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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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“The Truth Finally Out: How Peter Obi Shocked Critics By Leaving ₦86.6 Billion Behind In Anambra!”

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Oseloka Obaze, a former Secretary to the Anambra State Government, has stated that former governor Peter Obi left ₦86.6 billion in the state treasury when he handed over power in 2014. Obaze, who served under Obi from 2006 to 2014, made this revelation in a post on X amid ongoing controversies regarding the financial records inherited by successive administrations.....KINDLY READ THE FULL STORY HERE▶

Obaze noted that he was personally present on March 17, 2014, when Obi officially handed over financial documents and the Handover Report to his successor, Willie Obiano. According to him, Obiano received and signed an acknowledgment copy of the letter, which included certified bank statements detailing the state’s assets and liabilities.

Past Debates and Public Corroboration

Recalling the 2017 Anambra governorship debate organized by Channels Television, Obaze mentioned that he challenged Obiano—a certified accountant and auditor—on national television for later expressing reservations about the funds after formally signing off on the handover documents. Following this, Obiano publicly acknowledged that certain funds were left behind, though he questioned the rationale of saving money instead of executing projects.

Obaze also referenced remarks from former Taraba State Governor Darius Ishaku, noting that Obiano once told the Nigerian Press Corps that Obi left substantial funds used to finance the construction of the Anambra Airport at Umueri. Additionally, he cited comments from Abia State Governor Alex Otti, a former banker, as further public validation of the financial legacy.

Expressing confusion over why the records remain a subject of dispute under the current administration, Obaze concluded: “If Governor Obiano… would eventually acknowledge, implicitly and explicit, that Governor Peter Obi indeed left the stipulated funds; a fact that was also publicly corroborated by Governor Alex Otti… what then, one may ask, is the beef and grouse of the incumbent Anambra State Government?”

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“The Internet Never Forgets: How An 11-Year-Old Tweet Cost Blaqbonez A Major Young Jonn Feature”

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Music producer-turned-singer Young Jonn turned down a collaboration offer from rapper Blaqbonez after unearthing a resurfaced 2015 post where the rapper stated a preference for DJ Coublon over him.....KINDLY READ THE FULL STORY HERE▶

The exchange began when Young Jonn posted on social media: “I need like 5 bad friends way we go dey move in bulk!”

Blaqbonez quickly expressed interest in linking up, replying, “Oya, make we dey together, sing as one.”

Instead of accepting, Young Jonn posted a screenshot of the old tweet showing Blaqbonez’s historical preference and clapped back: “Go sing as one with Coublon.”

In his defense, Blaqbonez denied writing the post himself, claiming it was the work of his social media handler back in 2015.

Why Peter Okoye Changed His Birthday Away From Twin Brother Paul

In other entertainment news, Nigerian singer Peter Okoye has explained his decision to shift his birthday celebration from November 18 to November 30.

Speaking on the Capital XTRA Podcast, Peter revealed that his shared birthday with his twin brother, Paul, had become one of the worst days of his life over the past 13 years due to toxic family dynamics and tension.

He alleged that visitors would frequently go to Paul’s house to gossip about him before visiting him, making the shared occasion deeply uncomfortable. “I wish I could change it on my documents and passport,” Peter stated.

This development highlights the ongoing strain between the twin brothers, who initially split in 2017, briefly reunited in 2021, and parted ways again in 2024.

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“World Cup Panic: NFF Fires Back At Reports Claiming Falconets Refused To Train Over Unpaid Bonuses!”

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The Nigeria Football Federation (NFF) has strongly refuted claims that the Falconets planned to boycott training ahead of their 2026 FIFA U-20 Women’s World Cup quarter-final match against Colombia. While rumors suggested players were considering a training strike, the NFF dismissed the reports as entirely false and affirmed the team’s full focus.....KINDLY READ THE FULL STORY HERE▶

  • “Reports in a section of the media that the Falconets are planning to boycott training are an absolute falsehood,” the NFF stated.

  • “The girls are now heading to training for their last session before tomorrow’s match against Colombia.”

The Falconets advanced to the quarter-finals following a dominant 3-0 victory over England in the Round of 16. They are set to face Colombia at Stadion Miejski ŁKS in Łódź, with a semi-final spot on the line.

Squad Brilliance and Super Falcons Prospects

Reflecting on the tournament, head coach Moses Aduku expressed confidence that several players possess the talent to eventually transition into the senior national team, the Super Falcons.

Key performances have propelled Nigeria’s run:

  • Captain Christianah Uzoma delivered a crucial performance against England, saving a 33rd-minute penalty by Rachel Maltby to secure the team’s place in the last eight.

  • Winner Onajite David and Ramotalahi Kareem have spearheaded the attack, netting three goals each.

  • Janet Akekoromowei, Tosin Rafiu, and Rebecca Adegbemile have each contributed two goals to the campaign.

Emphasizing the importance of the tournament for player development, Aduku told FIFA, “I think the girls are doing well. We need to do more. There is going to be a transition to the senior national team from this junior side. So they really need to apply themselves.”

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