Akintunde Oyedokun
Research Analyst
Oil prices dropped Monday as holiday trading thinned and concerns grew over a potential 2025 supply surplus. Brent crude fell 0.43% to $72.63 per barrel, while WTI slipped 0.32% to $69.24.
A stronger dollar, which makes oil pricier for global buyers, and projections of China’s oil demand peaking by 2027 added to the downward pressure. While the Druzhba pipeline’s restart eased European supply fears, market uncertainty persisted over demand and future economic conditions.
Spain’s GDP Rises 0.8% In Q3, Annual Growth Adjusted To 3.3%
Spain’s gross domestic product (GDP) grew by 0.8% in the third quarter, as confirmed by the National Statistics Institute (INE) on Monday. The figure is in line with analysts’ expectations from a Reuters poll and consistent with the preliminary reading.
Year-on-year, the country’s economic output increased by 3.3% in the third quarter, slightly below the earlier estimate of 3.4%. Analysts had anticipated the higher figure, according to the Reuters survey.
Singapore’s Core Inflation Hits 3-Year Low At 1.9% In November
Singapore’s core inflation eased to 1.9% in November, its slowest pace since November 2021 and below the 2.1% forecast by economists. Headline inflation dropped to 1.6%, also under expectations. The slowdown offers the Monetary Authority of Singapore (MAS) flexibility to adjust monetary policy, though analysts believe changes may not occur until late 2025. The MAS last tightened policy in October 2022. Meanwhile, the government revised its 2024 GDP growth forecast upward to 3.5%, driven by strong third-quarter growth.
Ivory Coast Cocoa Farmers Worry As Harmattan Wind Threatens Crop Yields
Farmers in key cocoa-growing regions of Ivory Coast fear the strong Harmattan wind could harm soil moisture and cocoa pods, threatening yields from February onwards.
While there are enough pods for harvesting until late January, regions like Daloa and Yamoussoukro experienced little to no rain last week, intensifying concerns. Farmers warn that continued dry conditions and strong winds could weaken trees and reduce production.
Meanwhile, regions like Abengourou received above-average rainfall, offering hope for future cocoa output. Some buyers are paying above the farmgate price of 1,800 CFA francs ($2.88/kg) to meet year-end contracts. Average temperatures ranged from 24.2°C to 28.3°C.
Nigeria Resumes Mining In Zamfara Following Security Improvements
Nigeria has lifted the five-year mining ban in Zamfara State, citing improved security conditions. The suspension, triggered by bandit attacks in 2019, impacted the state’s rich mineral resources, including gold and copper.
Minister Dele Alake praised the reduction in insecurity, allowing the mining sector to begin contributing to national revenue once again. Despite the ban, illegal mining persisted in the region.
Nigeria aims to boost its mining sector’s role in the economy with new reforms and international partnerships, including agreements with France, Germany, and Australia for technical and financial support.
