Commodities

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Commodities Oil and Gas

Oil prices rise after OPEC+ keeps output cut targets, China eases COVID curbs

SINGAPORE, Dec. 5, 2022 (Reuters/GBN) – Oil prices edged up on Monday after OPEC+ nations held their output targets steady ahead of a European Union ban and a price cap kicking in on Russian crude. At the same time, in a positive sign for fuel demand, more Chinese cities eased COVID-19 curbs over the weekend, though the partial easing in policies sowed confusion across the country on Monday. While prices rose as much as 2 percent earlier in the day, both the Brent and U.S. West Texas Intermediate (WTI) contracts have since pared some …

Commodities Oil and Gas

Saudi Aramco’s Luberef expects to raise up to $1.32 billion from IPO

DUBAI, Dec. 4, 2022 – Saudi oil giant, Aramco’s,base oil subsidiary,Luberef, expects to raise up to 4.95 billion riyals ($1.32 billion) from its initial public offering, it said, if it prices at the top of a range announced on Sunday. Luberef will sell nearly 30% of the company’s issued share capital, or 50.045 million shares, at between 91 and 99 riyals each, the company said in a statement. State-led IPO programmes in Saudi Arabia, Abu Dhabi and Dubai have helped equity capital markets in the oil-rich Gulf, in sharp contrast …

Commodities General News

RT200: Nigerian exporters repatriated $4.98bn in 9 Months – Emefiele

Lagos, Nov. 29, 2029 – Nigerian non-oil exporters repatriated $4.98bn through the CBN $200bn Non-oil Export programme in its first nine months. The apex bank paid exporters N81bn rebate in the course of the programme. The Governor of the Central Bank of Nigeria, Godwin Emefiele, said this at the second edition of the TR200 Bi-annual Conference with theme ‘RT200 Non-Oil Export Programme: The Journey So Far’ held in Lagos on Tuesday. The RT200 is a programme of the Bankers Committee introduced in February 2021 and designed to encourage non-oil exporters …

Commodities General News

FG bans export of raw gold, gemstones

Abuja, Nov.28, 2022 – Mr Olamilekan Adegbite, the Minister of Mines and Steel Development Minister, says the federal government has banned the export of raw gold, gemstones and other solid minerals. He said on Sunday that the decision followed the approval of a Down Stream Mineral Policy by the government. Adegbite said that the policy would help to avert mistakes made in the oil and gas sector and help to add value to mineral deposits before exporting. “If you mine and you cannot process it yourself, you can sell it …

Commodities General News

Petrol scarcity cannot end now – marketers

By Tajudeen Atitebi Lagos, Nov. 26, 2022 – The current petrol scarcity in Lagos and some other parts of the county may linger than expected in spite of promises by some marketers that normal supply will be restored by this weekend. The petrol supply situation has worsened in Lagos since it started early in the week and many vehicles have been forced to stay off the road. Commercial vehicles have taken advantage of the situation to charge arbitrarily higher fares. Workers and traders, who cannot afford the higher fares, are …