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Brent fell to $64.29pb on reduced projected oil demand

Brent futures lost 0.91% to $64.29pb after the IEA and OPEC cut their forecasts for global oil demand by approximately 29% and 12%, respectively. This reflects concerns over the probability of a U.S. and global recession.

Nigeria’s crude oil output falls to 1.4mbpd

Nigeria’s oil production declined by 4.76% to 1.4mbpd in March from 1.47mbpd in February, impacted by pipeline vandalism and theft. Despite being the largest oil producer in Africa, output is 7% below Nigeria’s OPEC quota and 32% lower than the 2025 budget oil benchmark. Lower oil output could reduce export earnings and weaken the naira.

The price of plantain surged to N9,000 per bunch

The price of a bunch of plantains spiked by 125% to N9,000 in April from N4,000 in December 2024, attributed to seasonality and supply chain disruptions. Prices are expected to stay elevated in the near term, further stoking food inflation, after a spike in headline inflation to 24.23% for March.

FDC’s M.D., Mr. Bismarck Rewane, 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!