Category: Research

Oando: Groups vow to resist attempt to frustrate audit

Shareholder groups under the aegis of the Trusted Shareholders Association of Nigeria and the Oando Shareholders Solidarity Group have vowed to resist any attempt to frustrate the forensic audit of Oando Plc’s financials as ordered by the Securities and Exchange Commission.

Foreign debt servicing gulped $197.29m in Q3 – DMO

Nigeria spent a total of $197.29m to service foreign debts in the third quarter of this year, the Debt Management Office said on Wednesday.

NEPZA licenses three new FTZs

The Managing Director, Nigeria Export Processing Zones Authority, Mr. Emmanuel Jime, says the agency has licensed three new Free Trade Zones.

No petrol in our depots despite NNPC’s promises – DAPPMA

As fuel queues grew shorter at some filling stations in Lagos on Tuesday, oil marketers under the aegis of the Depot and Petroleum Products Marketers Association said they did not have Premium Motor Spirit in their tanks.

JP Morgan fined $2.8m for improper safeguarding of Nigerian securities

JP Morgan Chase & Co, which has presence in Nigeria, has paid $2.8m fine to the United States regulator to settle charges that its broker-dealer unit lacked sufficient controls to safeguard customer securities from several countries including Nigeria over more than eight years.

This Day

CBN Extends Settlement Banking Arrangement

The Central Bank of Nigeria (CBN) has postponed until further notice it earlier directive for banks to adhere to settlement banking arrangement for all clearing sessions.

Equities Market Opens Week Bearish on Continuing Sell Pressure

The Nigerian equities market commenced the week on negative note on Wednesday as investors continued to sell to meet cash needs in this festive period.

Crude Oil Price Hits May 2015 High at $67 per barrel

Oil price on Wednesday hit $67 per barrel for the first time since May 2015, before dropping to $66.27 despite the supply disruptions in Libya and the North Sea.

Vanguard

NSE to introduce guidelines on derivatives trading

The Nigerian Stock Exchange, NSE, said it would soon introduce guidelines for creation, listing and trading of derivative products on its platform.

Business Day

9mobile: Banks postpone December 31 handover

The December 31, 2017 deadline for the handover of 9mobile, Nigeria’s fourth largest telecommunications service provider to one of the five potential investors has been postponed to January 2018.

Kachikwu accuses companies in crude-for-product deal of profiteering

Ibe Kachikwu, Nigeria’s minister of state for Petroleum Resources has said Nigeria would review the list of companies allowed to participate in the Direct Sale of Crude Oil and Direct Purchase of Products (DSDP) programme on suspicion of profiteering and lack of capacity as fuel queues resurfaced to mar the Christmas holidays.

MPC May Not Meet Due to Lack of Quorum

Following the refusal of the Senate to consider President Muhammadu Buhari’s nominees for the vacant positions in the Monetary Policy Committee (MPC), its first meeting for 2018, scheduled for the third week of January, might not hold due to lack of quorum.

NCC Plans Unused Data Roll over to 14 Days

Following complaints, the Nigerian Communications Commission (NCC) is to extend the grace period of unused data roll over to 14 days.

SEC Moves to Strengthen Monitoring of Bond Proceeds Usage

There are strong indications that the Securities and Exchange Commission (SEC) will introduce a new strategy for reporting of the usage of proceeds of bonds raised from the nation’s capital market.

The Nation

Dangote seeks passage of agric input supply bill

The  President, Nigeria Agribusiness Group (NABG), Alhaji Sani Dangote, has  called for the passage of the Seed Bill to deal sternly with the supply of spurious seeds and fertiliser that are causing havoc to the fortunes of  farmers in the state.

Caution as fuel queues reduce in Lagos, Ibadan

Fuel marketers raised the alarm yesterday – depots are empty. The Nigerian National Petroleum Corporation (NNPC) has promised to flood depots with petrol but the Depot and Petroleum Products Marketers Association (DAPPMA) said the corporation was yet to send petrol to its members’ depots.

Vanguard

Nigeria spends N157bn on vehicles, aircraft parts, vessels importation

Nigeria spent a total of N157 billion on the importation of vehicles, aircrafts parts and vessels in the third quarter of 2017.

Guardian

Globacom positions as Nigeria’s largest telecoms operator

Nigeria’s $70 billion telecommunications industry is set to witness a major acquisition on or before December 31.

NNPC plans 4,600MW power plants for Abuja, Kaduna, Kano

The Nigerian National Petroleum Corporation on Wednesday announced that it would build power generating plants with combined capacity for 4,600 megawatts in Abuja, Kaduna and Kano states.

Stocks end two-day losses, gain N54bn

The Nigerian Stock Exchange reversed a two-day decline at the close of trade on Wednesday after the NSE market capitalisation appreciated by N54bn.

Dispute: BUA welcomes Dangote’s decision on judicial process

BUA International Limited has welcomed the decision of the Dangote Group to await the completion of the judicial process in the ongoing dispute by both parties over limestone mining sites.

$1.3bn Malabu scam: Shell, Eni to face trial in Italy

Royal Dutch Shell Plc and Italian oil major, Eni, would face trial in Italy over a $1.1bn bribery scandal in Nigeria, an Italian judge ruled on Wednesday.

This Day

DMO Lists $300m Diaspora Bank, $3bn Eurobonds on NSE, FMDQ OTC

The Debt Management Office (DMO) wednesday announced that it will list the $300 million Diaspora Bond and $3 billion Eurobonds on the Nigerian Stock Exchange and Financial Market Dealers Quotation Over-the-Counter (FMDQ OTC) Securities Exchange respectively today.

Nigerian Equities Market Rebounds on Bargain Hunting

Nigerian equities market witnessed a rebound Wednesday after two days of bearish as the Nigerian Stock Exchange (NSE) All-Share Index appreciated by 0.40 per cent to close at 37,933.86.

The Nation

Reps to probe CBN over non-remittance of $5billion

The House of Representatives is to investigate the Central Bank of Nigeria (CBN) for alleged under remittance of over $5billion to the Federation Account.

Vanguard

Naira further depreciates to N361.91 as volume drops by 86%

The naira Wednesday suffered yet another biggest daily depreciation in the Investors and Exporters (I&E) Window as it depreciated by 66 kobo to N361.91 per dollar, triggered by an 86 percent decrease in dollar supply.

Reuters

Eni, Shell reject corruption charges in Nigeria case

Eni says  company, CEO acted correctly in opl-245 Nigeria concession deal.

Dangote Cement, Dangote Sugar, Ecobank top equity losers’ chart

The Nigerian stock market continued in losses on Tuesday after Dangote Cement Plc, Dangote Sugar Refinery Plc and Ecobank Transnational Incorporated Plc recorded major losses in their share prices.

Average T-bills yield closes higher at 14.57%

The secondary market for Treasury bills was bearish for the second successive day of trading this week as the average yield closed higher at 14.57 per cent, gaining 1.13 per cent.

NCC, CBN seek to curb financial frauds

The Nigerian Communications Commission and the Central Bank of Nigeria are to sign a Memorandum of Understanding to curb the use of telecommunications networks to defraud bank customers.

FBN Holdings renames merchant banking, asset management businesses

FBN Holdings Plc has announced the renaming of all entities under its merchant banking and asset management group.

Lafarge disagrees with workers over expatriate dominance

The management of Lafarge Africa Plc has disagreed with some of the workers over the alleged dominance of expatriates in the Mfamosing plant of the cement manufacturer in Cross River State.

This Day

IMF: Fed Tightening May Squeeze Portfolio Flows to Nigeria, Others

A key question facing global investors today is what impact the US Federal Reserve’s monetary policy normalisation process will have on capital flows to emerging markets and other economies such as Nigeria that had enjoyed huge flows in recent times, a report by the International Monetary Fund (IMF) has stated.

Transactions on FMDQ OTC Exchange Rise to N130tn in 11 Months

Transactions in the fixed income and currency markets rose by 21.9 per cent to hit N14.85 trillion in November from N12.18 trillion in October.

Militancy, Political Uncertainty Seen as Key Risks for Nigeria, Others

Following Nigeria’s exit from recession in 2017, investor sentiment across West Africa is likely to experience uplift in 2018, a report has stated.

Oando Shareholders Insist on Forensic Audit

Shareholders under the aegis of the Oando Shareholders Solidarity Group (OSSG) have picked holes in recent claims by the management of the company that it dragged the Securities and Exchange Commission (SEC) to court to protect shareholders’ interest.

Punch

NSE adds Sterling Bank, Skye Bank, others to most influential stocks’ groups

THE Nigerian Stock Exchange (NSE) is expected to move  Sterling Bank Plc, Diamond Bank and three other stocks to the top index of 30 most capitalised stocks  in the forthcoming review of the stock market’s indices.

Senate panel seeks liquidation of NNPC

The Senate committee on Finance yesterday recommended the liquidation of state-run oil firm, the Nigeria National Petroleum Corporation (NNPC) over huge funds unaccounted for.

PFAs pay N4b to 12,464 disengaged workers from pension contributions

A bout N4billion were disbursed to 12,464 workers, who lost their jobs across the country, from their pensions contributions in the third quarter of 2016. The money was paid to them by their various Pension Fund Administrators (PFAs).

Reuters

Benin withdraws telecoms licence for Globacom unit in renewal dispute

Benin’s telecommunications regulator has withdrawn the operating licence of Nigerian mobile telecoms company Globacom’s local unit in a dispute over new terms, according to a document seen on Tuesday.

Bloomberg

Nigeria’s Buhari Says He’ll Punish Corruption in Spy Agency

Nigerian President Muhammadu Buhari pledged to penalize officials involved in diverting more than $43 million cash belonging to the country’s spy agency to a private residence in the city of Lagos.

Naira depreciates to 365/dollar despite CBN interventions

The naira depreciated marginally by 0.55 per cent at the parallel market week-on-week to close at N365 on Friday.

Banks borrow N671bn from CBN in five days

Deposit Money Banks in the country borrowed the sum of N671.47bn from the Central Bank of Nigeria in the past five working days, data from the CBN have revealed.

Nigeria, others need commodity-price surge to avert debt crunch–IMF

The sub-Saharan Africa faces a potential debt crunch unless commodity prices improve and boost the pace of economic growth, the International Monetary Fund has said.

Fuel queues return to Lagos, persist in Abuja, others …as oil workers begin strike today

The lingering petrol scarcity in many parts of the country grew worse on Sunday in Lagos, Abuja, Nasarawa, Kaduna and Niger states as many filling stations were shut.

NSE weekly equities’ turnover hits N51.5bn

A total turnover of 1.852 billion shares worth N51.523bn in 23,863 deals, were traded last week by investors on the floor of the Nigerian Stock Exchange.

$2.8bn pipeline contract will change Nigeria’s energy landscape – Presidency

The Presidency on Sunday said the nation’s energy landscape was set for a major change with the award of a $2,809,522,548.36 gas pipeline contract approved by the Federal Executive Council as proposed by the Ministry of Petroleum Resources.

This Day

Dangote Accuses BUA of Stealing and Illegally Mining Limestone

The management of Dangote Group has accused BUA of engaging in illegal mining of limestone deposited in its Mining Lease No. 2541 located in a boundary town of Oguda/Ubo in Okene, Kogi State.

Banking Industry Fraud Drops by 38% in Two Years

The Central Bank of Nigeria (CBN) at the weekend disclosed that despite the increase in the value and volume of electronic payment transactions this year, there have been decline in fraud cases.

DMO to List Green Bond for Easy Trading and Liquidity

Investors staking their funds in the Federal Government maiden N10.69 billion Green Bond have been assured of liquidity as the Debt Management Office (DMO) said the bond would be listed on the Nigerian Stock Exchange (NSE) and FMDQ OTC Securities Exchange.

Guardian

Multiplicity of taxes discourages investments, says Adeosun

The Minister of Finance, Kemi Adeosun has stressed the need for salary earners operating other businesses to also pay tax from their profits in order to help grow the economy.

No intentions to undermine SEC’s authority, Oando insists

In response to the decision by the Securities and Exchange Commission (SEC) to commence a forensic audit into the affairs of the company, Oando Plc has reiterated that its management has not taken any action to undermine the authority of the Commission.

The Nation

NSE places 44 companies on red alert

The Nigerian Stock Exchange (NSE) authorities have placed 44 companies on red alert, raising a caution to investors to beware of underlying corporate governance abuse.

Lafarge Africa closes application for N132b rights issue

Lafarge Africa Plc at the weekend closed application list for its N131.65 billion rights issue, rounding off the subscription to its major capital raising aimed at deleveraging its balance sheet and rebuilding a more supportive capital base.

Reuters

Nigerian oil union calls for strike after talks hit deadlock

A major Nigerian oil union said on Saturday it would launch a strike from Monday after talks aimed at resolving a dispute with domestic oil and gas companies reached a deadlock.

Investors Stake N27bn on Equities as Dangote Cement Lifts Market

High trading in the shares of Dangote Cement Plc on Tuesday lifted the overall value of transactions at the equities market by 445.4 per cent to N26.809 billion.

IMF Harps on Economic Diversification for Nigeria, Others

The Managing Director of the International Monetary Fund (IMF), Christine Lagarde on Tuesday stressed the need for Nigeria and other African countries to ensure that they diversify their economies in other to be able to withstand shocks.

Bonds Lead Capital Market Issuances, Account for N1.4trn

Bonds continued to dominate new issuances accounting for N1.364 trillion or 88 per cent of the total issuances in the capital market between January and September 2017.

CBN: Local Rice Production Records 70% Increase

The Central Bank of Nigeria (CBN) has stated that the production of rice locally has increased to 70per cent following the introduction of the Anchor Borrowers Programme by the federal government.

Bharti Airtel Denies Report of Its Planned Exit from African Operations

Bharti Airtel has denied recent report that it is exiting its operations from three African markets that were said to be unprofitable.

Kachikwu: 2019 Target to End Petrol Imports

The Minister of State for Petroleum Resources, Dr. Ibe Kachikwu, on Tuesday disclosed that the federal government’s target to end importation of petroleum products in 2019 is non-negotiable.

The Nation

Senate kicks against tariff increase by DisCos

The Senate Committee on Privatisation yesterday in Kano, said there was no need for the proposed increase in electricity tariff.

Union Bank sells N291m shares to employees

Union Bank of Nigeria (UBN) Plc has listed 51.299 million ordinary shares of 50 kobo each at the Nigerian Stock Exchange (NSE), pushing its total issued shares from 16.936 billion ordinary shares to 16.987 billion ordinary shares.

Nigeria plans to boost oil output as price hits $65

Less than two weeks after the Organization of Petroleum Exporting Countries (OPEC)’s decision to extend oil production cuts, Nigeria and Libya are planning to raise output next year. Oil price has hit $65, the highest in 30 months.

Banks, insurance firms owe NHF N6.7 trillion

The two sectors have failed to remit N6.7 trillion to the Fund since its inception contrary to the law setting it up.

NNPC threatens to shut stations hoarding fuel

The Group Managing Director (GMD), Nigeria National Petroleum Corporation (NNPC) Dr. Maikanti Baru, yesterday said the Federal Government would adopt an “aggressive measure” to tackle the artificial scarcity of petroleum products in parts of the country.

Punch

CBN injects $210m into forex market

The interbank window of the nation’s foreign exchange market on Tuesday received a boost of $210m from the Central Bank of Nigeria.

GE, Mainstream sign N8.3bn Kainji power plant rehabilitation contract

Mainstream Energy Solutions Limited has injected a fresh $26m (N8.3bn) investment into the Kainji Hydro Power Plant to rehabilitate its Hydro Turbine Generator unit.

TSA: Reps query Buhari’s exemption of N50bn NNPC accounts

The House of Representatives, on Tuesday, raised questions over a “purported” presidential approval exempting some special Nigerian National Petroleum Corporation accounts from the Treasury Single Account.

Vanguard

Alternative securities market records a decline

The Alternative Securities Market, ASeM, of the Nigerian Stock Exchange, NSE, closed the 12 months period to December 12, 2017, in the negative region, recording -3.62 percent Return-on-Investment, RoI.

DMO deploys Eurobond proceeds to repay N198bn TBs

The Debt Management Office, DMO, yesterday commenced the process of refinancing domestic debt with proceeds of $500 million Eurobond as it announced its intention to repay in full the N198 billion treasury bills (TBs) scheduled to mature this month.

Reuters

W. Africa Crude-Differentials underpinned by Forties outage

Differentials for West African grades were stable to firmer, traders said, after a North Sea Forties crude pipeline outage that is expected to lead to a rise in European refining demand.

Nigerian court drops most corruption charges against Senate president

Nigeria’s court of appeal on Tuesday dismissed 15 corruption charges against the Senate president related to alleged false declarations of assets, but it upheld three other charges against him.

CBN’ll use BVN to blacklist loan defaulters –Emefiele

The Central Bank of Nigeria under the auspices of the Bankers’ Committee has concluded plans to use the Bank Verification Number of customers to blacklist loan defaulters from accessing further loans in the nation’s banking system.

FG reviewing non-performing privatised firms’ operations — BPE

The Bureau of Public Enterprises says it has started reviewing privatised public enterprises that have failed to live up to expectation.

577 firms bid for NNPC insurance renewal contract

The Nigerian National Petroleum Corporation on Sunday said it had opened 577 bids submitted by firms seeking to secure the insurance renewal contract for the corporation’s oil and non-oil assets.

Capital market operators seek single licence from CBN, SEC

Capital market operators on Sunday called on the Central Bank of Nigeria (CBN) and the Securities and Exchange Commission (SEC) to grant them single dealing licence to access discount window.

FG plans N110bn bond auction this month

The Federal Government, through the Debt Management Office, is scheduled to hold the last bond auction for the year on December 13, 2017.

Discos installing substandard prepaid meters, says TCN

According to the Market Operator, a department in the TCN, many substandard meters are being given out by Discos to electricity consumers, a development that will attract sanctions if not stopped.

This Day

FG Earned $7bn from Addax Petroleum Since 2009, Says Oil Firm

Addax Petroleum Development (Nigeria) Limited, which operates Production Sharing Contract (PSC) with the Nigerian National Petroleum Corporation (NNPC) PSC has produced 425 million barrels of crude oil and generated over $7 billion in revenue to the Nigerian government since 2009 when SINOPEC took over the company.

Flour Mills Applies to Raise N40 Billion via Rights Issue

Flour Mills of Nigeria Plc (FMN) has applied to the Nigerian Stock Exchange (NSE) to raise about N39.856 billion from the existing shareholders.

Equities Market Sustains Rally on Strong Investor Sentiment

The bulls remained in control of the equities market as the market recorded its third consecutive gain on sustained strong investors’ sentiments.

FX Window Records $1.11bn Transactions in One Week

The level of activities on the Investors and Exporters (I&E) foreign exchange (FX) window strengthened to $1.110 billion in just one week, compared with the $759.2 billion recorded the preceding week.

CBN Mulls Reducing CRR for SME-friendly Banks

As part of efforts to encourage commercial banks to lend more to operators of micro, small and medium scale enterprises (MSMEs), the Central Bank of Nigeria (CBN) is considering lowering the cash reserve requirement (CRR) for SME-focused banks.

Banks Urged to Enhance Private Sector Credit

The President of the Chartered Institute of Bankers of Nigeria (CIBN), Prof. Segun Ajibola has advised commercial banks in the country to increase credit to the private sector to grow the economy.

Guardian

Forex market gets $514m boost ahead of Yuletide

The Central Bank of Nigeria (CBN) ended foreign exchange (forex) market transactions for the week with $303.9 million, as it earlier in the week, sold $210 million to sustain liquidity.

Probe reveals N30b oil revenue ‘hidden’ by NNPC

Full disclosure in the administration of crude sales remains an issue at the Nigerian National Petroleum Corporation (NNPC) despite current efforts at enthroning transparency in the conduct of government business.

Senate urges caution on review of privatised firms

The Senate has advised the Federal Government to exercise caution in the review of privatised enterprises by the past governments so as not to scare away foreign investors from the country.

The Nation

Nigerian capital market issuances hit N1.55trn in September – SEC

The Securities and Exchange Commission (SEC) on Sunday said that the total value of issuances in the Nigerian capital market amounted to N1.55 trillion in September.

Forex restriction on 41 items good for economy, says CBN

The Central Bank of Nigeria (CBN) has said that restriction of access to foreign exchange (forex) on the 41 items has had a positive impact on the economy.

Vanguard

CBN unveils new measures to create jobs

Central Bank of Nigeria (CBN) has unveiled two-policy measures designed to accelerate the growth of the nation’s Gross Domestic Product (GDP), boost non-oil export revenue    and facilitate job creation.

Reuters

Nigerian finance minister says gave no order to halt Oando inquiry

Nigeria’s finance ministry has not interfered in an inquiry by the country’s market regulator into oil company Oando, the finance minister, who last week suspended the Securities and Exchange Commission’s head, said.

Helios, others bid for Nigerian telecoms firm 9mobile

Private equity firm Helios Investment Partners has submitted a bid to acquire Nigeria’s 9mobile under a sale process aimed at finding new investors for the debt-laden telecoms firm.

CBN Intervenes in Forex Market with Fresh $210m

The Central Bank of Nigeria (CBN) on Monday injected another $210 million into the interbank foreign exchange market in its bid to boost liquidity in the market.

Year-to-date Growth Hits 39.6% as Stock Market Rebounds

The stock market returned to positive territory yesterday as it reversed the negative performance of the first trading day of the week.

Saraki Accuses Anti-graft Agencies of Looting Recovered Funds, Property

The Senate President, Dr. Bukola Saraki, Tuesday accused anti-graft agencies of looting funds and property recovered from corrupt persons.

FIRS Hits 79.35% of 2017 Collection Target in 10 Months, Says Fowler

The Federal Inland Revenue Service (FIRS) has said in Abuja that it generated N3.233 trillion in 10 months, an amount that represented 79.35 per cent of its collection target for 2017.

NNPC Targets 15% Downstream Market Share, Builds Three New Mega Stations

The Managing Director of the Nigerian National Petroleum Corporation (NNPC) Retail Limited, Mr. Yemi Adetunji, on Tuesday disclosed that the downstream retail subsidiary of the corporation has set its sights on taking and satisfying about 15 per cent of Nigeria’s downstream petroleum market share in the next one year.

Imo Assembly Boycott 2018 Budget Presentation

For the first time in the life of the Imo State House of Assembly since the current administration of Governor Rochas Okorocha, the Assembly would in unison raise issues of concern to the governance of the state and wellbeing of the people as members yesterday boycotted the presentation of the 2018 budget proposal scheduled for 10a.m. at the Assembly Complex.

Punch

FG opts against $550m Chinese loan for communications satellites

The Federal Government has backed out of a plan to take a loan of $550m from the Chinese Export and Import Bank for the construction of two new communications satellites.

Discos’ force majeure notice jeopardizing power generation

The force majeure notice recently issued by power distribution companies and their disapproval of the eligible customer regulation of the Nigerian Electricity Regulatory Commission are jeopardizing power production in the country.

Senators, Reps pick holes in 2018 budget proposal

Both chambers of the National Assembly have berated the Federal Government’s 2018 budget proposal, saying its assumptions are unrealistic.

Amnesty wants Shell probed for alleged abuses in Ogoniland

Amnesty International on Tuesday said Royal Dutch Shell Plc should face investigations in three countries for alleged complicity in human rights abuses, including murder and rape, committed by the Nigerian military government in the oil-producing Ogoniland region in the 1990s.

The Nation

Import prohibition attracts $10b investment, says CBN

The Central Bank of Nigeria (CBN) Governor, Godwin Emefiele, said the import prohibition policy of the apex bank has attracted investment valued at $10billion into the country.

Pension fund hits N7.2tr

Nigeria’s pension fund assets under the  Contributory Pension Scheme (CPS) have hit N7.164 trillion– as at September  from the N7.094 trillion recorded in August.

Adeosun: only 40m Nigerians pay tax

Out of 70 million taxable adults in Nigeria, only 40 million pay taxes, the Minister of Finance, Mrs. Kemi Adeosun has said.

UACN eyes mergers, acquisitions with new equity capital: With 10 subsidiaries in key sectors of the Nigerian economy, Nigeria’s largest and oldest business conglomerate, UAC of Nigeria (UACN) Plc will consider new acquisitions and mergers to further optimise the values of its existing businesses and take advantage of emerging opportunities in other sectors.

Guardian

Foreign capital inflow hits $4.145b in Q3, says NBS

The National Bureau of Statistics (NBS) has said that the capital importation into the county recorded an increase to $4.145 billion in the third quarter of 2017.

Continued importation of dirty fuel raises fears

Experts warn of health and economic consequences following Federal Government’s failure to meet deadline on importation of high sulphur (dirty) fuels.

Vanguard

Interbank money market resists N90bn liquidity mop up

Efforts by the Central Bank of Nigeria (CBN) to mop-up liquidity from the interbank money market proved abortive as the N90 billion treasury bills (TBs) issued on Monday was undersubscribed by 47 percent.

Reuters

OPEC heading for oil cut extension with a caveat

OPEC and Russia are heading towards prolonging their oil supply cuts for the whole of 2018 but with an option to review the deal in June.