in beverages; it is an investment in people, in jobs, and in the growth of local industry. We are here for the long term, and this is just the beginning of what we intend to build here.”
The Managing Director of Ultimum Limited, Mr. Austin Ufomba, described the plant as a bold step in the company’s journey.
“Ultimum Limited started with a simple idea, to build world-class products right here in Africa,”he said.
Business
Oil price jumps to $106, stocks drop on uncertainty over US-Iran talks
Crude prices rallied more than three percent on Thursday, with Brent crude above $106 per barrel and WTI around $93.
Oil prices jumped and equities slid Thursday as hopes for a peace deal between the US and Iran wavered after Tehran rejected Washington’s bid to wind down the nearly four-week war.
Markets had been buoyed this week by US President Donald Trump’s announcement that strikes targeting Iran’s energy infrastructure would be postponed, adding that the two sides were in peace talks.
But uncertainty over the talks and the virtual closure of the Strait of Hormuz — through which around 20 percent of oil and liquefied natural gas passes — have cast a shadow over market sentiment.
“The market rollercoaster continues,” said Joshua Mahony, chief market analyst at Scope Markets.
Crude prices rallied more than three percent on Thursday, with Brent crude above $106 per barrel and WTI around $93.
( VANGUARD)
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