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Brent gains on OPEC+ commitment to cut oil supply and Middle East tension

Brent futures gained 0.79% to $78.65pb today, as Saudi Arabia confirms the extension of its oil production cuts till Q1’24. The cartel’s largest oil producer agreed to deepen its voluntary output cut in a bid to prop up prices to meet its planned spending goals. The lingering geopolitical tension in the Middle East also supported higher oil prices.

The domestic price of sardines (Canned fish) spikes by 60%

The price of sardines, a popular canned fish variety widely consumed in Nigeria, has surged by (60% YTD) to an average of N800 per can. The naira’s continuous decline (down 37% YTD) fueled the price increase, as most sardines are imported from China, Indonesia, and Spain. Consequently, the demand for sardines is slowly declining due to shrinking disposable income. Similarly, the substitution effect is becoming stronger, as consumers switch to other fish varieties such as Herring and Horse Mackerel, locally known as shawa and kote in the Yoruba dialect.

These and other burning economic issues were discussed on the Business incorporation programme on Channels TV by FDC’s Manager, Funmi Adebowale.

Click the link to watch the video.

Enjoy your read!