Key producer members of the Organization of Petroleum Exporting Countries (OPEC) have agreed to raise their collective output ceiling by another 137,000 b/d in November.

“In view of a steady global economic outlook, and current healthy market fundamentals, as reflected in the low oil inventories, the eight participating countries decided to implement a production adjustment of 137,000 b/d from the 1.65mn b/d additional voluntary adjustments,” the OPEC secretariat said.

The decision comes as the group — Saudi Arabia, Iraq, Kuwait, Russia, the UAE, Algeria, Oman and Kazakhstan — began to unwind 1.65mn b/d of voluntary cuts this month, starting with an initial 137,000 b/d hike in their collective production target.

The 1.65mn b/d voluntary cut was agreed in April 2023 and originally included a small contribution from Gabon, which is not part of the latest plan to restore output.

The move reflects a continuation of the cautious approach that the group has chosen to take going into the fourth quarter of this year — a time when the world typically enters a seasonal lull in oil demand. The IEA has projected sizeable surpluses not just in the fourth quarter of this year, but also in 2026.

The group, accordingly, maintained deliberate ambiguity on production guidance beyond the coming month, just as it did at its previous meeting in September.

Delegate sources told Argus media that during the meeting, Saudi energy minister Prince Abdulaziz bin Salman openly asked Russia’s deputy prime minister Alexander Novak whether there had been any discussions or consultations on policy beyond November, and specifically whether any talks had been had around volumes other than the 137,000 b/d discussed and agreed today. Novak confirmed to the others in the group that no such consultations had taken place.

With concerns around oversupply lingering, some delegate sources questioned prior to the meeting whether additional barrels were required, arguing that the market is already “well supplied.” But delegate sources told Argus that today’s decision was nevertheless taken swiftly with no formal opposition.

“Let us continue returning those remaining barrels and see how markets react,” one delegate told Argus. “We can act accordingly as we retain considerable flexibility now,” the delegate added.

The group of eight has turned its attention to the 1.65mn b/d cut after completing last month the unwind of a separate 2.2mn b/d cut that was agreed in November 2023.

Ice Brent crude futures closed at $64.53/bl on 3 October, down by just $1/bl since the group last met in early September.

But as has been the case since the group began unwinding these cuts in April, the actual production increase in November is likely to fall short of the headline 137,000 b/d agreed today, both because of ongoing compensation obligations by past over-producers, and upstream and midstream bottlenecks in some member countries such as Russia.

Between April and August, Argus estimates that the group restored only 1.35mn b/d of production, far short of the notional 1.92mn b/d that the collective quotas rose by over this period. Since January, Opec+ production rose by 1.8mn b/d.

The eight producers are scheduled to meet again on 2 November to determine their policy move for December.

The price of cooking gas remains high despite the suspension of the strike action by the Petroleum and Natural Gas Senior Staff Association of Nigeria last week, leaving residents of Lagos, Ogun and other states in the South-West in utter despair.

Meanwhile, the National Association of Liquefied Petroleum Gas Marketers has assured Nigerians that the ongoing scarcity of cooking gas, which led to price hikes across major cities, would ease within days as supply gradually resumes.

Nigerians, especially women in the South West, lamented that they started buying gas at prices between N1,300 and N1,600 per kg since last week when PENGASSAN shut down major gas facilities to protest the sack of 800 workers by the Dangote refinery.

“I bought gas at N1,600, and it is still like that until this weekend,” Oluwakemi Mobolaji, a resident of Ota, Ogun State, told one of our correspondents.

A native of Ibadan, Oyo State, Abefe Taiwo, said she refilled cooking gas at N1,300 at a major gas station in Challenge, Ibadan.

“I don’t know when the price of gas will go down. The PENGASSAN strike has been suspended. Why is gas still expensive?” Adeola, a Lagosian, said on Sunday.

It was observed that a number of gas stations have run out of supply since last week.

There were queues in the few gas stations selling LPG as of Sunday.

Speaking with The PUNCH on Sunday, the National President of the National Association of Liquefied Petroleum Gas Marketers, Olatunbosun Oladapo, explained that the shortage was largely limited to the South-West and was caused by recent maintenance works at the Dangote facility, compounded by a strike by the Petroleum and Natural Gas Senior Staff Association of Nigeria.

“The scarcity is not nationwide. Gas is available in the South-South and East, but the South-West experienced shortages due to recent disruptions. Maintenance was carried out at Dangote, and immediately after that, PENGASSAN embarked on strike, which delayed vessels carrying gas from NLNG. Now that terminals have resumed trucking, the backlog will take two to three days to clear,” Oladapo said.

He disclosed that Dangote had started issuing pro forma invoices to off-takers and resumed trucking out products, a move expected to stabilise supply in the coming days.

However, an oil and gas expert, Olajire Jeremiah, said the vacuum created during the three-week pause in Dangote’s sales triggered panic buying and opened the door for sharp price hikes.

“Dangote only resumed selling on Wednesday, after being out of the market for about three weeks. Importers also stayed away, claiming it was difficult to compete with Dangote’s lower pricing. This created a supply vacuum. Scarcity always comes with a price hike, and retailers took advantage,” the Chief Executive Officer of Petroleumprice.ng

As of Wednesday, Dangote was selling LPG at N810 per kilogram, while other depots, including Ardova and Nipco, priced the product at N910–N920 per kg, a margin of N100 per kg.

In Abuja, retail outlets sold cooking gas for as high as N1,400 per kg. A retailer in Kuje confirmed switching suppliers after long delays at their primary source. “Gas is now both expensive and scarce. We’ve had to buy from new suppliers since our usual depot could not meet demand,” the retailer lamented.

Marketers maintain that the resumption of sales by Dangote and continued trucking from depots would normalise supply across the country in the next one to two weeks, urging consumers to remain patient.

The Nigeria Deposit Insurance Corporation (NDIC) currently provides full insurance cover for 98.98 percent of Deposit Money Banks’ total deposits.

The Managing Director of the Corporation, Mr. Thompson Sunday, revealed this at the NDIC Special Day of the ongoing 20th Abuja International Trade Fair, with the theme, “Sustainability: Consumption, Incentives and Taxation”.

He restated NDIC’s commitment to ensuring financial sector stability, in collaboration with the Central Bank of Nigeria (CBN).

In a message read on his behalf by the Director of Performance Management, Mrs. Bimpe Akande, the MD said, “Currently, the NDIC insures depositors of Deposit Money Banks (DMBs), Mobile Money Operators and Non-Interest Banks, up to a coverage limit of five million naira. Depositors of Payment Service Banks (PSBs), Microfinance Banks (MFBs) and Primary Mortgage Banks (PMBs) are insured up to two million naira.

“This enhanced coverage ensures that approximately 98.98% of total depositors in Deposit Money Banks, 99.27% in Microfinance Banks, 99.34% in Primary Mortgage Banks, and 99.99% in Payment Service Banks are protected, reflecting NDIC’s unwavering commitment to fulfilling its mandate.”

Mr. Sunday added, “We are dedicated to protecting Nigerians’ bank.  In collaboration with the Central Bank of Nigeria (CBN), we strive to maintain stability in the banking sector, enforce compliance with banking regulations, and exercise effective oversight over insured deposit-taking institutions.

“Our mission, embodied in the tagline ‘Protecting your bank deposits,’ is to promote financial inclusion and stability by reassuring Nigerians of the security of their savings.

“Significant progress has been made in protecting depositors’ funds, notably through the increase in the maximum deposit insurance coverage, which has broadened protection across various licensed banks.”

He added that the corporation had, over three decades, played a vital role in safeguarding depositors’ funds, particularly the most vulnerable, and fortifying the financial system.

The NDIC boss assured that banks’ depositors had no reason to worry about the safety of their funds, as all their claims in excess of the insured deposits.

He said, “In the event that a bank fails, depositors with account balances exceeding the insured coverage limit receive an initial payment up to the maximum insured amount.

“Their remaining balances are then paid through liquidation dividends. Liquidation dividends refer to payouts made to depositors and creditors from the proceeds generated from the sale of a failed bank’s assets and recovered debts during the liquidation process.

“These dividends are usually paid on a pro-rata basis, meaning depositors receive a proportionate share of the recovered funds relative to their outstanding balances beyond the insured limit.”

Ponzi schemes 

Mr. Sunday warned members of the public against patronising Ponzi schemes and other fraudulent investment platforms.

His words, “I would like to emphasise the importance of Nigerians to remain vigilant against Ponzi schemes and other fraudulent investment platforms.

“Always ensure your funds are placed only in Central Bank of Nigeria licensed banks, all of which are covered by deposit insurance provided by the NDIC. This vigilance is crucial to protecting your hard-earned savings.”

Earlier, the President of the Abuja Chamber of Commerce and Industry (ACCI), Chief Emeka Obegolu (SAN) commended the corporation for providing comfort to Nigerian depositors.

He pledged the chamber’s collaboration with the NDIC with a view to providing public awareness on the safe deposit of savings in the country.

“We are pleased to note the alignment between this theme and the mandate of the NDIC, which provides a safety net for depositors, contributes to financial system stability, and supports confidence in our banking sector,” the president said.

Chief Obegolu, who was represented by the Director-General of the ACCI, Sir Agabaidu Jidani, said the NDIC was more than a regulator, describing it as “a strategic partner in advocacy and economic development.”

He added, “By working together, we can build stronger linkages between financial safety, enterprise growth, and national development.

“This synergy is vital in advancing Nigeria’s competitiveness, reducing business risks, and ensuring that our financial system supports innovation, job creation, and sustainable investment.”

He urged the public to engage with the corporation, learn more about the Deposit Insurance Scheme, and take full advantage of the protection and services it provides.

The Governor of the Central Bank of Nigeria, Olayemi Cardoso, has attributed the recent rise in Nigeria’s external reserves to the clearing of the foreign exchange backlog and sustained efforts to improve transparency in the FX market.

As of Tuesday, the nation’s external reserves stood at $42.35bn. Cardoso spoke on Friday at a fireside chat during the inaugural CBN Governor Annual Lecture Series, held at Lagos Business School under the theme ‘Next Generation Leadership in Monetary Policy and Nation Building.’

The CBN recently completed payments on the verified FX backlog after a forensic audit by Deloitte, which uncovered significant irregularities in some forward contracts.

Explaining why he chose to clear the backlog despite not inheriting it, Cardoso said restoring Nigeria’s credibility was a non-negotiable priority when he assumed office.

“When I took office, I made a promise. We would clear the verifiable backlog of monies owed by Nigeria to third parties. To be honest, I had no idea how we were going to do it, but it was not negotiable. We needed to protect and maintain our integrity,” he said.

Describing the move as a “huge sacrifice,” he stressed that credibility and trust were essential to attracting long-term investment.

“If we are a going concern, and if we expect people to trust and invest in our economy, we must keep our promises. That action contributed in no small way to the rise in our reserves. People invest when they see credibility and transparency.”

Cardoso highlighted several reforms aimed at strengthening confidence in the apex bank. These include open, televised Q&A sessions after every Monetary Policy Committee  meeting, regular publication of audited financial statements — breaking with years of opacity, and  disclosure of Nigeria’s net reserves position at the end of 2024, a move that surprised sceptics and reassured international investors.

“Many doubted we would publish the net reserves figure. But we gave a date, we delivered, and that gave investors confidence in the CBN,” Cardoso noted.

He also pointed to the adoption of a B-matching electronic trading system in the FX market to ensure transparency.

“The system makes rates and transactions visible to all. The market has become more transparent, eliminating the situation where some had privileged access to FX while others did not.”

Cardoso reiterated that his reforms aim to ensure that Nigerians can do business without undue influence or connections.

“By the time I leave the Central Bank, you won’t need to know anybody to get your business going. Today, most Nigerians can already use their naira debit cards abroad, something unthinkable two years ago.”

He stressed that the CBN’s core mandate remained economic stability, noting that stability was key to attracting serious investors.

Nigeria’s food companies have been given 18 months to eliminate industrially produced trans-fatty acids from their products.

The National Agency for Food and Drug Administration and Control announced on Friday as part of a new national strategy to address a major public health risk.

Trans fats, commonly found in processed oils, baked goods, and fried foods, are strongly linked to heart disease, stroke, and premature death. According to NAFDAC, the roadmap adopts a phased approach, including product reformulation, laboratory capacity strengthening, compliance monitoring, public education, and collaboration with government and civil society.

The Director-General of NAFDAC, Professor Mojisola Adeyeye, said in a keynote address shared on X (formerly Twitter) that the roadmap shifts the country from policy creation to aggressive enforcement and implementation.

“The removal of industrially produced trans fats from the food chain is not only a technical achievement but also a moral imperative. Eliminating these fats is possible, achievable, necessary, and urgent,” she said, calling for national collaboration.

The 18-month transition period is designed to allow manufacturers to exhaust existing stock and reformulate their products to meet the new legal limits.

The announcement follows Nigeria’s recognition in 2023 by the World Health Organization for adopting best-practice policies on trans-fat elimination. The new roadmap is expected to secure WHO validation of Nigeria’s full elimination programme and establish the country as a regional leader in public health interventions.

NAFDAC noted that the action targets one of the most harmful dietary risk factors globally, given the strong association of trans fats with cardiovascular disease, stroke, and premature death.

WHO recommends that industrial trans fats be completely removed from food supplies and that intake should not exceed one per cent of total daily energy. The organisation has recognised countries such as Denmark, Lithuania, Poland, Saudi Arabia, and Thailand for successfully eliminating industrial trans fats through mandatory reformulation policies.

Several others, including members of the Eurasian Economic Union (Armenia, Belarus, Kazakhstan, Kyrgyzstan, and Russia), as well as Iran, Bahrain, Kuwait, South Africa, and India, have also introduced strict limits or mandatory reductions on trans fats.