Akintunde Oyedokun
Research Analyst
Oil prices rose over 1% Wednesday as OPEC+ kept output levels steady and the U.S. blocked Chevron from exporting Venezuelan crude. Brent settled at $64.90, and WTI at $61.84. Despite expectations for a production hike, OPEC+ stuck to its current policy and plans to set 2027 output baselines. A smaller group within the alliance may decide on a July increase this weekend. Supply risks from Canadian wildfires, steady non-OPEC+ production, and rising summer demand also boosted prices. A reported U.S. crude stock drop and possible progress in U.S.-Iran talks added further support.
Americans Maintain Financial Stability Amid Ongoing Inflation, Economic Concerns
U.S. households remained financially stable last year, with many adults managing to stay afloat despite persistent concerns over inflation and the broader economy. Economic well-being varied by education level, with college-educated individuals reporting stronger stability compared to those with less education. Rising prices continued to impact personal finances and spending habits, while emergency savings showed no improvement. The job market saw reduced movement, with fewer people changing jobs and less satisfaction among those who did. Meanwhile, public confidence in the economy remained low, and interest in cryptocurrency continued to decline.
German Unemployment Soars, Highlighting Growing Economic Struggles
Unemployment in Germany increased by 34,000 in May, bringing the total to 2.96 million, approaching the 3 million mark for the first time in a decade. This rise adds to the pressure on Chancellor Friedrich Merz’s government as it faces a sluggish economy and rising joblessness.
Labour Minister Baerbel Bas called for immediate economic stimulus to drive growth. The unemployment rate held steady at 6.3%, but it is expected to rise further. Job vacancies also decreased by 67,000, reflecting a slowdown in labour demand, while the service sector shows some potential for recovery.
Chevron Oil Platform Fire In Angola Kills Three, Injures 17
A second person has died from injuries sustained in a fire on a Chevron-operated oil platform offshore Angola, bringing the death toll to three. Seventeen others were injured, four seriously, in the May 20 incident at the Benguela Belize Lobito Tomboco (BBLT) platform. Two workers were transferred to South African hospitals, while the body of the third worker is still missing. The fire occurred just as Chevron planned to resume operations after an annual shutdown. Investigations into the cause are ongoing
Nigerian Gover Launches N45,000 Monthly Grant For Technical College Students
The Nigerian Government has introduced a N45,000 monthly grant for students in technical colleges to revive the TVET sector and boost youth enrollment. The initiative, announced by the countries National Board for Technical Education’s Prof. Idris Bugaje, also covers tuition, industrial training supervision, and certification—funded by a N120bn grant through NELFUND.
A proposed bill will establish a National Skills Fund to ensure sustainability, complementing ongoing reforms like a practical-focused curriculum and a skills development partnership with China.
