OPEC to review cuts impact in April

OPEC

Oil producers who agreed last week to trim production to boost prices will meet in April to review the impact and sign a long-term pact, the UAE minister said Wednesday.
OPEC and some non-OPEC producers decided to cut output by 1.2 million barrels per day for six months from January after world prices shed a quarter of their value in just a few weeks.
Prices currently hover around 60 dollars a barrel, down from more than 85 dollars a barrel in early October in the face of fears of weaker demand and an increase in supplies.
“In April, we will have a meeting to review the decision,” United Arab Emirates Energy Minister Suhail al-Mazrouei told reporters on the sidelines of a conference in Dubai.
Mazrouei said that national oil company ADNOC has already informed clients that it will cut production by 2.5 percent from January.
The UAE, OPEC’s fourth largest producer, has been pumping around 3.0 million bpd.
He said that the producers decided to meet in April instead of June “to allow us to take the required decision,” before the six months are up.
The minister said the cuts will help restore balance to the world market in 2019.
“We expected there will be a slowdown in demand for oil and accordingly decided to cut production,” Mazrouei said.
The producers will also sign a long-term agreement in April to formalise the cooperation between OPEC and non-OPEC parties to the cuts, the minister said.
He said the alliance with Russia and other non-cartel producers has made the Organisation of Petroleum Exporting Countries stronger and more effective.
“OPEC is no longer the 30 million barrel (per day) group … With OPEC, non-OPEC including Russia, we are now talking about 50 million barrels or half the world’s production,” Mazrouei said.
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Capital importation decreases to $2.85 billion in Q3 –NBS
The National Bureau of Statistics (NBS) says the total value of capital importation into Nigeria reduced to 2.855 billion dollars in the third quarter.
The NBS disclosed this in its “Nigeria Capital Importation (Q3 2018)’’ report released on Tuesday in Abuja.
According to the bureau, the figure represents a 48.21 per cent decrease, compared to the second quarter, and 31.12 per cent decrease compared to the third quarter of 2017.
It said the largest amount of capital importation by type was received through portfolio investment, which accounted for 60.5 per cent (1.723 billion dollars) of the total capital importation.
This was followed by other investment, which accounts for 21.07 per cent ($601.53 million) of the total capital import in the period under review.
“And then Foreign Direct Investment (FDI) accounts for 18.58 per cent ($530.63 million) of the total capital imported in the third quarter.
According to the report, the capital importation as shares by sector, which is closely related to equity investment (FDI and Portfolio investment) dominated the third quarter.
It said the figure amounted to 1.667 billion of the total capital importation in the quarter.
It said the United States emerged as the top source of capital investment in Nigeria in the third quarter.
This, it noted, accounted for 31.91 per cent of the total capital inflow in the period under review.