News
Oil Prices Decline to $69 as OPEC+ Initiates Production Increase
Key Business Developments to Monitor This Week: Crude Oil Transactions in Naira and Resumption of Emirates Flights
The Organization of the Petroleum Exporting Countries and its allies (OPEC+) have announced an increase in crude oil production by 411,000 barrels per day (bpd) starting in May. This decision follows a virtual meeting among eight member nations, which agreed to gradually reduce previously implemented output cuts.
The nations involved in this agreement include Saudi Arabia, Russia, Iraq, the UAE, Kuwait, Kazakhstan, Algeria, and Oman.
As a result of this production increase, Brent crude prices fell by 6.8% to $69.85 per barrel, while West Texas Intermediate (WTI) crude dropped by 7.08% to $66.63, as of 10 PM WAT.
According to Reuters, these fluctuations are closely linked to the recent announcement by U.S. President Donald Trump imposing a 10% tariff on all imported goods.
### Voluntary Production Cuts by Eight OPEC+ Member Nations
In April 2023, eight OPEC+ countries declared additional voluntary reductions amounting to 1.65 million bpd, lasting until the end of December 2026. Subsequently, in November 2023, an additional voluntary cut of 2.2 million bpd was announced.
On December 5, 2024, the oil cartel revealed plans to extend these adjustments through March 2025, indicating that the 2.2 million bpd reductions would be gradually phased out on a monthly basis until the end of September 2026, aimed at maintaining market stability. However, on March 3, these nations agreed to implement a planned increase in oil production starting April 1.
### Monthly Phasing Out of Oil Production by Eight OPEC Member Countries
OPEC stated that the eight participating countries will implement a production adjustment of 411,000 barrels per day, divided into three monthly increments, beginning in May 2025. This adjustment includes the planned increment for May plus two additional monthly increases. The oil alliance emphasized that these gradual increases could be paused or reversed depending on market conditions, allowing for continued support of oil market stability.
Furthermore, OPEC+ noted that this measure would provide an opportunity for member nations to expedite their compensation efforts. The eight countries will convene monthly to assess market conditions, compliance, and compensation strategies.
The next meeting is scheduled for May 5, where decisions regarding June production levels will be made.
The Anambra Government has imposed a one-month sanction on Blossom Fount School, Awka, for allegedly selling the position of head prefect during a student election.
This was disclosed in a statement on Saturday by the Commissioner for Education, Prof. Ngozi Chuma-Udeh.
According to the commissioner, the school reportedly demanded N5,000 from each pupil aspiring to become head prefect in the primary section.
Chuma-Udeh condemned the act, describing it as an attempt to “sell the psyche of the children to the highest bidder from the cradle.”
According to her, such practices are unacceptable under the administration of Gov. Chukwuma Soludo.
She said that an investigation was ongoing to examine the school’s broader management practices, with the possibility of further actions based on the findings.
Former Vice President and 2023 presidential candidate of the Peoples Democratic Party (PDP), Atiku Abubakar, has criticised the Economic and Financial Crimes Commission (EFCC) for the arrest and continued detention of former House of Representatives member, Muhammad Kazaure, describing it as a violation of due process.
In a statement shared on his official X (formerly Twitter) account on Saturday, Atiku said Kazaure’s detention reflects a brazen disregard for the rule of law, accusing the anti-graft agency of operating beyond the limits of the Nigerian Constitution.
Atiku alleged that the EFCC is increasingly becoming a tool for political repression, citing what he called a troubling pattern of lawlessness under the current administration.
He said, “The Economic and Financial Crimes Commission has once again plunged headlong into its well-worn pattern of lawlessness, arresting and detaining citizens with brazen disregard for due process and without offering any justification for its actions.”
Atiku also referenced the recent arrest of social commentator Martins Vincent Otse, popularly known as VeryDarkMan, whose release followed intense public pressure. He suggested that Kazaure’s case fits into a broader trend of state institutions being used to silence dissenting voices.
“We witnessed this same abuse in the unlawful arrest and detention of Mr. Martins Vincent Otse, widely known as VeryDarkMan, whose release was only secured after massive public outrage and pressure.
“Now, the EFCC has targeted Hon. Muhammad Kazaure, a former member of the House of Representatives and an unapologetic critic of the gross misgovernance and failings of the Tinubu administration.
“Abducted in Kano and whisked away to Abuja, Kazaure is presently being held incommunicado, with no formal charge or explanation offered to his family, legal team, or the Nigerian people.
“Let it be stated without equivocation: even if there were legitimate grounds for arresting any citizen, such action must adhere strictly to the rule of law. The EFCC is duty-bound to publicly disclose the reasons for any arrest and must not detain individuals indefinitely under the guise of investigation.
“The Constitution of the Federal Republic of Nigeria is unequivocal on this matter—every detainee must be promptly charged to court or released. By once again trampling on the fundamental rights of a Nigerian citizen, the EFCC is entrenching itself deeper into the mire of impunity and constitutional delinquency.
“It’s deafening silence regarding the arrest of Hon. Kazaure, a man who represented the good people of Kazaure, Roni, Gwiwa, and Yankwashi federal constituency, lays bare the agency’s contempt for transparency and justice.
Suspended Senator representing Kogi Central, Natasha Akpoti-Uduaghan, has ignited social media buzz after posting a 15-second TikTok video set to the trending song Omo Ologo — a track closely linked with President Bola Tinubu.
The video, shared on her TikTok page on May 8, shows the embattled lawmaker smiling and playfully interacting with the camera. Captioned, “Just for fun, song choked,” the post has drawn mixed reactions online, with some interpreting it as a light-hearted moment, while others suspect a deeper political undertone.
The video comes just days after the song Omo Ologo was performed live by Kano-based singer Dauda Kahutu Rarara during a dinner in Katsina State held in honour of President Tinubu, who was on a two-day working visit to assess security in the region.
The song, which blends Hausa and Yoruba, praises Tinubu as a victorious leader who has outlasted his critics.
Akpoti-Uduaghan’s TikTok post follows a series of dramatic exchanges between her and Senate President Godswill Akpabio.
The senator was suspended from the upper legislative chamber in March after accusing Akpabio of sexual harassment — an allegation that triggered heated debate in the National Assembly.
In what appeared to be a bold response to her suspension, Akpoti-Uduaghan recently posted a sarcastic apology video to Akpabio on Facebook, in which she claimed she was sorry “for the crime of maintaining dignity and self-respect.”
The post was accompanied by a short video, further fueling controversy.
Akpabio’s legal team has since approached a federal high court in Abuja, seeking an order compelling the senator to delete the post from her social media pages.
In a counter-affidavit filed by her lawyer, Jubril Okutepa (SAN), Akpoti-Uduaghan’s camp described the motion as an attempt to silence and intimidate her.
The court is expected to rule on the matter on May 12.