Business
Brent Oil Eases Over West, Iran’s Relations
Oil futures have fallen
towards 112 dollars per barrel pressured by signs of a thaw in relations between Iran and the West.
Islamic militants have seized towns in the north of the country in the past week, although Iraq’s 3.3 million barrels per day of oil exports remain unaffected so far.
“The rally has paused rather than come to an end and it will go substantially higher if there’s any threat to the south.
“In the south, the majority of oil production is centred,” said Christopher Bellew at Jefferies Bache.
“A threat to Baghdad could affect mechanisms for buying and selling oil too.”
BP Chief Executive, Bob Dudley, said recently, the oil company’s operations in Iraq were unaffected by the violence.
Still, Iraq’s oil growth targets look increasingly at risk, the International Energy Agency said the threat to supplies from political instability and violence.
The violence highlights the threat.
Iraq’s biggest oil refinery, Baiji, has been shut down and its foreign staff evacuated, refinery officials said last Tuesday.
Brent crude for August delivery was down 24 cents to 112.70 dollars per barrel. The contract settled 48 cents higher on Monday after touching an intraday high of 113.28 dollars.
U.S. July crude was down 56 cents at 106.34 a barrel dollars, after closing one cent lower.
The U.S. July contract expires on today, June 20.
Brent prices rose around four per cent last week, the most since July last year, but the rally has paused since the Iraqi government tightened security.
Andrey Kryuchenkov, analyst at VTB Capital, said that there was a five dollars risk premium in the oil price.
He added that the outage of Libyan oil exports, which are down to almost nothing from above one million barrels per day, were also an important factor.
The facility will be disbursed through participating Microfinance Institutions (MFIs), which will in turn extend the loans to their customers, particularly SMEs, as they directly interface with businesses at the grassroots level.
The Executive Director of COMCIN, Mr. Micheal Ogbaa who represented the Chairman, Dr. Iredele Oyedele (FCA, FCCA), said the initiative is designed to strengthen micro-lending institutions and expand access to finance for grassroots entrepreneurs, particularly women and youths in the informal sector.
Ogbaa explained that COMCIN does not lend directly to individuals but works through its network of microfinance and cooperative institutions, which in turn provide loans to end users.
“We came together to advocate for the microfinance ecosystem. Commercial banks often exclude people at the grassroots, but our members are positioned to reach them. This facility will empower them to do more,” he said.
He noted that the loan scheme offers low interest rates and flexible repayment plans, making it more accessible to small business owners.
According to him, about 90 percent of beneficiaries are expected to be women, who play a key role in sustaining families and driving economic activities at the local level.
“Our focus is on traders, service providers, and players in the informal sector. These are the real movers of the economy. By supporting them, we are strengthening families and contributing to national development,” he added.
Ogbaa disclosed that eligible SMEs with proven integrity and business track records could access up to N5 million each through participating micro-lending institutions. The rollout has commenced in Lagos and will extend to Abuja, Enugu, and other regions, including the South-West, South-East, and North-East.
He said 12 micro-lending institutions have already benefited from the scheme, while 85 applications are currently being processed under the pilot phase.
“Our target is to reach at least 100,000 SMEs nationwide. We are building a platform that connects funding partners with credible micro-lending institutions, creating a reliable channel for financial inclusion,” Ogbaa said.
He added that COMCIN is also working to attract larger funding pools from development finance institutions and private investors, noting that successful implementation of the pilot phase would boost confidence and unlock more capital for SMEs.
“We have seen encouraging testimonies from early beneficiaries. As we demonstrate transparency and efficiency, more institutions will be willing to channel funds through us,” he said.
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