Speevr logo

NIGERIA: The CBN has its unconventional way, again

NIGERIA: The CBN has its unconventional way, again | Speevr

On 24 April, the Central Bank of Nigeria (CBN) apparently debited about 30 banks a total of NGN 1.47trn (USD 3.8bn) for failing to comply with regulatory thresholds. As the CBN’s monetary policy continues to oscillate between measures aimed at defending the naira and stimulating …   Become a member to read the rest of […]

RUSSIA: Low oil prices and Covid-19 push Moscow to OPEC+ deal

Teneo-Europe-Report

● The steep drop in global oil prices and the deepening of the Covid-19 crisis at home has forced Russia to accept significant oil production cuts at the latest round of OPEC+ meetings. ● The technical details of the deal and Moscow’s reluctance to comply with the previous OPEC+…   Become a member to read […]

SAUDI ARABIA: Truce in the oil price war, but long-term challenges persist

Teneo-Europe-Report

● In a week of drawn-out oil production negotiations, Saudi Arabia managed to preserve OPEC+ and seemingly deliver a win to US President Donald Trump. ● Sustained low oil prices will squeeze reform and modernization efforts in Saudi Arabia, but it will not end them. When Saud…   Become a member to read the rest […]

NIGERIA: OPEC+ production cuts would be credit negative, if obeyed

NIGERIA: OPEC+ production cuts would be credit negative, if obeyed | Speevr

During the 9 April OPEC+ meeting, Nigeria apparently consented to cut production to 1.4 million barrels per day (mbpd) in May and June, and to 1.5 mbpd from July until the end of the year. How sincere the government is about such steep production cuts will be swiftly put to a tes…   Become a […]

COLOMBIA: IMF backstop is positive but oil price vulnerability remains headache

Teneo-Europe-Report

Despite publicly contemplating a loosening of physical distancing measures, President Ivan Duque on 6 April announced that they would be extended until 27 April; the quarantine started on 25 March. The decision does not just reflect the World Health Organization (WHO)’s warnings …   Become a member to read the rest of this article

SAUDI ARABIA/RUSSIA: The challenges and limitations of a US-brokered deal

SAUDI ARABIA/RUSSIA: The challenges and limitations of a US-brokered deal | Speevr

● Saudi Arabia’s principal financial problem is a collapse in global oil demand due to the Covid-19 crisis. ● The oil price war that has broken out between Russia and Saudi Arabia exacerbates the effects of diminished prices, but an end to that price war will not by itself res…   Become a member to […]

RUSSIA: Moscow stepping up Covid-19 response

Teneo-Europe-Report

● Russia is tightening Covid-19 containment measures and taking steps to support domestic economy as the disease spreads. ● Conservative fiscal planning and substantial financial buffers will allow the government to maintain its spending commitments in 2020. ● It is possible th…   Become a member to read the rest of this article

RUSSIA: Putin keeps his post-2024 options open

Teneo-Europe-Report

The proposed constitutional changes allow President Vladimir Putin to serve two more six-year terms, but he is unlikely to reveal his future role anytime soon. The revised constitution will likely be approved in a nationwide vote in April unless the poll is postponed to a later …   Become a member to read the rest […]

RUSSIA: Fiscal fortress shields from oil price wars

RUSSIA: Fiscal fortress shields from oil price wars | Speevr

The Kremlin holds sufficient financial reserves to withstand low oil prices throughout the remaining of 2020 without altering its spending plans. However, notable concessions from OPEC or a significant domestic economic downturn associated with COVID-19 would make Russia more lik…   Become a member to read the rest of this article