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Commodities

FG’s plans to increase oil, gas reserves on course – DPR

The Department of Petroleum Resources (DPR) has said the federal government’s plan to increase the nation’s oil and gas reserves, are on course, and is being boosted by strategic policies and programmes. The Head, Public Affairs, DPR, Paul Osu, made this known in a statement on Tuesday

Naira sees biggest gain in nearly a month

Naira gained significantly against the U.S. dollar at the official market Friday as it touched 410 for the first time in almost a month. Data posted on the FMDQ Security Exchange where forex is officially traded showed the local unit closed at N410.80 per $1

OPEC+ agrees to increase oil production by 400,000/bpd

The Organisation of Petroleum Exporting Countries (OPEC) and its allies on Sunday agreed to increase global oil production by 400,000 barrels per day. OPEC and its Russia-led oil-producing allies, OPEC+, agreed to unleash barrels of bottled-up crude over the next two years by committing to restore all

Market Weekly Update 07/06/2021 to 12/06/2021

OIL Brent crude continued its upward trend last week. It ended the week at a price of $69.3 per barrel, representing a 4.6% increase W-o-W.  Oil prices are expected to continue in this trend as supply remains constrained and demand recovers.  METALS Metals were generally

Goldman proclaims the dawn of a new commodity supercycle

Will COVID-19 kick-start a new commodities super cycle? Goldman Sachs thinks so. While last year’s strong rebound in many commodity prices might be viewed as a “V-shaped vaccine recovery,” the bank contends it is just “the beginning of a much longer structural bull market for