Nigeria, Angola plot higher oil export quotas amid OPEC+ talks
African OPEC+ members Nigeria and Angola aim to increase oil output following a delayed meeting on production policy.
Angola eyes production boost with investments. Russia and Saudi Arabia postponed the meeting to Nov. 30, coinciding with COP28. Nigeria targets 1.8 million bpd by year-end; no disagreements were cited.
Oil prices dip amid speculations on output cuts. Delay is linked to African countries’ output reviews.
Read more:Nigeria, Angola plot higher oil export quota amid OPEC+ talks
Gombe greenlights 2024 budget prep with MTEF approval
Gombe’s Executive Council, led by Governor Muhammadu Yahaya, greenlights the 2024 Medium-Term Expenditure Framework (MTEF) for presentation to the House of Assembly.
Based on revenue assumptions and economic indicators, it outlines projected state income, spending, and microeconomic factors.
The MTEF spans 2024–2026, with a focus on estimating the 2024 budget, aligning with oil market projections and government revenue. Approval is secured for submission to the Assembly.
Nigeria considers joining BRICS alliance
Nigeria is considering joining the BRICS group of nations in the next two years, according to Foreign Affairs Minister Yusuf Tuggar.
The move aims to align with nations sharing good intentions and well-defined objectives.
Nigeria, Africa’s largest economy, believes BRICS membership could offer economic and political leverage.
Despite recent invitations, Nigeria had not applied for BRICS membership, with Vice President Kashim Shettima citing a commitment to consensus-building.
Lalong mulls leaving Tinubu’s cabinet for senatorial certificate
Minister Simon Lalong secured his senatorial certificate for Plateau South after winning an electoral tribunal case.
The court nullified the PDP candidate’s votes due to an invalid nomination. Upholding the ruling, the appeal court ordered a fresh certificate for Lalong, hinting at a possible exit from his role as Labour Minister.
This parallels David Umahi’s shift from the Senate to President Tinubu’s cabinet.
Brent climbs ahead of OPEC+ oil production decision
Brent crude futures rebounded in Asian trade, rising to $81.71 after a 0.7 percent drop. US West Texas Intermediate slid to $76.72 due to a public holiday.
Both are set for their first weekly increase in five, attributed to expectations of OPEC+ reducing supply.
The delay of OPEC+’s meeting initially dropped Brent by 4 percent and WTI by 5 percent.
Weak refining margins in the US and China’s property sector issues impact demand forecasts.
