Foreign Trade Statistics: Trade Surplus Bolstered by Recovery in Global Oil Market

During last week, the National Bureau of Statistics (NBS) released Foreign Trade Statistics for Q3:2017 which indicated a trade surplus for the third consecutive quarter. The report showed total trade for Q3:2017 at N5.9tn – implying a 23.9% Y-o-Y improvement (from N4.8tn in Q3:2016). For the period, a trade surplus of N1.2tn was recorded (N3.5tn in exports vs N2.3tn in imports), in stark contrast to a trade deficit of N135.9bn (N2.3tn in exports vs N2.5tn in imports) in Q3:2016. Similarly, Q-o-Q analysis shows that total trade increased 3.9% from N5.7tn in Q2:2017.

No Plans to increase Fuel Price –NNPC

The Nigerian National Petroleum Corporation (NNPC) has reiterated that there is no plan to increase the prices of petroleum products both at the ex-depot level and pump price ahead of the forthcoming yuletide.

The Corporation re-emphasised this in a statement signed by Mr Ndu Ughamadu, Group General Manager Group Public Affairs Division, in Abuja, on Monday

It said that the ex-depot petrol price of N133.38 per litre and the pump price of N143/N145 per litre had not changed

Oil Rises as OPEC Extends cuts to end of 2018

Oil rose on Thursday after OPEC and non-OPEC producers led by Russia agreed to extend output cuts until the end of 2018, while also signalling a possible early exit from the deal if the market overheats, Reuters reports.

Iran’s energy minister announced Nigeria and Libya would be included in the oil output deal and an OPEC communique stated the countries would not produce above 2017 levels in the new year.

The Oman minister said that Nigeria had agreed to cap output at 1.8 million barrels per day (bpd).

Big Gas Exporter Countries Blast Unilateral Sanctions in Dig at U.S.

Representatives from a group of major energy-exporting nations on Friday said they oppose the use of unilateral sanctions on any of their members –an apparent dig at the United States for its moves against Russia, Iran and Venezuela.

The Gas Exporting Countries Forum, which also includes members like Libya, Equatorial Guinea and Nigeria, expressed their “profound concern” about sanctions affecting the gas sector that are not authorized by the United Nations, according to a communique signed by GECF’s 12 members after the group’s summit in Bolivia this week, Reuters reports.

NNPC, Chevron Wrap Up $1.7b Deal

The Nigerian National Petroleum Corporation (NNPC) and Chevron Nigeria Limited (CNL) have executed the second and final phase of an Alternative Financing Agreement.

A statement signed by the Group General Manager, Group Public Affairs Division, Mr Ndu Ughamadu, in Abuja said the agreement was signed in London, over the weekend.

He said that the Group Managing Director Dr Maikanti Baru signed the agreement which would help to increase crude oil production in the country by about 39,000 barrels per day on behalf of the corporation.

Middle East, US Crude Oil Curb Indian Appetite for African Supplies

India’s imports of African crude oil in October plunged to their lowest in over four years, with the world’s No.3 oil consumer increasingly turning to cheaper supplies from the United States and heavier Middle Eastern grades, ship tracking data showed.

U.S. crude production C-OUT-T-EIA has soared more than 14 percent since mid-2016 to 9.65 million barrels per day (bpd), altering trade routes as its relatively cheap and light grades become a viable import option for Asian refiners.

FG Recovers $64m Electricity Debt from Int’l Customers

The Federal Government on Monday announced that it had recovered 64.6 million dollars electricity debt from its international customers.

Minster of Power, Works and Housing, Babatunde Fashola announced this at the 21st monthly power sector meeting in Asaba.

Fashola, in a text of his opening remark made available to the News Agency of Nigeria in Abuja,  said that  the money recovered was from  Benin and Niger Republics.

Nigeria Plans $2.3b in Oil Asset Equity Restructuring –DMO

Nigeria plans to raise 710 billion naira ($2.26 bln) via restructuring its equity in joint venture oil assets and increasing private sector participation, the Debt Management Office (DMO) said on Thursday.

Oil companies including Royal Dutch Shell, Chevron and ExxonMobil, operate in Nigeria through joint ventures with NNPC. The government has considered selling stakes in these joint ventures for more than a decade.

Nigeria Supports OPEC Cut Extension Under “the Right Terms”

Nigeria supports an extension of a deal between OPEC, Russia and other non-members to cut oil supply until the end of 2018 “as long as the right terms are on the table” regarding its own participation, its oil minister said.

He said there is growing agreement among other members of the Organization of the Petroleum Exporting Countries to extend the deal.

“There isn’t any reason to change what is a winning formula,” oil minister Emmanuel Ibe Kachikwu told Reuters, adding “there is a consensus to extend. The issue will be the duration.”

Nigeria Signs Rosatom Deals to Build Nuclear Power Plant

Russia’s state-owned Rosatom and Nigeria have signed agreements for the construction and operation of a nuclear power plant and research centre in Africa’s biggest economy, Rosatom said on Monday.

The deals are the latest signed by Russia’s state nuclear agency as it looks to expand in Sub-Saharan Africa beyond a planned bid to build nuclear power plants in South Africa.