Oil slips below $50 as OPEC+ cut hangs on Russia’s take
Announcement of the biggest oil cut since the global financial crisis of 2008 has failed to inspire confidence as oil slides below $50 per barrel Friday with OPEC awaiting Russia’s corporation to balance the market.
OPEC on Thursday said it planned to cut oil production to 1.5 million barrels per day from April through December in a bid to support oil prices which Friday fell to $48.65 – the lowest since mid-2017.
The spread of the coronavirus has continued to rattle global markets and force investors to havens. The IMF now expects global growth to underperform 2019’s 2.9 percent rate.
Oil buyers wanted: 55 Nigerian Cargoes unsold
About 55 of April-loading cargoes from Nigeria are yet unsold as the coronavirus outbreak continues to dampen demand from oil’s biggest consumers including China.
According to Bloomberg reports, the unsold lots will be competing against millions of barrels that were slated for export this month but have yet to be purchased.
Traders told the news agency that 17 percent of March volumes for Nigeria and Angola haven’t yet been purchased, along with some shipments from smaller producers including the Republic of Congo, Gabon and Chad
Coronavirus Update: Lagos places three suspected cases under isolation
Three more suspected cases of the deadly Covid-19 also known as the coronavirus have been detected in Lagos and now quarantined at the Yaba isolation facility, Akin Abayomi, the state commissioner for health has said.
The newest case, according to Abayomi his twitter handle, is a suspect who arrived Nigeria from England on Thursday.
Earlier, a Nigerian who returned from France, was also quarantined at the facility on suspicion of possible infection of the virus after developing headache and respiratory symptoms.
Also, a Chinese national suspected to have had contact with persons infected by the virus in China is also quarantined at the centre.
The commissioner that all cases are being attended to at the isolated facility in Yaba.
While disclosing that it was now three cases, the commissioner said the samples of two persons had been taken for tests to ascertain their coronavirus status.
“We now have 3 suspected cases under isolation in our containment facility in Yaba.
“One from France, one from England and one from China. Their samples have been taken and results are being expected,” Abayomi, a professor of medicine wrote on his twitter.
Union Bank grows profit 37.2% in 2019
Mid-tier lender Union Bank said it grew profit to N24.366bn in 2019, about 37 percent more than it made in the prior year.
The profit followed a 14.5 percent growth in gross earning which was supported by 24.8 percent growth in non-interest income in the year.
Shares of Union Bank as at 12:00 is trading at 6.85 per share, 3.52 percent lower than it opened for the day.
NNPC seeks path in power
Nigerian National Petroleum Corporation, (NNPC) said it would diversify into power generation, transmission and distribution as part of efforts to support the country’s frail electricity system.
Mele Kolo Kyari, GMD NNPC also said the corporation is exploring the development of renewable energy.