Business
Oil Prices Rise on U.S. Storm and Global Supply Concerns
Oil prices climb as U.S. winter storm disrupts output, Kazakhstan supply remains low, and OPEC+ policies support crude markets amid geopolitical risks
Oil prices rose on Wednesday amid renewed supply concerns after a severe U.S. winter storm disrupted crude output and exports, while ongoing production shortfalls in Kazakhstan and geopolitical tensions bolstered the market.
Also read: Meristem Tips Oil, Banking Stocks to Gain From Rising Crude Prices
Brent crude futures briefly touched their highest levels since late September before easing slightly in early European trading.
By mid-morning, Brent was modestly lower but remained near multi-month highs, with U.S. West Texas Intermediate (WTI) following a similar trend.
Both benchmarks surged roughly three per cent in the previous session as traders weighed tightening supplies against broader macroeconomic factors.
A powerful winter storm over the weekend forced substantial shut-ins in key U.S. oil-producing regions, with crude output losses estimated at up to two million barrels per day, or nearly 15 per cent of national production.
Exports from Gulf Coast ports fell to zero before a partial rebound, highlighting the disruption to logistics and refining operations.
Supply pressures were compounded by slow recovery in Kazakhstan, where the Tengiz oilfield remains below normal output following a fire and power outage.
Analysts expect reduced output to persist into early February, tightening global supply despite the Caspian Pipeline Consortium resuming full capacity at its Black Sea terminal.
Traders are also watching the upcoming February 1 OPEC+ meeting, where delegates are expected to maintain a pause on production increases for March.
The alliance has frozen output hikes through the first quarter to support prices amid soft demand forecasts.
Geopolitical tensions in the Middle East further underpin market sentiment.
A U.S. aircraft carrier strike group has been deployed to the region, raising concerns over potential supply disruptions from major producers.
On the demand side, a Reuters poll indicated that U.S. crude and gasoline stockpiles likely rose in the week to 23 January, while distillate inventories, critical for heating fuel, were expected to decline.
Also read: Refined Oil Drives UK–Nigeria Trade to £8bn in 2025
Official government data is due later in the day, with traders closely monitoring signs of emerging deficits or surpluses.
Business
ISAT Group Rebrands, Partners Afro Mobile to Launch High-Speed Broadband Services in Nigeria by Q3 2026
New identity signals bold expansion as landmark investment accelerates affordable, high-speed connectivity for millions of Nigerians.
Nigeria’s digital economy is set for a major boost as ISAT Group unveiled a new corporate identity and announced a strategic alliance with Afro Mobile, ahead of its Q3 2026 commercial launch.
The partnership is underpinned by Afro Mobile’s acquisition of a 40% equity stake in ISAT Group and a US$3 billion financing package structured by Equiline Finance, positioning the alliance among the largest indigenous broadband investment initiatives in Nigeria’s telecommunications sector.
The rebranding marks ISAT Group’s evolution into a next-generation digital connectivity company focused on broadband, satellite communications and enterprise solutions. Together, the partners will expand affordable, high-speed internet access to homes, businesses, government institutions and underserved communities nationwide.
ISAT Group Chief Executive Officer, Dr. Adeyanju Binuyo, described the development as a transformational milestone.
“Our vision extends beyond connectivity. We are building the digital infrastructure that will power businesses, connect communities, stimulate innovation and accelerate Nigeria’s digital economy. This partnership demonstrates our commitment to making world-class broadband accessible to every Nigerian.”
Group Chairman, Mr. Ganiyou AFOLABI Moustapha, said the alliance reflects ISAT Group’s long-term confidence in Nigeria’s future.
“This investment is a strong vote of confidence in Nigeria’s digital economy. Together with Afro Mobile, we are building a resilient indigenous broadband platform that will create jobs, drive innovation and support inclusive national development.”
With operations commencing in Q3 2026, ISAT Group and Afro Mobile are poised to emerge as a leading indigenous broadband provider, delivering next-generation connectivity that will help bridge Nigeria’s digital divide and power the country’s next phase of economic growth.
Business
UBA Foundation Drives Environmental Awareness with Tree Planting in Lagos Schools for WED 2026
UBA Foundation tree planting initiative marks World Environment Day 2026 with sustainability drive across Lagos schools to promote climate action
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