Dear Subscriber,

Brent rose to $67.71pb

Brent futures climbed 2.82% to $67.71pb following fresh U.S. sanctions aimed at curbing Iranian oil exports, fuelling global supply concerns. Adding to these concerns, OPEC announced plans to reduce output from Iraq and Kazakhstan to offset their overproduction. However, OPEC, the IEA, Goldman Sachs, and JP Morgan cut oil price and demand growth forecasts earlier this week, amid escalating trade tensions

Meanwhile, the Dangote refinery has further lowered its ex-depot price to N835/litre, contributing to a drop in the pump price of PMS, now at N890/litre.

The global price of steel plummeted to $500/MT

Global steel prices plunged 74% to $500/MT in April from a 2022 peak of $1,945/MT, driven by rising Chinese exports and weak demand. However, prices in Nigeria continue to soar due to high import dependence and forex volatility. With prices expected to increase in the near term, construction, manufacturing, and oil and gas sectors faces higher expenses, fuelling inflationary pressures.

FDC’s Head of Research, Clement Igbanugo, and senior analyst, Ajibola Ayodeji, discussed these and other burning economic issues on Channels TV Business Morning and Business Incorporated, respectively.

Click the link below to watch the video.

Enjoy your read!