Akintunde Oyedokun
Research Analyst
Oil prices remained stable Thursday, with Brent at $69.46 and WTI at $66.36, as OPEC+ announced its first output increase since 2022. Market volatility was fueled by rising U.S. crude stockpiles, shifting trade policies, and geopolitical tensions. The U.S. granted temporary tariff exemptions to Canada and Mexico, while China signaled possible economic stimulus.
Despite supply adjustments, analysts warned that weak demand from trade disputes and sanctions on Iran could keep prices under pressure.
U.S. Job Cuts Surge To 16-Year High Amid Federal Layoffs
Layoffs in the U.S. have hit their highest February level since the Great Recession, driven by sweeping federal job cuts, contract cancellations, and trade war concerns. Challenger, Gray & Christmas reported a 245% spike in planned layoffs, reaching 172,017 last month. The federal government accounted for most cuts, with Elon Musk’s Department of Government Efficiency (DOGE) slashing spending and cutting over 62,000 jobs across 17 agencies. Washington D.C. has been hit hardest, fueling concerns about broader economic ripple effects and further workforce instability.
ECB Cuts Rates but Signals Possible Pause Amid Uncertainty
The European Central Bank (ECB) cut its deposit rate to 2.5% on Thursday, its sixth reduction since June, amid slowing inflation and economic weakness. ECB President Christine Lagarde warned of uncertainties, including trade tensions and rising defense spending, which could fuel inflation. While further cuts are expected, Lagarde signaled a possible pause in April to assess economic conditions, with inflation now projected to reach the ECB’s 2% target only in early 2026.
Morocco Approves $32.5bn Green Hydrogen Projects To Produce Ammonia, Steel, Fuel
Morocco’s government has approved green hydrogen projects worth 319 billion dirhams ($32.5 billion) to produce ammonia, steel, and industrial fuel. Companies involved include Ortus (US), Acciona (Spain), Nordex (Germany), Taqa (UAE), Cepsa (Spain), Nareva (Morocco), Acwa Power (Saudi Arabia), and Chinese firms UEG and China Three Gorges. The projects aim to meet domestic energy goals and increase renewable hydrogen exports to the EU. Morocco plans to allocate up to 30,000 hectares per project once agreements are signed. The country aims for 52% renewable energy capacity by 2030.
Nigeria’s Power Generation Hits 6,000mw After Infrastructure Upgrades
Nigeria’s electricity generation has risen by 30%, peaking at nearly 6,000 MW this week, following improvements to the nation’s power infrastructure. Although the country has the potential to generate 13,000 MW, only a fraction reaches consumers due to an outdated grid. The Transmission Company of Nigeria has rolled out 66 new transformers and expanded substations. A Siemens-led project, despite setbacks, aims to boost capacity to 11,000 MW by 2023. With support from the government and international bodies like the World Bank, Nigeria aims to surpass 10,000 MW by the end of 2025.
