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Brent slips below $80pb after OPEC+ meeting

The price of Brent fell by 1.76% to $76.98pb on Tuesday, the lowest price in 4 months. The drop in price is driven by OPEC+’s decision to ease voluntary cuts for eight members beginning in October. The price fall is further influenced by weakening Chinese demand. We expect the price of Brent to remain bearish in the near term as the markets digest OPEC+ decision.

The price of cowpea (Beans) surged to N100,000 per bag due to rising demand

Nigeria, the largest producer of cowpeas with an annual output of 5.2 million metric tons has seen a 42.86% price surge for a 100kg bag, rising to N100,000 in May from N70,000 in February 2024. This increase is driven by strong global demand and supply concerns due to insecurity. However, poor quality and failure to meet global standards have led to export rejections, weighing on Nigeria’s forex earnings

FDC’s senior analyst, Dr. Desola Sunmoni discussed these and other burning economic issues on Channels TV Business Morning programme.

Click the link to watch the video.

Enjoy your read!