The Chief Upstream Investment Officer, NNPC Upstream Investment Management Services (NUIMS), Bala Wunti, has disclosed that Nigeria’s crude oil production is recovering above 1.6m barrels per day on successes of the rectangular approach to curb oil theft. The approach incorporated the joint efforts of security agencies, regulators, operators, and host communities to detect, deter, and respond to the scale of oil theft in the country. Proshare analysts have argued that tracking and blocking leakages across the oil pipeline does not necessarily translate to a deterrent, given the organized and sophisticated nature of the criminal cartel and their armouries. However, the statement of the NUIMS, thus, suggests that there are measures in place to deter further oil theft and increase the country’s oil production. Nonetheless, analysts maintained that viable deterrents and responses could only be measured by a significant and continuous increase in the country’s oil output.
Japan’s Foreign Reserves Rises by 2.65% in November, its Highest in 6 Years Japan’s Foreign Reserves increased in November to the highest in 6 years, growing by 2.65% from $1.226trn in the previous month. The dollar retreat in November aided the Japanese yen, preventing currency intervention. Previously, Japan’s foreign reserves were whittled down in September and October by the currency intervention to support the falling yen. However, the dollar has fallen about 10% against the yen since hitting a 32-year high of almost 152 yen in October. The minister of finance also attributed the gain in reserves to the value increase in non-dollar foreign assets. The speculation for less aggressive rate hikes by Fed triggered the depreciation in the dollar recently. Analysts believe the rally in Yen and Japan’s reserves might be short-lived as the recent US data suggest a further hike than an expected dovish
