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    Billionaire businessman Aminu Alhassan Dantata dies at 94

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    FX Restrictions: Nigerian banks resume international transactions on naira cards

    FX Restrictions: Nigerian banks resume international transactions on naira cards

    Billionaire businessman Aminu Alhassan Dantata dies at 94

    Billionaire businessman Aminu Alhassan Dantata dies at 94

    Israel and Iran agree on ceasefire – Trump

    Israel and Iran agree on ceasefire – Trump

    Breaking: Iran launches missiles at US bases in the Middle East

    Breaking: Iran launches missiles at US bases in the Middle East

    US military strikes Iran

    US military strikes Iran

    EFCC seeks transfer of Orji Uzor Kalu’s trial to Lagos

    Yahoo boys launder money for ‘politically exposed persons’ – EFCC boss

    Gombe receives N60 billion from FG to establish Agro-Livestock Industrial Zone

    Gombe receives N60 billion from FG to establish Agro-Livestock Industrial Zone

    Student Loan Act: How to apply for the loan, all you need to know

    The increased prices of driver’s licenses, number plates set to take effect

    Trump congratulates Nigeria for Banning Twitter, says more countries should do same

    Trump bans citizens of 12 countries from entering the U.S, full list

    • Nigeria
    • Africa
    • World
  • Economy
    • All
    • Budgets
    • Economic Data
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    UK tightens visa rules for care workers, skilled workers and students

    UK tightens visa rules for care workers, skilled workers and students

    United States scraps visa dropbox service for Nigerian applicants

    President Donald Trump cancels protection for 500,000 Haitian migrants

    Spain golden visa scheme ends as Portugal and Greece demand increases

    Spain golden visa scheme ends as Portugal and Greece demand increases

    CBN fines nine banks 150 million Naira each for failing to dispense cash

    CBN ends free ATM withdrawals for other banks’customers

    FG increases private university application fee from N5m to N25m

    FG increases private university application fee from N5m to N25m

    United States scraps visa dropbox service for Nigerian applicants

    United States scraps visa dropbox service for Nigerian applicants

    Buhari says Nigeria security and economy improved during his tenure

    Buhari says Nigeria security and economy improved during his tenure

    Air Sierra Leone commences flight operations to Lagos

    Air Sierra Leone commences flight operations to Lagos

    Nigeria renews $2 billion currency swap deal with China to boost bilateral trade

    Nigeria renews $2 billion currency swap deal with China to boost bilateral trade

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    Stanbic IBTC Holdings Plc announces N1.50 interim dividend for half-year 2023

    Jaiz Bank announces final dividend

    Over 5 billion additional ordinary shares of Jaiz Bank Plc listed on NGX

    Jaiz Bank Plc reports N23 billion profit for 2024 FY.

    Ellah Lakes Plc announces EGM to approve N250 billion capital raise, debt to equity conversion

    Ellah Lakes Plc announces EGM to approve N250 billion capital raise, debt to equity conversion

    AGM suspension: Oando’s shareholder wins court case against SEC

    Oando Plc reports N113 billion profit after tax for Q1 2025 amid N165.6 billion tax credit

    MTN Nigeria to pay over N200 billion final dividend for 2022

    List of Dividends announced in 2025, qualification and payment dates

    Sovereign Trust Insurance Plc grows Profit after tax by 43%  in Q1 2021

    Sovereign Trust Insurance Plc appoints Abimbola Oguntunde as New Board Chairman

    FY 2020: Zenith Bank Plc rakes in N230.6 billion profit after tax

    Zenith Bank to exit CBN forbearance restriction end of June, confident in dividend payments

    FY 2020: FCMB Group Plc gross earnings, profit, assets see double-digit growth rates

    FCMB Group Plc addresses CBN’s forbearance loans directive, details capital management plans

    All diaspora remittances must be received by beneficiaries in foreign currency only – CBN

    Renaissance Capital names banks affected by CBN’s dividend payout suspension

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    NGX suspends trading in the shares of four listed companies

    Banking stocks plunge after CBN suspends banks under regulatory forbearance from paying dividends

    ELECTION: Cutix Plc reschedules Board Meeting

    Weekly Report: Nigerian Exchange sees mixed performance as Cutix Plc emerge top gainer

    Again DMO offers N360 billion FGN bond for February

    DMO offers N300 billion FGN bond for auction in May

    NGX Daily Equities Market Report: Market gains for third consecutive days

    CSCS Plc explores listing on the Nigerian Exchange (NGX)

    NGX Daily Equities Market Report: Market gains for third consecutive days

    NGX delists Flour Mills shares, lists additional NB and Jaiz Bank shares

    Bitcoin soars above $21,000 as U.S. dollar sags

    BITCOIN hits $103,000 for the first time

    Bitcoin (BTC) rises above US$90,000 records a new all time high

    Bitcoin (BTC) rises above US$90,000 records a new all time high

    Bitcoin crosses US$60K, approaches All-Time High

    Bitcoin (BTC) rises above US$80,000

    Alhaji Dahiru Mangal sold his 1.96bn Oando Shares for N11.81bn

    NGX RegCo suspends Trading of Oando Plc shares

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    Trump wins a resounding victory in first Republican primary in Iowa

    How Donald Trump won the 2024 U.S Presidential Election

    Rovina Medical Diagnostic Services offers free Breast and Prostrate cancer scans

    Rovina Medical Diagnostic Services offers free Breast and Prostrate cancer scans

    Security features of the new naira notes revealed by the CBN

    New hope for Naira fixed income savers?

    The Nigerian Stock Market: Has Tinubu’s Election impacted the Market Negatively?

    Nigerian Exchange gains 5.37% in Tinubu’s first week, highest for any President since return to Democracy

    The Nigerian Stock Market: Has Tinubu’s Election impacted the Market Negatively?

    The Nigerian Stock Market: Has Tinubu’s Election impacted the Market Negatively?

    Just in: Bandits attack President Buhari’s convoy in Katsina, two injured

    2015 vs 2023 Data: Nigeria situation went from bad to worse under Buhari

    Who is Hiba Abouk soon to be Achraf Hakimi’s ex-wife worth millions of dollars?

    Who is Hiba Abouk soon to be Achraf Hakimi’s ex-wife worth millions of dollars?

    LP won Obio-Akpor LGA Rivers State not APC as announced – INEC’s IReV

    APC won Abua-Odual and Ahoada East LGAs of Rivers State as announced – INEC’s IRev

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Home Markets Commodities

Oil Prices fall as China competes with OPEC; Ships oil from excess Storage

Monday, 20 July 2020, 9:58 am
in Commodities, Markets
0
Oil price threatened by rising new Covid-19 cases as Supply cuts hold it above $43 per barrel
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Just as OPEC prepares to raise its oil production output in August, due to the expiry of the current supply cut at the end of July, China is shipping oil to the international market from its surplus storage at lower prices.

China had in April embarked on a buying spree to fill up its storage, taking advantage of cheap oil prices and in the process helping oil price recovery due to  perceived improved demand.

On Monday, Western Texas Intermediate (WTI) and Bent Crude fell over 1% to as low as $40.04 and $42.55 per barrel respectively. However, at the time of this report WTI is selling at $40.33 while Brent is trading at $42.90 per barrel.

Nigeria Bonny Light closed at $43.17 per barrel with OPEC basket settling at $43.22 per barrel.

One million barrels of oil have been sold so far at the Shanghai futures exchange to the international market and loaded from the east coast of China. Two South Korean refiners purchased about 500,000 barrels each of Oman crude from the depots in China, with one of the cargoes already leaving Dongjiakou port according to Bloomberg.

The exchange had a total of 39 million barrels of medium sour grades in storage as of 16 July 2020, up more than 10 times since April 20.

  • Read also; FOREX Forecast for the Week Ending 20th to 24th JULY 2020
  • Nigerian Stock Market Review and Stock pick for the week ahead 20th July – 24th July 2020

In the first six months of the year, 27 million barrels of oil were delivered to China’s Shanghai International Energy Exchange (INE) depots which accounts for 57% of all deliveries since the debut in 2018 the exchange said in a statement on its official Wechat account.

Meanwhile in India, Indian Oil Corp Ltd with a refining capacity of 300,000 barrels per day, on Sunday said it will to be shut for three weeks from 25 July to 15 August 2020. “The Indian Oil refinery in Paradip will remain shut from July 25 to August 15 for maintenance,” said Sangram Keshari Mohapatra, the top bureaucrat in the district of Jagatsinghpur, where the refinery is located. He added that the last complete shutdown in the refinery was in 2018.

OPEC said preliminary May data showed that total OECD commercial oil stocks rose by 29.9 mb, (m-o-m), to 3,167 mb. This was 232 mb higher (y-o-y), and 210 mb above the latest five-year average. Crude and product stocks rose by 9.7 mb and 20.2 mb, (m-o-m), respectively.

Read more; FAAC: N651.2 billion shared by FG, States and LGs for June 2020

According to OPEC the demands for its crude in 2020 was revised up by 0.2 mb/d from the previous month to stand at 23.8 mb/d, which is around 5.6 mb/d lower than in 2019.

Whereas in 2021 the oil cartel forecasts the demand for its oil at 29.8 mb/d, which will be 6.0 mb/d higher than the 2020 level.

Written by;

Ifunanya Ikueze

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