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Brent down to $74.48pb on potential Russia/Ukraine peace deal

Brent futures fell by 0.93% to $74.48pb as hopes for a Russia-Ukraine peace deal grew, with both presidents expressing interest in ending the conflict. Additionally, rising U.S. crude inventories added pressure on prices. We expect prices to remain bearish in the near term.

Nigeria’s oil production rises above OPEC’s quota

Nigeria’s crude oil production rose by 3.36% in January to 1.54mbpd from 1.49mbpd in December 2024, surpassing OPEC’s 1.5mbpd quota by 2.67%. However, it remains 25.24% below the 2025 budget target of 2.06mbpd, which could impact oil revenue. Meanwhile, Dangote Refinery cut diesel prices by 5.12% to N1,020/litre after reducing petrol prices to N925/litre, helping to lower logistics costs and ease inflationary pressures.

The price of beef surged to N8,200/kg

The price of beef climbed 130% to N8,200/kg from N3,500 in June 2024 due to supply chain disruptions in transporting cattle from northern to southern states of Nigeria. As prices stay high, consumers are switching to brisket bones and cheaper poultry.

FDC’s manager, Mr. Bismarck Rewane, and senior analyst, Tomiwa Ajewole, discussed these and other burning economic issues on Channels TV Business Morning and Business Incorporated programmes, respectively.

Click the link below to watch the video.

Enjoy your read!