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OPEC+ Boosts Oil Output By 137,000 BPD As Market Eyes Price Rebound.
The Organisation of the Petroleum Exporting Countries and its allies (OPEC+) have agreed to increase crude oil production by 137,000 barrels per day (bpd) beginning in November, maintaining the same cautious approach adopted in October amid growing concerns of a potential global oil surplus.....KINDLY READ THE FULL STORY HERE▶
According to Nivo News, the decision was reached during a virtual meeting involving Saudi Arabia, Russia, Iraq, the United Arab Emirates (UAE), Kuwait, Kazakhstan, Algeria, and Oman. The participating nations reaffirmed their commitment to sustaining market stability, citing a steady global economic outlook and healthy market fundamentals driven by low oil inventories.
The new output adjustment is part of a gradual rollback of the 1.65 million bpd voluntary production cuts first announced in April 2023. OPEC+ noted that the phased increase would be closely monitored and could be paused or reversed depending on evolving market conditions. The group emphasized flexibility and a cautious approach as key to avoiding price volatility while maintaining a balanced market.
The Joint Ministerial Monitoring Committee (JMMC) will continue to oversee compliance and ensure full compensation for any overproduction since January 2024. Member countries also resolved to hold monthly meetings to assess market conditions and conformity, with the next review scheduled for November 2, 2025.
Analysts suggest that the modest output increase could nudge oil prices upward by about $1 per barrel. Brent crude recently traded below $65 per barrel—its lowest level since May—amid forecasts of weaker demand and rising U.S. supply in the final quarter of 2025 and into 2026.
Industry experts note that Russia had favored a conservative production rise similar to October’s to prevent downward pressure on prices, while Saudi Arabia had pushed for a larger hike of up to 548,000 bpd, leveraging its spare capacity to regain market share more rapidly.
Rystad Energy analyst Jorge Leon remarked that OPEC+ is “walking a tightrope between maintaining stability and clawing back market share in a surplus environment,” adding that the group’s cautious stance reflects awareness of market fragility.
OPEC+ output cuts previously peaked at 5.85 million bpd earlier this year, comprising multiple layers of voluntary reductions. The gradual unwinding of these cuts began in October, with the 137,000 bpd addition marking the next step toward normalization.
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FIFA Presidency Race Heats Up As Japan’s Kozo Tashima Moves To Challenge Infantino.
Kozo Tashima, honorary president of the Japan Football Association (JFA), has announced his intention to challenge Gianni Infantino for the FIFA presidency in next year’s election.....KINDLY READ THE FULL STORY HERE▶
Tashima said his ambition is to promote integrity, transparency and high ethical standards in global football, drawing inspiration from the principles that have guided Japanese football over the years.
“I believe it is important to clearly communicate to the world of football the integrity, soundness, and high moral standards that Japanese football has cherished and built up over the years,” he said.
“I have decided to run for Fifa presidential election in order to convey this philosophy to the world and contribute to a better future for football.
“I will take on this challenge with strong determination, making use of the experience I have cultivated so far, and contributing to the further development of world football.”
Tashima’s declaration comes amid growing scrutiny of Infantino’s leadership, particularly following the controversial FIFA Forward Enterprise (FFE) proposal, which sought to sell stakes in the World Cup to private investors.
FIFA reportedly abandoned the proposal in late July after facing widespread opposition from stakeholders across the football community.
However, Infantino’s re-election campaign received a boost after the Asian Football Confederation (AFC) endorsed his bid, following a change of position by its president, Sheikh Salman.
In October, Infantino also told BBC Sport that he had the backing of the “vast, vast majority” of world football as he seeks a fourth term in office.
Former Tottenham Hotspur defender Ramon Vega was the first candidate to announce his intention to challenge Infantino in October. Tashima has now joined the contest.
JFA president Tsuneyasu Miyamoto welcomed Tashima’s decision, describing it as an opportunity to contribute to the development of world football and showcase the values of Japanese football.
Candidates have until November 18 to declare their intention to contest the election. However, Tashima and other aspirants must obtain nominations from at least five FIFA member associations to qualify for the presidential race.
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Showunmi Celebrates As Court Voids Atiku’s Presidential Ticket In Major Political Twist.
Former campaign spokesman for Atiku Abubakar, Segun Showunmi, has been seen in a viral video celebrating the Federal High Court judgment that nullified the former Vice-President’s presidential ticket on the platform of the African Democratic Congress (ADC).....KINDLY READ THE FULL STORY HERE▶
The video, which has circulated widely on social media, shows Showunmi clapping, laughing and dancing shortly after the judgment was delivered.
Showunmi, who has consistently criticised Atiku’s defection to the ADC, said the court’s decision had vindicated his earlier warnings about the coalition’s legal standing.
“I forewarned. I told them this would happen. They did not listen,” he said.
He recalled that his concerns had previously been dismissed as bitterness and jealousy when he questioned the legal status of the coalition that took control of the ADC.
“When I was shouting, they said I was bitter. When I warned, they said I was jealous. Now the court has spoken,” he added.
Showunmi had repeatedly argued that Atiku should have remained in the Peoples Democratic Party (PDP) and worked towards rebuilding it instead of joining a coalition he described as a gathering of aggrieved politicians without a solid political structure.
He also predicted that the coalition’s takeover of the ADC, led by former Senate President David Mark, would eventually collapse in court.
In a judgment delivered on Thursday, Justice Peter Lifu ruled that the Mark-led caretaker committee was illegal and nullified the primary election that produced Atiku as the party’s presidential candidate.
The court also removed all the party’s national officers, including National Secretary Rauf Aregbesola, and voided the list of candidates submitted to the Independent National Electoral Commission (INEC) for the 2027 elections.
The suit was instituted by Nafiu Bala Gombe, a former Deputy National Chairman (North-East) of the ADC, who challenged the leadership change that followed the resignation of former National Chairman Ralph Nwosu.
Watch the video below:
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Oshiomhole Blasts Atiku, Accuses Obasanjo Administration Of Killing Nigerian Industries.
The senator representing Edo North, Adams Oshiomhole, has accused former President Olusegun Obasanjo and his deputy, Atiku Abubakar, of contributing to the collapse of Nigeria’s industrial sector.....KINDLY READ THE FULL STORY HERE▶
Oshiomhole, a chieftain of the All Progressives Congress (APC), alleged that the administration of Obasanjo was responsible for the closure of major companies, including Michelin and Dunlop, leaving the country increasingly dependent on imported goods.
He made the allegation on Thursday while speaking at the APC presidential campaign rally in Ekiti State.
The former labour leader also recalled that Atiku, during his time as vice president, had publicly acknowledged that the Obasanjo administration spent $16 billion on the power sector.
“Atiku Abubakar, as Vice President, was crying on television that his government and his oga, Obasanjo, spent $16 billion on power. So you ask Atiku how many more US dollars do you need?” Oshiomhole said.
The senator also dismissed Atiku’s concerns about rising unemployment, arguing that the administration in which he served contributed to the problem by allowing Nigerian industries to shut down.
“I understand that Atiku is lamenting about unemployment; who closed down Nigerian industries? Who closed down Michelin? Who closed down Dunlop? Who reduced Nigeria to importer of everything from underwear to socks? It was done by the government and party to which Atiku belonged,” he stated.
Oshiomhole urged residents of Ekiti State to support President Bola Tinubu’s re-election bid in 2027, pointing to the current administration’s approval of a new minimum wage for workers.
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