Akintunde Oyedokun
Research Analyst
Oil prices held steady on Wednesday, with Brent at $61.96 and WTI at $58.28, after a slight drop in the previous session. Traders are watching the U.S. Federal Reserve’s rate decision and progress in Russia-Ukraine peace talks, which could influence Russian oil supply. U.S. crude inventories fell last week, and 2025 production forecasts reached a record 13.61 million bpd, though oversupply worries kept gains in check.
Italy’s Industrial Output Declines in October
Italy’s industrial production fell 1.0% in October, with declines across all sectors except energy, signaling continued weakness in manufacturing. On a yearly basis, output dropped 0.3%, below expectations. While this may dampen fourth-quarter growth, recent surveys suggest a possible modest rebound in the coming months. ISTAT now projects 0.5% GDP growth for 2025, down from earlier estimates.
China’s November Inflation Up, Factory Deflation Persists
China’s consumer inflation rose to a 21-month high of 0.7% in November, led by higher food prices, while core inflation stayed at 1.2%. Meanwhile, producer prices fell 2.2%, extending factory-gate deflation and highlighting weak domestic demand. Despite these imbalances, China remains on track to hit its 5% growth target, supported by policy measures and strong exports, with more stimulus expected to boost demand next year.
Egypt’s Core Inflation Accelerates to 12.5% in November
Egypt’s central bank reported on Wednesday that core inflation climbed to 12.5% year-on-year in November, up from 12.1% in October, signaling persistent underlying price pressures in the economy. The increase reflects rising costs in key sectors, particularly housing and transportation. Higher inflation may continue to strain household budgets and affect consumer spending in the coming months.
Nigeria’s Petrol Consumption Drops as Dangote Boosts Supply
Nigeria’s daily petrol use fell to 52.9 million litres in November 2025, down from 56.74 million litres in October, even as total supply rose due to higher local production and imports. Dangote Refinery led output at 23.52 million litres per day, while NNPC refineries remained offline. Imports surged to 52.1 million litres daily, and Dangote plans to meet full domestic demand from December 2025, aiming for 57 million litres per day by February 2026.
