Akintunde Oyedokun
Research Analyst
Oil prices dropped on Friday as Europe considered releasing diesel and crude reserves to ease supply concerns.
Brent fell 3% to $99.25 a barrel, while WTI dropped 4.25% to $88.92. Gasoil futures also declined 4.3% to $1,386.75 per metric ton.
Italy Raises Growth Forecast as Deficit Set to Widen
Italy raised its 2026 growth forecast to 1% from 0.6% and expects 0.8% growth in 2027.
The budget deficit is projected at 2.9% of GDP in 2026, below the EU limit, but could rise to 3.4% in 2027 as Italy boosts defence and energy spending.
Inflation climbed to 4.1% in September from 3.2%, while public debt is expected to peak at 138.5% of GDP in 2027 before easing in 2028.
UK Car Sales Rise 12% as EV Demand Surges
UK new car registrations rose 12% to 350,518 units in September, their highest September level since 2017.
Battery EV sales jumped 36% to 99,199 units, taking a 28.3% market share, while petrol sales fell 6.7%.
Chinese brands also gained ground, with Chery’s Jaecoo 7 emerging as the month’s best-selling model.
Cameroon Approves $391m World Bank Loan
Cameroon has approved a €347.5 million ($390.9 million) World Bank loan to develop the Douala-Bangui economic corridor linking Cameroon with the Central African Republic.
President Paul Biya also approved €212.35 million ($238.9 million) from the Islamic Development Bank to rehabilitate the Douala-Bafoussam highway, as the country steps up borrowing to fund infrastructure and cover budget shortfalls.
Nigeria’s Domestic Gas Supply Tops 2 Bcf/d
Nigeria’s domestic gas supply has exceeded 2 bcf/d, with production rising to 7.5 bcf/d from 6.8 bcf/d in 2023. Proven reserves also increased to 215.19 tcf.
The government targets 10 bcf/d by 2027 and 12 bcf/d by 2030, supported by the completed OB3 pipeline and the 95% completed AKK pipeline.
The government also aims to attract about $30 billion in gas-sector investment by 2030.
