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OPEC Oil Output Drops to Eight-Month Low Amid Libyan Unrest and Supply Cuts

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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.

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‘Atiku Won’t Pick Senate President’ – Dino Melaye Declares.

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The Deputy Director-General of the African Democratic Congress (ADC) Presidential Campaign Council, Dino Melaye, has pledged that an administration led by the party’s presidential candidate, Atiku Abubakar, would not interfere in the selection of the Senate President or Speaker of the House of Representatives if elected.....KINDLY READ THE FULL STORY HERE▶

Melaye made the declaration during an appearance on Arise Television, where he said the ADC would allow lawmakers to elect their leaders independently.

He maintained that the party was committed to democratic principles and an independent National Assembly.

“To start with, an Atiku presidency will not determine who is going to be the Senate president, the president of the Senate, or the Speaker of the House of Representatives.

“Atiku is a Democrat. ADC is a very democratic political party. So we are going to allow the people to elect their leaders,” he said.

Melaye argued that allowing lawmakers to choose their leaders would promote legislative independence and strengthen the National Assembly’s oversight of the executive arm of government.

He said an independent legislature would be better positioned to scrutinise government activities and hold the executive accountable.

“And I told you that wherever you have the members electing their leaders, there is some modicum of independence.

“So to start with, the ADC will make sure that the National Assembly is truly independent, and if the National Assembly is truly independent, that will drive their oversight functions over the Executive,” he said.

Speaking on how government spending would be monitored, the ADC campaign official said relevant National Assembly committees would be empowered to question government officials and examine public expenditure.

He specifically mentioned the Committees on Establishment, Finance, and Budget and Planning as possible channels for investigating government spending and ensuring accountability.

“The Committee on Establishment is responsible for questioning this type of spenders because they have direct oversight function over the State House. The committee on finance is there. The committee on budget and planning is there,” Melaye said.

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Near-Death Experience: Cubana Chief Priest Speaks Out After Surviving Terrifying Flight Incident.

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Nigerian socialite and nightlife promoter Paschal Okechukwu, popularly known as Cubana Chief Priest, has expressed gratitude to God after surviving a frightening experience during a recent flight.....KINDLY READ THE FULL STORY HERE▶

The businessman disclosed that he encountered the worst air turbulence he had ever experienced while travelling by plane.

In a post shared on his Instagram Story, Cubana Chief Priest revealed that the aircraft shook violently, leaving him terrified and fearing that he might not survive the journey.

He explained that the experience was so disturbing that he thought his life was about to end.

The socialite also admitted that the incident left him shaken, as he struggled to overcome the fear he experienced while the aircraft battled the turbulence.

He said: “Experienced the craziest turbulence ever in my life, I still can’t feel my heart I thought it was over, Thank God for journey mercies.”

In another development, Cubana Chief Priest has called on President Bola Tinubu to sack the Minister of Works, David Umahi.

The socialite described Umahi as one of the worst ministers the South-East had produced, arguing that the region had little to show for having one of its own in charge of the Ministry of Works.

He also criticised another minister from Imo State, whom he described as the worst minister the region had ever had.

According to Chief Priest, the ministers have failed to create visible opportunities for the Igbo people despite occupying important positions in the Federal Government.

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AFCON Showdown: Tanzania Set To Arrive In Uyo Ahead Of Super Eagles Clash.

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Tanzania’s national team, the Taifa Stars, are expected to arrive in Uyo on Sunday as they step up preparations for their 2027 Africa Cup of Nations (AFCON) qualifying encounter against Nigeria’s Super Eagles.....KINDLY READ THE FULL STORY HERE▶

According to The Citizen, the early arrival will give head coach Miguel Gamondi sufficient time to prepare his players for the Matchday Three fixture scheduled to take place at the Godswill Akpabio International Stadium.

Gamondi has selected a 24-man squad for the double-header against Nigeria. Tanzanian Premier League champions Yanga FC and Azam FC have the highest representation, with five players each.

Kagera Sugar and Singida Black Stars have one player apiece in the squad.

The foreign-based players include Novatus Miroshi of Turkish Super Lig club Goztepe, Cyprian Kachewele of Ukrainian side Kryvbas and Bernard Kamongo, who plays for Major League Soccer outfit FC Dallas.

The Taifa Stars will be seeking their first victory in the qualifying campaign after failing to win either of their opening two matches.

Tanzania began their campaign with a 2-0 defeat to Guinea-Bissau before playing out a 1-1 draw against Madagascar in their second fixture.

Nigeria will host the first leg in Uyo on Friday, November 13, before both countries meet again in Dar es Salaam for the return fixture on Tuesday, November 17.

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