Image credit : IEA Oil Market Report

The International Energy Agency (IEA) said that its member countries had so far released 290 million barrels of oil available to the market.

IEA Executive Director, Dr Fatih Birol confirmed,in a statement posted on the website, Monday.

” Since the announcement on 11 March of the IEA collective action to make 400 million barrels of oil available to the market, around 290 million barrels have been released by IEA Member countries, with more continuing to flow to the market.”

Birol said that IEA countries still hold a substantial volume of emergency stocks in reserve, including over 1 billion barrels of government-controlled stocks.

He emphasised that, for the moment, crude oil and gas markets have continued to benefit from several cushioning factors.

These include significant supplies from Gulf producers – notably through major efforts by Saudi Arabia and the United Arab Emirates – that have continued to reach global markets via various routes. In addition, oil producers in other regions – notably the United States, Brazil, Venezuela and Kazakhstan – have increased exports, helping offset some of the supply losses.

On the demand side, China has played an important role in stabilising markets by reducing its crude oil imports by nearly 50% compared with pre-war levels. is closely monitoring the situation in oil markets following recent developments in the conflict in the Middle East – with the escalation in hostilities affecting the Strait of Hormuz and energy infrastructure in the region increasing security of supply concerns and casting greater uncertainty over the market outlook.

Threats to the Bab el-Mandeb Strait, an increasingly important alternative shipping route for bypassing Hormuz, are adding to those concerns.

Dr Birol emphasised that there is no room for complacency on oil security amid the escalation in hostilities and drawing down of available commercial inventories.

Refinery activity and product supplies have not picked up as much as crude deliveries, meaning that markets for refined oil products, including diesel and gasoline, are considerably tighter than those for crude.

Ultimately, a full and unconditional reopening of the Strait of Hormuz remains essential to avoid a further deterioration in global energy security.

For natural gas, a large majority of the liquefied natural gas (LNG) supply lost due to the Hormuz disruptions has been offset by LNG flows from other markets, led by the United States.

But further delays in resuming Gulf exports risk keeping global LNG markets tighter for longer, Dr Birol warned.

The Nigerian equities market has emerged Africa’s strongest performer in U.S. dollar terms with a 68.2 percent Year- till-Date (YtD) return in the first seven months of 2026.

The bourse performance between January and July 24, 2026 outpaced other continental stock markets helped by investors confidence on the back of reforms by the Nigerian government.

The strong performance in dollar terms highlights the impact of exchange rate dynamics and renewed foreign portfolio participation.

By comparison, Zimbabwe Stock Exchange, trails Nigeria when returns are converted into dollars, underscoring how currency movements can significantly alter relative market standings from a global investment perspective.

Source: ThisDay

• Governor Peter Mbah

Enugu State has been ranked as Nigeria’s fastest-improving state in the 2026 Phillips Consulting State Performance Momentum Index, outperforming 32 other states in the latest assessment of governance and development across the country.

The report assigned Enugu under Governor Peter Mbah a Momentum Score of +1.15, the highest among the 33 states assessed, placing it ahead of Jigawa, which scored +0.77, and Abia with +0.67 to complete the top three.

According to Phillips Consulting, the Momentum Index measures the rate at which states improved relative to the national average during the review period. Positive scores indicate above-average progress, while negative scores reflect slower-than-average improvement.

The report said Enugu’s emergence as the national leader reflected deliberate governance, strong fiscal discipline, and sustained implementation of reforms, while the South-east recorded the strongest overall regional performance among Nigeria’s six geopolitical zones