Connect with us

News

India Imports Less Nigerian Oil in August

Published

on

Oil Prices - Investors King
  • India Imports Less Nigerian Oil in August

India, one of Nigeria’s largest crude oil importers, imported less Nigerian crude oil in August, according to Reuters report published on Monday.

The total oil imported from Nigeria in August dropped by 34 percent to 279,000 barrel per day, data from the industry and shipping sources shows.

However, India imported more crude oil from the US during the same month. India imports rose by 3.1 percent to 4.7 million barrels in August, up 15.8 percent from a year ago, data for the month shows.

India’s refiners increased US import orders in June to profit from the discount between the US crude future and Brent, the international benchmark.

Brent crude oil, against which Nigeria’s crude is priced, rose to $80.09 as of 9:30 pm Nigerian time on Wednesday.

The jumping in price was attributed to the drop in US crude inventories for the week ended September 7, and the widely expected US-Iran sanctions.

Crude Oil Production

Nigeria’s oil production rose from 1.53 million per day in July to 1.71 million per day in August, according to Organisation of Petroleum Exporting Countries (OPEC) monthly oil market report released on Wednesday.

OPEC average 32.56 million barrel per day in August, representing an increase of 278,000 barrel per day when compared to July.

Oil production surged mainly in Libya, Nigeria, Iraq and Saudi Arabia in August, but declined in Iran, Venezuela and Algeria, the 15-member oil cartel said.

UKOilWeekly

Is the CEO/Founder of Investors King Limited. A proven foreign exchange research analyst and a published author on Yahoo Finance, Businessinsider, Nasdaq, Entrepreneur.com, Investorplace, and many more. He has over two decades of experience in global financial markets.

Continue Reading
Comments

Travel

Singapore Tops Passport Power Rankings, Overtakes European Rivals

Published

on

Singapore has reclaimed its position as the holder of the world’s most powerful passport, surpassing European countries such as France, Germany, Italy, and Spain.

According to the Henley Passport Index, Singaporean citizens can now enjoy visa-free access to 195 destinations globally, placing the city-state at the top of the rankings.

The Henley Passport Index, which uses data from the International Air Transport Association, evaluates 199 passports and their access to 227 destinations.

The latest update sees Singapore leapfrogging previous leaders, with the European quartet and Japan now sharing second place.

In third place are Austria, Finland, Ireland, Luxembourg, Netherlands, South Korea, and Sweden, whose passport holders have visa-free access to 191 destinations.

This is the first time seven nations have occupied this spot together.

Juerg Steffen, CEO of Henley & Partners, emphasized the significance of passport strength in today’s globalized world.

“The ability to travel visa-free is more than convenience; it’s a powerful economic tool driving growth, fostering international cooperation, and attracting foreign investment.”

While Singapore rises, the United States continues its decline, now ranking eighth, a drop from its former position at the top alongside the UK a decade ago. The UK, meanwhile, has slipped to fourth place.

At the bottom of the list, Afghanistan remains the weakest passport, offering visa-free entry to just 26 destinations.

Continue Reading

News

Netflix’s Premium Plan Sees 40% Price Hike Amidst Nigerian Inflation

Published

on

Netflix

Netflix has increased its subscription prices in Nigeria with the Premium Plan seeing a 40% hike from ₦5,000 to ₦7,000 per month.

According to the updated pricing on Netflix’s website, the Standard Plan, popular for its HD quality and multi-screen options, now costs ₦5,500, up from ₦4,000—a 37.5% rise.

Meanwhile, the Basic Plan increased by 21% to ₦3,500, and the Mobile Plan saw a dramatic 83% jump from ₦1,200 to ₦2,200.

In April, Netflix adjusted its Premium Plan from ₦4,400 to ₦5,000 and its Standard Plan from ₦3,600 to ₦4,000. The Basic Plan remained unchanged at ₦2,900 during that period.

The company stated these changes were part of a broader strategy to enhance revenue and support its expanding content offerings.

This latest hike comes amid soaring inflation in Nigeria, which has significantly impacted the cost of living.

As food and essential goods prices rise, many Nigerians find entertainment subscriptions increasingly unaffordable.

Netflix’s price adjustments are not limited to Nigeria; similar increases have occurred in major markets like the United States, United Kingdom, and France.

In October 2023, both the Basic and Premium plans experienced hikes in these countries as part of Netflix’s global pricing strategy.

The frequent price hikes have sparked concern among Nigerian subscribers who already face economic challenges. Many are reevaluating their subscriptions as home entertainment costs continue to climb.

As Netflix continues to adjust its pricing to sustain growth and content expansion, Nigerian consumers are left weighing the value of their streaming subscriptions against other financial priorities.

Continue Reading

Travel

Airline Stocks Tumble as Ryanair Cuts Summer Fare Forecast

Published

on

Ryanair’s announcement of a significant cut in summer fare expectations has sent ripples through the airline industry, causing stocks to fall sharply.

The no-frills airline reported a nearly 50% drop in profits for the quarter ending June 30, attributing the decline to lower passenger fares and frugal consumer behavior.

Ryanair’s profit before tax fell to €401 million, a stark contrast to the same period last year. This slump is primarily due to a 15% decrease in average passenger fares, as travelers continue to tighten their budgets amid ongoing economic uncertainties.

Chief Executive Michael O’Leary highlighted the shift in consumer behavior, noting that “fares are now moving materially lower than the prior year and pricing continues to deteriorate.”

The company’s previous forecast of stable fares has been revised, with expectations now set for a “materially lower” fare structure between July and September.

The announcement triggered a sell-off in airline stocks, with Ryanair’s share price plummeting by 17%.

Other airlines, including EasyJet and Wizz Air, also experienced declines, reflecting broader concerns about the industry’s financial health as customer spending contracts.

Experts are questioning whether the entire sector is facing a downturn, especially as consumers delay booking trips and opt for more budget-friendly options.

Despite the profit drop, Ryanair reported a slight increase in passenger numbers, which helped mitigate a more significant fall in overall revenue.

However, the airline emphasized that its summer performance heavily relies on last-minute bookings, particularly in August and September.

The trend of delayed bookings is partly due to the cost-of-living crisis, which continues to influence consumer spending habits.

This trend aligns with observations from other airlines like Jet2, which noted only modest price increases amid late bookings.

Ryanair’s struggles are compounded by external challenges such as air traffic control strikes and a global IT meltdown, which have led to delays and cancellations.

These issues have further dampened consumer confidence, potentially impacting last-minute booking numbers.

Moreover, Ryanair faces operational hurdles with aircraft deliveries. Boeing has warned that some 737 Max planes expected by next spring will be delayed until summer 2025, posing a threat to Ryanair’s capacity during peak travel periods.

The airline industry is grappling with the end of a post-pandemic boom in pricing, as evident from warnings by other carriers like Lufthansa and Air France-KLM.

As economic pressures mount, the sector must navigate a landscape of cautious consumer spending and logistical challenges.

Ryanair’s latest figures underscore the fragile nature of the current travel market, prompting airlines to reassess strategies to attract budget-conscious travelers while maintaining profitability.

Continue Reading
Advertisement




Advertisement
Advertisement
Advertisement

Trending