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Oil Prices Decline to $69 as OPEC+ Initiates Production Increase

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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

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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.

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Zango/Jaba 2027 My Core Vision For House Of Representative Leadership – Gen. Gora

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By Tambaya Julius, Abuja

MY POLITICAL AMBITION IS ROOTED IN EMPOWERMENT AND UNITY NOT FOR PERSONAL GAINS:

My aspiration to serve in the political arena is fuelled by a genuine desire to make a meaningful impact in the lives of everyday citizens. It’s not a quest for power, but a heartfelt mission to empower communities, foster transparent governance, and restore trust in political leadership. At the heart of this ambition lies a commitment to bridge the widening gap between elected representatives and the people they are meant to serve.

INSPIRING REASON BEHIND MY POLITICAL PURSUIT:

The core of my political journey is anchored in a passion for empowerment. Our people are brimming with potential, yet countless individuals remain unheard and unsupported. I believe it is time for a new chapter one where citizens are empowered to pursue their aspirations and actively participate in shaping the decisions that affect their lives.

My candidacy is driven by a yearning for a more inclusive political culture one that brings everyone to the table, regardless of social or economic background. True leadership is not about command but about collaboration, and I intend to be a voice that listens, includes, and acts in the interest of all.

There is a dire need to close the disconnect between political officeholders and the people. Too often, promises are made during campaigns but forgotten after elections. I am determined to break that cycle by fostering open dialogue, being accessible, and ensuring my actions in office reflect the real needs of my constituents.

WHY I CHOSE HOUSE OF REPRESENTATIVE NOT THE SENATE:

Many have asked why I am pursuing a seat in the House of Representatives rather than the Senate. My answer is rooted in strategic thinking and the existing political dynamics within our constituency. The House provides a more direct platform to engage with grassroots issues and bring tangible development to our communities.

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Additionally, a long-standing gentleman’s agreement between Jaba and Zango Kataf Local Government Areas (LGAs) underpins this choice. The House of Representatives seat has historically rotated between these areas, and upholding this understanding is vital for political balance and peace.

Moreover, within the Zango Kataf LGA (ZKLGA), there is a pressing need for a similar agreement between the six wards and five wards, to ensure fair representation. My decision to run is aligned with this vision of equity and mutual respect, preserving harmony and inclusiveness in our political landscape.

MY SO FAR CONSULTATION AND COMMUNITY ENGAGEMENT:

The journey so far has been enlightening and encouraging. Consultations are actively ongoing with various stakeholders across the constituency. I have reached out to community leaders, youth groups, traditional institutions, and political influencers, seeking advice and building consensus.

This process has reaffirmed my belief that leadership should emerge from dialogue and consent, not imposition. My vision is not a personal crusade but a collective movement towards genuine representation and progress.

HOW TO OVERCOME THE CURRENT POLITICAL CHALLENGES IN OUR CONSTITUENCY:

No political journey is without its obstacles, and mine is no exception. One of the major hurdles is the push by some quarters to discard the gentleman’s agreement on power rotation. This move threatens to unravel the peaceful coexistence and understanding we have long enjoyed.

Abandoning this pact could lead to the marginalisation of key stakeholders, particularly the six wards of ZKLGA, who have contributed significantly to the constituency’s development. The political alienation of such a vital group would not only be unjust but could also ignite deep-rooted divisions.

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As a newcomer in the political space, I am also navigating the murky waters of godfatherism where established figures attempt to impose their will on the process. My approach is different. I believe in earning the people’s mandate through merit, integrity, and vision, not through endorsements from political overlords.

Another pressing challenge is the prevalence of money politics. The idea that leadership can be bought undermines the democratic process and sidelines capable individuals who genuinely want to serve. I am committed to running a campaign based on ideas, values, and shared dreams, not financial inducement.

My CURRENT LEVEL OF ACCEPTANCE BY CONSTITUENTS:

Despite the challenges, I am heartened by the response I have received so far. My candidacy has been met with growing support from a wide spectrum of the population. People resonate with my message of unity, empowerment, and inclusive leadership.

This acceptance reflects a collective yearning for change a desire for leadership that prioritises community development over personal gain. I see this not just as support for me, but as an endorsement of a new political culture grounded in fairness, dialogue, and progress.

MY CALL FOR COLLECTIVE ACTION:

To move forward effectively, continuous and wider consultations are essential. My mission will not succeed without the active involvement of the people I aim to represent. I encourage citizens to share their concerns, dreams, and ideas so we can co-create solutions together.

Beyond political strategies, I humbly seek the support of individuals of goodwill those who understand the importance of credible leadership and are willing to stand for what is right. Whether through encouragement, resources, or spreading the message, your backing matters.

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And above all, I ask for prayers. I firmly believe in the guidance of God in all endeavours, and this journey is no exception. With divine direction and the collective effort of our people, we can usher in a new era of representation that is truly by the people and for the people.

MY FINAL THOUGHTS AND A CALL FOR RESPONSIBLE REPRESENTATION:

Leadership should be a duty, not a privilege. My entry into politics is not a personal quest, but a mission to rekindle hope, build trust, and set a new benchmark for representation. If given the opportunity, I intend to bring integrity, humility, and inclusiveness to public office.

This is more than an ambition it’s a movement for change, fairness, and true service from me. The time for change is now, and it begins with every single one of us.

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David Sabo Kente Expresses Love for Taraba, Commits to Development at Dr. Samfo Bala’s Birthday Celebration

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By Nahum Sule, Jalingo

Chief David Sabo Kente, a prominent philanthropist, politician, and chieftain of the All Progressives Congress (APC), reaffirmed his deep affection for Taraba State and his commitment to its development during the birthday celebration of Dr. Samfo Bala in Wukari Local Government Area on 25th April, 2025.

Speaking at the event, Chief Kente, who is widely known for his contributions through the DSK Foundation, declared, “I love Taraba with all my heart, and every time I visit this state, I am coming for construction—building not just structures but also opportunities for our people.”

His statement underscored his ongoing dedication to fostering growth and progress in Taraba through infrastructural and socio-economic initiatives.

The birthday celebration of Dr. Samfo Bala, held in Wukari, brought together community leaders, political associates, and residents, providing a platform for Chief Kente to highlight his vision for the state. He emphasized the importance of collaborative efforts to drive development, stating that his visits are always aimed at contributing to projects that uplift the lives of Taraba’s citizens.

Chief Kente’s remarks resonate with his recent philanthropic and political activities, including his donation of 220 hectares of land valued at over N1 billion to the Taraba State government for the construction of a General Hospital in Wukari, a gesture made during his 60th birthday celebration earlier this year.

The hospital, to be named after him, reflects his commitment to improving healthcare access in the region. As a former gubernatorial aspirant and a respected figure in Taraba, Chief Kente’s contributions extend beyond infrastructure. Through the DSK Foundation, he has provided scholarships to numerous students, supported orphanages, and empowered vulnerable communities, earning him accolades such as the “Ambassador of Peace and Societal Development” and an honorary doctorate from Kwararafa University, Wukari.

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The event concluded with calls from attendees for continued unity and development in Wukari and Taraba State, with Chief Kente’s words inspiring hope for a brighter future. His unwavering dedication to Taraba’s progress remains a cornerstone of his legacy as a leader and philanthropist.

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JUST IN: EFCC Declares Four Wanted for ‘Promoting’ CBEX

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The Economic and Financial Crimes Commission (EFCC) has declared four individuals wanted over the alleged fraud perpetrated on crypto bridge exchange (CBEX), a trading platform.

The four suspects are Adefowora Olanipekun, Adefowora Oluwanisola, Emmanuel Uko, and Seyi Oloyede.

More to follow…

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