News

Oil output slumps as Nigeria, Libya, Venezuela drag OPEC+ targets

Published

6 months ago

November 5, 2025

Nigeria, Libya and Venezuela recorded drops in crude oil production in October, undermining the output levels set by the Organisation of the Petroleum Exporting Countries and its allies, OPEC+, for the month.

According to a Reuters report on Tuesday, OPEC’s overall output rose by just 30,000 barrels per day in October, a sharp contrast to the 330,000 bpd increase recorded in September, despite earlier agreements to boost supply.

Data from OPEC’s Monthly Oil Market Report for October, obtained by Channels Television, showed that Nigeria’s crude production, which fluctuated between 1.3 million and 1.4 million barrels per day from January to June 2025, rose briefly to 1.5 million bpd in July before sliding back to 1.4 million bpd in August and 1.3 million bpd in September.

The Group Chief Executive Officer of the Nigerian National Petroleum Company Limited, Bayo Ojulari, attributed the production decline to the “crisis between the Dangote Refinery and the Nigeria Union of Petroleum and Natural Gas Workers as well as the Petroleum and Natural Gas Senior Staff Association of Nigeria.”

Oil prices slipped on Wednesday amid global market weakness and a stronger US dollar as investors reassessed supply dynamics.

Brent crude futures fell by 6 cents (0.1%) to $64.38 per barrel by 5:08 a.m. WAT, hitting a near two-week low. U.S. West Texas Intermediate also declined by 10 cents (0.17%) to $60.46, while the OPEC Basket shed 0.26 cents (0.39%) to $66.72 per barrel.

“The risk-off tone across markets saw investors exit energy markets,” ANZ analysts wrote in a client note quoted by Reuters.

“Crude oil is trading lower … as risk sentiment shifted sharply negative, boosting the safe haven U.S. dollar, both of which weighed on the crude oil price,” IG market analyst Tony Sycamore stated.

Further pressure came after the American Petroleum Institute reported a rise in U.S. crude inventories for the week ending October 31.

On the supply front, OPEC+ announced plans to raise production by 137,000 bpd in December but said it would pause further increases during the first quarter of 2026.

However, analysts at LSEG cautioned that the pause was “unlikely to offer meaningful support to November and December prices.”

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News

Senate names new minority whip as two more senators defect to APC

Published

6 hours ago

April 22, 2026

Newsbreak365_Admin

The Senate on Wednesday appointed Senator Tony Nwoye as the new Minority Whip, following a fresh wave of defections that has further boosted the numerical strength of the All Progressives Congress in the upper chamber.

Nwoye, who represents Anambra North Senatorial District, was unanimously selected by the Senate minority caucus to fill the vacancy created by the exit of his predecessor.

His emergence comes on the heels of the defection of former Minority Whip, Senator Osita Ngwu, from the Peoples Democratic Party to the APC on Wednesday, one of several high-profile crossovers that altered the balance within the opposition ranks.

In a letter read on the floor by Senate President Godswill Akpabio, Ngwu said his decision was driven by the need to align with Enugu State Governor, Peter Mbah and President Bola Tinubu.

He also described the APC as the most stable political platform in the country.

Nwoye was elected into the Senate in 2023 on the platform of the Labour Party before defecting to the African Democratic Congress in late 2025, positioning him within the opposition bloc prior to his new leadership role.

The reshuffle in minority leadership came amid a broader pattern of defections that has steadily eroded the strength of opposition parties in the Senate since the inauguration of the 10th National Assembly.

In a related development, Senator Anthony Siyako Yaro, representing Gombe South, also announced his defection from the PDP to the APC, citing internal crises within the opposition party.

Similarly, the Chairman of the Senate Committee on Public Accounts, Senator Aliyu Wadada, formally announced his defection from the Social Democratic Party to the APC.

Wadada, who has also been endorsed as the APC consensus governorship candidate for Nasarawa State ahead of the 2027 elections, said he had previously aligned with the ruling party but completed the formal procedures of his defection on Wednesday.

Reacting to the developments, Senator Adams Oshiomhole commended the lawmakers, describing their defections as voluntary and consistent with constitutional provisions.

He said the increasing movement of legislators into the APC reflects growing confidence in the party’s leadership and the administration of President Tinubu.

With the latest defections, the APC’s strength in the Senate has risen to 91 lawmakers—further consolidating its dominance and tightening its grip on legislative proceedings as political realignments gather pace ahead of the 2027 general elections.

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News

Lagos clarifies sanitation modalities, warns defaulters ahead of April 25

Published

6 hours ago

April 22, 2026

Newsbreak365_Admin

The Lagos State Government has provided further details on the reintroduced monthly environmental sanitation exercise, set to resume on Saturday, April 25, 2026, with movement restrictions and enforcement measures in place.

In a statement on Wednesday, the Commissioner for Environment and Water Resources, Tokunbo Wahab, said, “The exercise will hold every last Saturday of the month between the hours of 6:30 am and 8:30 am.

During this period, there will be controlled movement across the state to allow residents to carry out thorough cleaning of their homes, surroundings and drainage frontages.”

He stated that enforcement teams comprising officials of the ministry, Lagos State Environmental Protection Agency, Kick Against Indiscipline, Lagos Waste Management Authority, and local government sanitation inspectors would “conduct physical inspections during and after the sanitation window to ensure compliance,” warning that “defaulters will be sanctioned in accordance with the Lagos State Environmental Management and Protection Law of 2017.”

Wahab also stated, “LAWMA intervention trucks will go around to cart away bagged wastes generated during the exercise,” noting that “there will be rewards for the cleanest Local Government Area, Local Council Development Area, and the cleanest street as part of efforts to encourage healthy competition and community participation.”

He urged residents to cooperate with the initiative, saying, “We urge all residents to take ownership of this exercise and join hands with the government in building a cleaner, safer and more sustainable Lagos.”

The clarification follows the symbolic flag-off of the exercise along the Mushin–Agege Motor Road corridor on March 14, ahead of its full implementation later this month.

The state government had earlier announced in March that the sanitation exercise would resume nearly a decade after it was suspended in November 2016 following a legal pronouncement restricting movement during the programme.

While some residents have welcomed the move, saying it could curb indiscriminate waste disposal and reduce flooding, others have raised concerns about enforcement, warning that movement restrictions could be abused and calling for sustained public education on proper waste management.

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News

Court remands suspected coup plotters in DSS custody

Published

7 hours ago

April 22, 2026

Newsbreak365_Admin

The Federal High Court in Abuja on Wednesday ordered the remand of six defendants in the custody of the Department of State Services after they were arraigned on a 13-count charge bordering on alleged terrorism.

At the sitting, which commenced at about 1:46pm, the Attorney-General of the Federation, Lateef Fagbemi (SAN), informed the court that the charge was ready and sought leave to have it read to the defendants.

Proceedings were briefly stalled after the third defendant informed the court that his counsel was indisposed, while counsel to the sixth defendant said his client understood only Arabic and Hausa, prompting the court to stand down the matter to secure an interpreter.

When the court reconvened at about 2:18 pm, all six defendants took their pleas and denied the allegations, pleading not guilty to the 13 counts.

Following the arraignment, the prosecution applied for their remand in DSS custody and urged the court to grant an accelerated hearing of the case, a request that was not opposed by most defence counsel, although the first defendant’s lawyer indicated an intention to file a bail application.

Ruling, the trial judge ordered an accelerated hearing, directed that the defendants be remanded in DSS custody with access to their lawyers, and adjourned the matter till April 27, 2026, for commencement of trial.