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OPEC Oil Output Drops to Eight-Month Low Amid Libyan Unrest and Supply Cuts
OPEC Oil Output Drops to Eight-Month Low Amid Libyan Unrest and Supply Cuts....KINDLY READ THE FULL STORY HERE▶
OPEC’s oil production fell to its lowest level since January, with the Organisation of Petroleum Exporting Countries (OPEC) reporting a significant decline in output for August 2024. According to a Reuters survey released on Monday, the decline was driven primarily by unrest in Libya, which disrupted the country’s oil supply, coupled with ongoing voluntary supply cuts by other OPEC members and the wider OPEC+ alliance.
The survey revealed that OPEC’s total output dropped by 340,000 barrels per day (bpd) in August, bringing the overall production down to 26.36 million bpd. This marked the lowest production level since January 2024.
Libya, which experienced the largest supply loss, saw its production slashed by 290,000 bpd due to a standoff between political factions over control of the central bank. The disruption, particularly at the Sharara field and other key sites, resulted in the country’s output averaging just 900,000 bpd throughout August. This reduction in Libyan oil exports contributed to a rise in global oil prices and has increased the likelihood that OPEC+ may proceed with a planned output hike starting in October.
Aside from Libya, Iraq also saw a decline in oil output as it lowered its exports in August in an effort to comply more closely with its OPEC production targets. Despite these reductions, some countries like Iran and Nigeria recorded higher output, with Nigeria posting a slight increase that helped boost its exports.
The survey highlighted that despite these fluctuations, OPEC still pumped approximately 220,000 bpd more than the implied target for the nine members subject to supply cut agreements, with Iraq accounting for the majority of the excess production.
The ongoing adjustments in OPEC’s output reflect the complex dynamics within the global oil market, where geopolitical tensions, compliance with production targets, and voluntary cuts play critical roles in determining oil supply and prices. As the situation continues to evolve, industry stakeholders are closely monitoring OPEC’s next moves, particularly the potential output hike in October.
The Labour Party (LP) has officially pushed back against accusations of fraud and sabotage leveled by disqualified presidential aspirant, Peter Agada. Following his exclusion from the party’s May 30 presidential primary, Agada’s campaign council petitioned for a refund of his ₦150 million nomination fee, alleging that the party leadership knowingly accepted the payment despite his intended disqualification due to the party’s zoning policy.....KINDLY READ THE FULL STORY HERE▶
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Zoning Policy: LP National Publicity Secretary, Asogwa, maintained that the decision to zone the presidency to the South was not a recent or secret development.
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Constitutional Ratification: The policy was formally adopted and ratified on April 28, 2026, during the party’s national convention, which serves as the LP’s highest decision-making authority.
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Binding Resolutions: These convention resolutions are binding on all stakeholders, meaning no aspirants are exempt from the established zoning framework.
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Aspirant Risk: Asogwa argued that Agada undertook a personal political risk by purchasing forms and campaigning while the zoning arrangement was already public knowledge.
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Dismissal of Claims: The party dismissed Agada’s additional claims of spending over ₦300 million as irrelevant to the constitutional enforcement of party rules.
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Institutional Integrity: The LP asserted that the disqualification was a necessary measure to maintain internal cohesion and balance, rather than an act of vindictiveness against a specific individual.
In a series of coordinated air interdiction missions, the Air Component of Operation Hadin Kai (OPHK) has significantly degraded insurgent capabilities across Borno State.....KINDLY READ THE FULL STORY HERE▶
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Recent Strike at Arina Tai 3: On May 30, 2026, precision airstrikes targeted a terrorist camp in the Southern Tumbuns area, resulting in the elimination of 13 ISWAP/JAS fighters. This mission was executed following intelligence, surveillance, and reconnaissance efforts designed to restrict the movement of extremist groups.
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Wulgo Operation: Earlier, on May 28, Nigerian Air Force platforms successfully engaged a gathering of suspected terrorists in Wulgo, Ngala Local Government Area, killing 16 insurgents.
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Bama Enclave Targeted: On May 26, air assets struck an enclave in the Biramiri area of Bama Local Government Area, neutralizing seven fighters.
Security sources confirmed that these strikes were driven by actionable intelligence regarding confirmed hostile activities. Beyond the total of 36 casualties, these operations have severely disrupted the logistics, manpower, and freedom of operation for terrorist groups within these regions.
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Dr. Gbenga Olawepo-Hashim has officially secured the Accord Party (AP) presidential ticket following a successful nationwide affirmation primary. Despite running unopposed, the party conducted the exercise to allow members to formally endorse his candidacy, resulting in an impressive 423,902 affirmative votes. Jigawa State led the tally with 198,200 votes, followed by significant support from Kano (124,101), Nasarawa (47,309), Kebbi (46,852), Lagos (4,548), and Kwara (3,348). Party officials hailed the process as a transparent demonstration of widespread confidence in his vision for Nigeria, while supporters view his candidacy as a unifying force capable of bridging regional and religious divides.....KINDLY READ THE FULL STORY HERE▶
The Accord Party has overwhelmingly endorsed Dr. Gbenga Olawepo-Hashim as its presidential flagbearer. In an affirmation process that drew high voter turnout, Olawepo-Hashim received 423,902 total votes across participating states, with Jigawa and Kano states providing the strongest support. Described by the party as a transparent and democratic mandate, this result cements Olawepo-Hashim’s position as a credible, unifying alternative for the upcoming general election. His supporters believe his leadership style is uniquely positioned to foster national reconciliation and cohesion.
Dr. Gbenga Olawepo-Hashim is set to lead the Accord Party into the next presidential election after a massive show of support from members nationwide. The primary, characterized by peace and transparency, saw a total of 423,902 voters cast ballots to affirm his candidacy. Jigawa State emerged as the powerhouse with 198,200 votes, bolstered by strong showings in Kano, Nasarawa, Kebbi, and others. Beyond the numbers, party members are celebrating his emergence as a pivotal moment, framing Olawepo-Hashim as a “bridge-builder” ready to unite Nigerians across all regional and religious lines.
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