The Chamber of Petroleum Consumers, Ghana, (COPEC) is calling on government to help the Bulk Oil Storage and Transport (BOST), get an open credit system in place immediately to stock oil at this point for the country’s strategic reserves or stocking needs.

This follows reports that for the first time in history, the price of US oil has turned negative due to a supposed unavailability of storage space across the US market.

The price of a barrel of West Texas Intermediate (WTI), the benchmark for US oil, has fallen as low as minus $37.63 a barrel.

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Nigeria’s hydropower plants have seen their output levels tumble in the past few days, causing total power generation to drop below 4,000 megawatts.

Data from the Nigerian Electricity System Operator shows that Electricity generated from Kainji, Jebba and Shiroro hydropower stations fell to 534MW as of 6am on Monday from 980MW on April 16.

Kainji, Jebba and Shiroro generated 345MW, 294MW and 341MW as of 6am last Thursday, accounting for 22.85 per cent of total national generation.

But the three plants saw their output levels fall by 277MW, 157MW and 100MW respectively as of 6am on Monday, contributing 14.21 per cent to national generation.

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The African Development Bank Group says it has debarred a civil engineering company registered in Nigeria, China Zhonghao Nigeria Limited, for 18 months for fraudulent practices.

It said in a statement that an investigation conducted by the bank’s Office of Integrity and Anti-Corruption established that the company, was responsible for its joint venture partner’s fraudulent misrepresentations of its year of incorporation, the value of its reference contracts, and the experience of its key personnel, while bidding for two tenders under the bank-financed Urban Water Supply and Sanitation Improvement Project in Nigeria.

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Nigeria’s annual inflation in March rose for a seventh straight month, the statistics office said on Tuesday, as border closures pushed prices higher.

Inflation rose to 12.26% year on year, up from 12.20% in February and the highest inflation rate since April 2018, when it stood at 12.48%.

Figures shows Food inflation grew by 14.98% year on year, up from 14.90% in February.

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The international oil benchmark, Brent crude, fell to $26 per barrel on Monday, as the demand collapse triggered by the COVID-19 pandemic has caused a massive oversupply in the global oil markets.

According to Financial Times, US oil prices crashed below $0 per barrel on Monday, hitting the lowest level since the contract launched in 1983, on warnings that storage could fill up within weeks.

Brent, against which Nigeria’s crude oil is priced, dropped by $2-10 to $25.98 per barrel by 9:44pm Nigerian time, while the US benchmark, West Texas Intermediate, sank by $40.77 to -$22.50 per barrel.

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Entertainment giant, Walt Disney, will stop paying more than 100,000 employees from this week as it struggles with coronavirus closures. The world's biggest entertainment group operates theme parks and hotels in the US, Europe and Asia.

According to the Financial Times, the decision to stop paying almost half of Disney's workforce will save the company up to 500 million dollars a month. Disney made operating income of 1.4 billion dollars for its parks, experiences and products in the last three months of 2019.

The company said it will provide full healthcare benefits for staff placed on unpaid leave and urged its US employees to apply for government benefits through the 2-trillion-dollar coronavirus stimulus package.

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A gunman disguised as a policeman has killed at least 16 people, including a female police officer, in what is believed to be Canada's worst mass shooting.

The 12-hour rampage started on Saturday and ended with a car chase.

Police said the suspect shot people at different locations in Nova Scotia, many of them randomly. Royal Canadian Mounted Police Constable, Heidi Stevenson, who had served in the force for 23 years, was among those killed. The gunman was killed in a confrontation with police.

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The Prime Minister of New Zealand, Jacinda Ardern, has thanked people for "stopping an uncontrolled explosion of Covid-19", as she announced an easing of lockdown.

The country has been praised for its quick and strict response to the virus, and will move from "Level 4" lockdown to "Level 3" late next Monday. It means some businesses can reopen, along with some schools, while rules on local travel will be relaxed.

New Zealand, which has a population of five million, has had 1,440 confirmed cases and 12 deaths.

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The price of US oil has fallen to a level not seen since 1999, as demand dries up and storage runs out. The price of a barrel of West Texas Intermediate, the benchmark for US oil, dropped 14 percent to 15 dollars, 65 cents in Asia trading on Monday. Brent oil, the benchmark used by Europe and the rest of the world, was slightly weaker, down 0.8 percent to 27 dollars, 87 cents a barrel.

The oil market has come under intense pressure during the coronavirus pandemic with a huge slump in demand. US storage facilities are now struggling to cope with the glut of oil, weakening prices further.

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Japan’s economic stimulus package will be revised to 117.1 trillion yen from 108.2 trillion yen, boosted by the expansion of a cash payout scheme aimed at lessening the pain from the coronavirus outbreak. A draft document by Reuters says fiscal spending will account for 48.4 trillion yen, of which around 25.6 trillion yen will be funded by an extra budget for the fiscal year that began on April 1.

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