Akintunde Oyedokun
Research Analyst
Oil prices edged higher Monday after a drone strike on Russia’s Kropotkinskaya pipeline station disrupted crude flows from Kazakhstan, impacting major producers like Chevron and ExxonMobil. The Caspian Pipeline Consortium labeled it terrorism, while Ukraine claimed responsibility.
Brent crude rose 48 cents to $75.22 per barrel, while WTI climbed 65 cents to $71.39. A weaker U.S. dollar also supported prices.
Markets also focused on potential Moscow-Kyiv ceasefire talks, which could ease sanctions and boost supply. Despite speculation, OPEC+ confirmed plans to proceed with scheduled oil output increases in April.
Singapore’s Non-Oil Exports Decline 2.1% In January Amid Weak Non-Electronic Shipments
Singapore’s non-oil domestic exports (NODX) fell 2.1% year-on-year in January, driven by weaker non-electronic shipments. The decline was steeper than the 1.1% drop forecasted in a Reuters poll and followed a 9.0% rise in December 2024.
Exports to Hong Kong, the U.S., and Taiwan grew, while shipments to China, the EU, and Indonesia declined.
Enterprise Singapore maintained its 2025 NODX growth forecast of 1% to 3% but warned of global economic risks.
German Cities Struggle with Financial Crisis Ahead of Election
German cities are facing severe financial strain, with many unable to balance their budgets due to poor growth and high social spending, according to a survey released before elections. Around 37% of major cities cannot balance their budgets, and 47% rely on reserves. The country’s economy, hit by foreign competition, high energy costs, and economic uncertainty, shrank in 2024 and is expected to contract again. Nearly half of cities foresee worsening financial situations, potentially leading to staff cuts and stalled projects. Rising social spending, especially for childcare, disability support, and elder care, is a key factor. Experts call for urgent federal action to prevent a financial collapse.
U.N. Appeals For $6bn To Address Sudan’s Severe Hunger Crisis
U.N. officials have requested $6 billion in aid for Sudan this year to address the world’s worst hunger crisis and mass displacement caused by civil war. The appeal, which is 40% higher than last year’s, comes amid global aid budget strains and cuts in U.S. funding. The ongoing 22-month war between Sudan’s army and the Rapid Support Forces has displaced a fifth of the population and left half facing severe hunger. The situation is worsening, with famine conditions reported in multiple regions, including Darfur camps. The U.N. stresses the need for unprecedented response due to the scale of the crisis.
Nigeria’s Capital Inflow Falls 13.8% To $1.63bn In November 2024
Nigeria’s capital inflows dropped 13.8% in November 2024, totaling $1.63 billion, down from $1.89 billion in October. The decrease was driven by a reduction in portfolio investments, foreign direct investment (FDI), and other investments, such as loans. Key factors include uncertainty in monetary policy, naira volatility, global interest rates, and political instability.
This decline could put further pressure on Nigeria’s external reserves, exchange rate, and economic liquidity. Portfolio investments fell to $1.36 billion, while FDI dropped to $0.12 billion, and other investments decreased to $0.15 billion.
