Global oil markets are heading towards a long-awaited equilibrium, according to updated supply and demand data from the International Energy Agency (IEA).

ENERGY firms, comprising oil, gas and power companies, got a total of N3.799 trillion credits from banks as at March 31, 2016, according to data released by the Central Bank of Nigeria, CBN.

Despite the growing pipeline bombings by militants in the Niger Delta region of the country, Business Monitor International, BMI, sees a positive increase in the country’s oil production by 2.52 million barrels per day, b/d, in 2018, up from 2. 31 million, b/d, in 2016. The report attributed the rebound to what it called ‘sanctioned projects’ initiated in the industry.

Crude oil prices have fallen dramatically over the past two years, from over $100 per barrel to less than $30 in January this year. The collapse of the crude oil prices led to a lot of cost-cutting, restructuring, refinancing when it is possible. The low oil price regime has already cost hundreds of thousands of jobs, and caused projects worth hundreds of billions of dollars to be cancelled or delayed forcing deep changes at companies that had grown accustomed to oil trading above $100 a barrel from 2011 to 2014.

Conscious of the metering gaps existing across various customer classes, Benin Electricity Distribution Plc. (BEDC) has announced plan to install additional 100,000 meters for domestic and commercial customers for the remainder of 2016.