The international oil benchmark, Brent crude, was shaken on Monday, despite the historic oil production cut deal sealed by the Organisation of Petroleum Exporting Countries and its allies on Sunday.

OPEC+, Russia and other countries agreed on Sunday to cut output by 9.7 million barrels per day in May and June, representing about 10 per cent of global supply.

The deal was expected to prop up prices but Brent crude rose, then fell and rose again on Monday. It was up by $0.47 to $31.95 per barrel as of 6.40 pm Nigerian time.

Saudi Arabia, OPEC’s de facto leader, on Monday set its May official selling prices for crude, selling oil to Asia more cheaply and keeping prices flat for Europe while raising them for the United States.

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The Central Bank of Nigeria says interested stakeholders must meet its set criteria to access its N50bn intervention loans for small and medium scale enterprises.

The CBN introduced the N50bn Targeted Credit Facility as a stimulus package to support households and Micro, Small and Medium Enterprises affected by the COVID-19 pandemic, and guidelines to access the funds.

To access, it stated that, Eligible households or MSMEs shall submit applications directly to NIRSAL Microfinance Bank; and the application must, among others, contain BVN number, business registration (where applicable) and business plan with clear evidence of the opportunity or adverse impact as a result of COVID-19 pandemic.

The bank stated that eligible participants were households and existing enterprises with verifiable evidence of business activities adversely affected as a result of the COVID-19 pandemic; and enterprises with bankable plans to take advantage of opportunities arising from the COVID-19 pandemic.

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Shell has lifted the force majeure on exports of Nigeria’s Forcados crude oil, one of the nation’s largest crude oil grades, following the reopening of the pipeline transporting the commodity.

The oil major had declared force majeure on Forcados loading programme on April 6 after the Trans Forcados Pipeline was shut down on April 4 by the operator.

The Media Relations Manager, Shell Nigeria, Mr. Bamidele Odugbesan, said following the reopening of the Trans Forcados Pipeline by the operator, Heritage Energy Operational Services Limited, the Shell Petroleum Development Company of Nigeria Limited has lifted the force majeure on Forcados Offtake Programme effective Monday, April 13, 2020.

The Forcados terminal, one of the country’s biggest, was scheduled to load 283,000 barrels per day of crude for exports in April and 245,000 bpd in May, according to Reuters.

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Oil prices turned negative on Monday, erasing gains made after major producers agreed record global output cuts, pressured by concerns that the cuts will not be sufficient to head off oversupply as the coronavirus pandemic hammers demand.

After four days of delibration, the OPEC+ group of oil producers agreed to cut output by 9.7 million barrels per day (bpd) in May and June, representing about 10% of global supply.

Brent crude LCOc1 futures were down 52 cents, or 1.7%, at $30.96 a barrel by 0810 GMT after opening at a session high of $33.99. U.S. West Texas Intermediate (WTI) crude CLc1 futures fell 12 cents, or 0.5%, to $22.64 but was oscillating in and out of positive territory.

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The World Bank has said South Asia faces its worst economic performance in 40 years because of the coronavirus. According to the bank, the effects will unravel decades of progress in the region's battle against poverty.

The World Bank warned that the worst hit economy will be the Maldives, where the collapse of high-end tourism could see its economic output shrink by as much as 13%.

Economies such as India, Bangladesh, Sri Lanka and Pakistan have reported relatively few virus cases but experts fear they could be the next hotspots.

The World Bank also recommended temporary work programmes for migrant workers, and debt relief for businesses and individuals while cutting red tape on essential imports and exports.

The South Asia region is home to 1.8 billion people and some of the world’s most densely populated cities.

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Asia markets fell Monday with investors cautious on news of an international deal to shore up oil prices.

Tokyo closed 2.3 percent lower on the back of a stronger yen and investor disappointment over a lack of asset-buying from the Bank of Japan.

Seoul dropped 1.9 percent, Shanghai finished down 0.5 percent and Singapore fell 0.4 percent, while Hong Kong, Sydney and Wellington were closed for a public holiday.

The United States kicks off its quarterly earnings season from Tuesday with reports from major banks. Analysts are predicting S&P 500 companies will report a drop in profits ranging from six to 15 percent, with worse declines in the second quarter.

China will release balance of trade figures on Tuesday, while forecasters expect a quarterly GDP drop of 6.2 percent when economic growth data is published on Friday.

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The Asian Development Bank, on Monday, said it will roll out a 20 billion dollar package to help developing member nations weather the economic fallout from the coronavirus pandemic.

The fund represents the tripling of a package announced just a month ago, which the ADB decided to boost as the scale of the contagion’s impact has mushroomed.. In a statement, the bank's president Masatsugu Asakawa said the scope and the scale of the crisis makes it imperative for the ADB to expand its support.

Up to 13 billion dollars in loans will be made available to help virus-hit developing members fill in budget gaps, with another roughly 2 billion dollars set for the private sector.

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Sudan's health minister, Akram Ali Altom, says the country urgently needs 120 million dollars to fight the coronavirus. The minister's comments come amid a shortage of the equipment to fight the epidemic which has ravaged richer countries.

The minister says the country is preparing a strategy to face coronavirus that extends until the end of June. He said current capacity for beds with ventilators as just in the hundreds.

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Mining company, Sibanye-Stillwater, says it could restart limited mining at its South African operations after a nationwide lockdown to stem the spread of the coronavirus brought the mining industry to a standstill.

The company, on Monday, said the South African government had given it approval for limited mining and processing from April 14. It is the first sign restrictions on one of the country’s most critical industries could be eased.

Sibanye-Stillwater, like other miners, placed its operations in South Africa on care and maintenance. This means they are kept in a condition to reopen in future, in March when a three-week lockdown was announced. 

The company also says its board and executive management would donate one third of their salary to coronavirus relief efforts for the next three months.

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The African Union has appointed former Credit Suisse boss Tidjane Thiam and several other dignitaries as a special envoy to solicit international support to help the continent deal with the economic impact of the coronavirus.

The envoy team, which was named by the AU chairman, South African President Cyril Ramaphosa, also includes former Nigerian Finance Minister Ngozi Okonjo-Iweala, former South African Finance Minister Trevor Manuel, and Donald Kaberuka, former president and chairman of the African Development Bank.

The AU said in a statement that the envoys will be tasked with soliciting rapid and concrete support pledged by the G20, the European Union and other financial institutions.

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