General News
Oil Prices: OPEC No Longer in Charge
The failure of the cartel partners in the Organization of the Petroleum Exporting Countries (OPEC) to agree to a production cut that would put a brake on plummeting crude prices show that the cartel may have outlived its usefulness, NY Times has suggested
The greatest beneficiary is the United States where since the economically crippling oil embargo of 1973, every American president has pledged to seek and achieve energy independence.
On Friday, the benchmark American price for crude oil continued the free fall that began on Thursday, closing at $66.15, its lowest price in more than four years.
The inability or unwillingness of OPEC to act showed that the cartel was no longer the dominating producer whose decisions determine global supplies and prices. Suddenly, the United States — which is poised to surpass Saudi Arabia as the world’s top producer, possibly in a matter of months — is in that position, although the resiliency of that new command must still be tested.
“This is a historic turning point,” said Daniel Yergin, the energy historian. “The defining force now in world oil today is the growth of U.S. production. The outcome of the OPEC meeting is a clear indication that the oil exporters now recognize that this is a new market.”
For decades, the United States faced dwindling domestic production and rising demand, leading President George W. Bush to call on the country to get off its “addiction” to imported oil. But around eight years ago a few small oil companies began experimenting to produce oil from hard shale rocks in North Dakota and Texas, using hydraulic fracturing — fracking — and horizontal drilling techniques that proved effective in producing natural gas a few years earlier.
Domestic oil production has soared more 70 percent over the last six years, to roughly nine million barrels a day. The country is still a net importer, but with production growing by more than a million barrels a day every year, it is importing less and less almost every month.
Imports from OPEC producers have been cut by more than a half in recent years, forcing increasing competition among Saudi Arabia and other exporting countries seeking to replace the American market with Chinese and other Asian markets. That has produced more cracks in an organization in which competition between Saudi Arabia and Iran is already fierce.
That remarkable global turnaround has been a windfall for the United States, helping keep inflation in check, lower the trade deficit, strengthen the American dollar and bring relief to consumers.
On Friday, Americans paid an average of $2.79 a gallon for regular gasoline, according to the AAA motor club, nearly 50 cents less than a year ago.
For David Goldwyn, the State Department’s coordinator for international energy affairs in the first Obama administration, OPEC’s decision not to cut was “strategic .”
“What we have now is a yearlong game of chicken,” he said. “The Saudis are waiting to see how much U.S. production adjusts because of prices and they are waiting to see how much pain the other major oil producers can take before they are willing to make meaningful cuts.” Referring to the global oil benchmark, he added, “If Brent sinks below $60, I think you will see OPEC hit the panic button pretty fast.” That would mean an extraordinary OPEC meeting, and emergency cuts in production.
The Brent price has fallen more than a third since June and closed on Friday at $70.15 a barrel.
For OPEC producers like Venezuela and Iran, the tumbling price in oil has produced economic hardship and potential political problems.
Venezuela and Algeria contend that OPEC needed to band to together to cut production and raise prices. But Saudi Arabia has by far the most sway in OPEC, since the kingdom produces roughly one-third of OPEC output alone. It also has the financial muscle and spare capacity to lower or raise production whenever the Saudi royal family deems necessary.
Saudi Arabia resisted calls for lower production mainly because the countries that were most vociferous in calling for cuts would be the countries least able to actually cut their production since their cash-short governments are dependent on more, not less oil revenue.
And there was no guarantee that a cut in OPEC production would raise prices. Even if it did, that would only encourage more American output. So far, United States oil production has proved resilient no matter the price.
Even as prices slid in October, production in the Bakken shale field in North Dakota and the Eagle Ford field in Texas — the two primary promoters of the American oil production boom — increased more than 3 percent over the month before.
That is because American producers keep improving the efficiency and output of their wells with new technology, and because in the short run, lower prices can actually encourage companies to produce more to pay debts and dividends.
Energy experts caution that there is no guarantee that the United States will permanently keep its new powerful edge on world markets. Eventually, low oil prices will drive down production in higher-cost fields, drive marginal companies that are deeply in debt out of business and encourage major companies to slow down their investment in new wells. Several companies have already shaved their 2015 exploration budgets.
And OPEC has been weakened before, only to stage a comeback. The cartel is still able to produce about a third of the global oil market.
After the oil price spikes of the 1970s, the United States and other industrialized countries raised their strategic reserves, put into effect conservation policies and incentivized oil production. New output from places like Alaska and the North Sea in the 1980s helped produce a glut, sending oil prices plummeting. Saudi Arabia lobbied its OPEC partners for production quota cuts, and the kingdom cut its own production. When other OPEC members failed to comply with the new quotas, prices collapsed in 1986, and Saudi Arabia lost valuable markets for years to come.
OPEC has never completely regained the power it once had, but in the early 2000s, oil prices spiked again primarily because of the rapid growth in demand from China and other developing countries and increasing unrest in several oil-producing countries like Nigeria and Venezuela. With the oil market growing tighter, Saudi Arabia expanded its spare capacity and kept a lid on spiraling prices.
An equilibrium price of around $100 a barrel kept producing and consuming countries reasonably happy. But now the United States production, combined with slowing economic activity in China and Europe, have broken the balance.
“OPEC still has power in that they can still cut production and raise price if they choose to do so,” said Michael C. Lynch, president of Strategic Energy and Economic Research and sometimes an adviser to OPEC. But he added, “They don’t have the same power they once did because so many of the members are in bad financial condition and so it’s harder for them to cut production and lose revenues in the short term to raise prices.”
General News
Moonshot Returns with a Defining Third Edition, Charting Africa’s Next Phase of Innovation
Moonshot, Africa’s flagship tech and innovation gathering, officially announces its third edition. Scheduled to take place from October 15 –16, 2025, at the Eko Convention Centre in Lagos, Nigeria, the future-shaping conference will convene over 4,000 participants and more than 120 speakers from over 15 countries, all focused on accelerating the trajectory of Africa’s tech-driven future.
This year’s theme, “Building Momentum: Africa’s Tech Ecosystem Positions Itself for Its Next Big Leap,” captures a critical moment for the continent’s tech landscape.
Following years of resilience through economic downturns and funding contractions, the ecosystem is maturing rapidly and sensibly redirecting focus toward sustainable, scalable growth. Moonshot 2025 will serve as a platform to consolidate these hard-won gains and align stakeholders around the next era of opportunity, across key tech verticals.
Headline sponsored by Sabi, a global trade and supply chain enabler, the agenda-setting conference has evolved into a continental platform for catalysing connections, unlocking capital, and amplifying bold ideas. Now in its third year, Moonshot serves as a dynamic hub, and a living museum, of Africa’s innovation journey, actively bridging past achievements with future ambitions.
Speaking about the event, Tomiwa Aladekomo, CEO of Big Cabal Media, said: “The last few years truly tested the resilience of Africa’s tech ecosystem, but they also undeniably sharpened it. The ups and downs in funding have given way to something far more intentional, with founders now building smarter and with clearer purpose.
Despite the challenges, African founders have persevered and thrived. Crucially, regulations have also matured, providing much-needed direction. What we’re witnessing now is genuine momentum, firmly grounded in strong fundamentals, propelled by clarity, and intensely focused on scale.
“Moonshot 2025 offers a vital space to reflect on our journey and to channel this momentum into meaningful progress for founders, investors, and the entire ecosystem”
This year’s edition will welcome a distinguished lineup of speakers, including Andrew Alli, Non-Executive Director, British International Investment (BII), Maxime Bayen, Operating Partner, Catalyst Fund, and Lexi Novitske, General Partner, Norrsken22, among others.
The event will also showcase its nine signature content tracks, now enhanced with refreshed programming designed to foster deeper, more impactful conversations. This include:
- FUEL: The Investor Conference: This track is significantly upgraded to improve deal-making and investment opportunities, with a stronger focus on attracting Limited Partners (LPs), Development Finance Institutions (DFIs), and first-time investors in Africa. It will feature structured deal rooms, curated pitch sessions, an investor’s guide to Africa, and dedicated spaces for peer exchange across the investor landscape.
- Startup Festival: Tailored for both early- and growth-stage founders, this festival will offer intensive workshops, operator-led sessions, and live startup showcases, including the TC Battlefield – it’s flagship pitch competition.
- Emerging Tech (AI): A dedicated space to explore the practical applications of artificial intelligence across various sectors on the continent, featuring product demos and insights from leading builders and researchers.
- Government & Policy Conference: This vital track will convene policymakers from across Africa to engage in discussions on crucial digital policy reforms and work towards tangible commitments to support innovation and scale across the continent.
Additional tracks, including Creative Economy, Climate Tech, Future of Commerce, Big Tech & Enterprise, and Entering Tech, will feature compelling conversations on critical topics such as financing infrastructure, workforce development, and fostering cross-sector collaboration.
Also speaking about the event, Anu Adedoyin, CEO and co-founder of Sabi said “This marks our third year as a proud partner of Moonshot, and the evolution of this conference mirrors the incredible growth and ambition of African tech.
“We believe in building robust foundations for digital commerce, and Moonshot is crucial for fostering the connections and clarity needed for founders to build smart, scalable solutions. We’re excited to see the tangible momentum this year’s event will generate for Africa’s next big leap.”
Proudly supported by platinum sponsors Flutterwave, Luno, Fincra, Raenest, Cardtonic, Roqqu, Opay, and Busha, the conference will build on the outcomes of previous editions, including a $120,000 ecosystem pledge at last year’s Tech Ecosystem Alliance roundtable.
Moonshot is powered by the leading tech publication in Africa, TechCabal, providing reporting, data and context that help investors and professionals globally understand where African tech is and where it is going.
FirstBank, the West African premier financial institution and financial inclusion services provider, has emerged as Nigeria’s Best Bank for Environmental, Social, and Governance (ESG) at the prestigious Euromoney Awards for Excellence 2025, held recently in London. This marks FirstBank’s second consecutive win in the ESG category, affirming its leadership in sustainable finance and responsible banking across Nigeria.
The Euromoney Awards for Excellence are regarded as one of the most coveted accolades in the global financial industry. The highly competitive selection process involves rigorous analysis and assessment, measuring performance against strategic and impact-oriented criteria.
The Bank earned the award through its deepened sustainability commitments embedded across its operations and community initiatives. In 2024, FirstBank screened 237 transactions worth over ₦3 trillion for sustainability risks, integrating ESG considerations into its credit framework.
Among its flagship sustainability initiatives, FirstBank commenced a tree planting campaign in partnership with Nigeria Conservation Foundation (NCF), planting over 30,000 trees in 16 locations across Nigeria. This was the first phase of its 50,000-tree initiative, projected to absorb approximately 720 tonnes of CO₂ by the end of 2025, contributing to climate resilience and supporting biodiversity preservation.
FirstBank has been proactive in gender inclusion through the Gender Market Strategy, disbursing over ₦43 billion FirstGem loans to women-led businesses in 2024. The Bank’s commitment to inclusive banking saw a significant increase in the worth of transactions facilitated by FirstMonie agents to over ₦9 trillion.
The Bank prioritises ESG/sustainability capacity building, evidenced by the training of over 9000 employees, and its webinars and workshops reaching over 2,000 SMEs and corporates. The bank’s investment in leadership for over 2,000 female employees through the FirstBank Women Network has demonstrated a dedicated structural commitment to cultivating a knowledgeable and diverse workforce catering to the dynamic ESG landscape.
Commenting on the award, the Chief Risk Officer of the Bank as well as the Chairman of the FirstBank Sustainability Committee, Patrick Akhidenor said, “We are honoured to receive this prestigious award for the second time in a row, which is a validation of our efforts to create a sustainable and inclusive future for all our stakeholders. Our approach to sustainability is hinged on three pillars: education, health and welfare; diversity and financial inclusion; responsible lending, procurement and climate initiatives”
He added: “We remain focused on driving impact through purposeful initiatives and inclusive growth, ensuring that our ESG efforts continue to create meaningful change in communities across Nigeria and beyond.”
The continued success in ESG and sustainability is driven by FirstBank’s vision to be Africa’s bank of first choice, leading with purpose, responsibility, and innovation.
Federal Government is increasing collaborations with China to digitalise Nigeria Customs Service operations. This past weekend, NCS strengthened its cooperation efforts through a high-level engagement with the General Administration of Customs of China (GACC).
The meeting, held in Beijing, China, brought together senior officers of the customs service and top officials from the GACC to explore bilateral knowledge exchange and capacity development in customs administration.
Abdullahi Maiwada, NCS Assistant Comptroller of Customs said that discussions were held with officials from the GACC International Cooperation Division, the Training and Education Centre and representatives of the Shanghai Customs College.
“The engagement focused on deepening cooperation in customs training methodologies, modernisation models and technology-driven solutions, especially as China plays a pivotal role in Nigeria’s international trade network,” said Maiwada.
He added that during the meeting, the Chinese customs authorities shared their structured training system, which incorporates virtual reality, 5G-enabled systems, and blended e-learning approaches. In 2024, GACC conducted over 8 000 physical training sessions and developed 360 online courses.
Discussions also highlighted Nigeria’s active participation in China-led customs development initiatives, with over 200 African customs officers, including 89 from Nigeria, having received training since 2023 across various areas, such as trade facilitation, anti-smuggling enforcement, food safety supervision and digital port operations.
The bilateral dialogue between the two customs agencies also heralded new areas of collaboration, including Nigeria’s participation in upcoming Customs Modernisation Courses and officer development training at the Shanghai Customs College.
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