Brent crude futures traded lower at $84.5 a barrel yesterday as markets await US inventory levels and the OPEC+ meeting next Thursday.
The WTI crude futures also erased some gains to trade below $83.6 per barrel.
API data later showed that US crude inventories rose by 1.567 million barrels last week, the sixth consecutive week of gains. Meanwhile, the Nigerian National Petroleum Corporation (NNPC) Ltd has urged the public not to engage in panic buying of petroleum products, as the company has sufficient stock of the products.
Garba Muhammad, Group General Manager, Group Public Affairs Division, NNPC in a statement yesterday said that the stock of the products would last for the festive period and beyond.
The global oil markets look ahead to the November 4 meeting of OPEC+ amid expectations of no major output increase despite international pressure to ramp up production.
On Monday, a Reuters survey showed OPEC’s oil output rose 190,000 barrels per day in October, falling short of the 254,00 increase permitted under the supply deal, as involuntary outages in smaller producers Nigeria, Libya, Congo, Equatorial Guinea and Gabon offset higher supplies from Saudi Arabia and Iraq.
The defendants stated that Adegbulugbe’s usurpation of the position of the Chairman of the Board and combining same with the position of the Chief Executive Officer of the Plaintiff was contrary to the provisions of Part A, Section 2(2.7) of the Nigerian Code of Corporate Governance 2018.
This, they said, provides that “the positions of the Chairman of the Board and the Managing Director/Chief Executive Officer (MD/CEO) of the company should be separate such that no person can combine the two positions.”
They therefore prayed the court to protect them as Executive Directors and as bonafide minority shareholders of the company.