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Nigeria’s Crude Oil Production Can Hit 1.5m BPD In 2024 — OPEC

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The Organisation of Petroleum Exporting Countries (OPEC) says Nigeria can achieve an oil production quota of 1.5 million barrels of crude oil per day (bpd) in 2024

OPEC made this known at the 36th OPEC and non-OPEC ministerial meeting, held on Thursday.

As part of the resolutions at its last meeting, Nigeria’s production level was reduced to 1.38 million bpd, from the current 1.74 million bpd, effective from January 2024.

“The required production level for Congo and Nigeria may be updated to equal the average production that can be achieved in 2024, as assessed by the three independent sources (IHS, Wood Mackenzie, and Rystad Energy) specialised in oil upstream by the next ONOMM to be held by the end of 2023,” OPEC had said in June.

Reiterating its position at the meeting held on Thursday, OPEC said Nigeria can reach a production level of 1.5 million bpd by 2024.

“Noted that, by the decision of the 35th OPEC and non-OPEC ministerial meeting, the completion of the assessment by the three independent sources (IHS, Wood Mackenzie and Rystad Energy) for production level that can be achieved in 2024 by Angola, Congo and Nigeria as follows: Angola at 1,110 t/bd, Congo at 277 t/bd and Nigeria at 1,500 t/bd,” the oil cartel said.

  • OPEC+ Members Agree To Additional Cuts Of Over 2.2M BPD

At its last meeting in June, OPEC+ decided to extend its voluntary cuts until the end of 2024.

On Wednesday, OPEC+ countries also announced additional voluntary cuts of 2.2 million bpd, aimed at supporting the stability and balance of oil markets.

The voluntary cuts are calculated from the 2024 required production level as per its previous meeting held on June 4, 2023, and are in addition to the voluntary cuts previously announced in April 2023 extended until the end of 2024.

Representing the largest cut, Saudi Arabia said it will extend its voluntary cut for the first quarter of 2024.

“These additional voluntary cuts are announced by the following OPEC+ countries: Saudi Arabia (1,000 thousand b/d); Iraq (223 thousand b/d); United Arab Emirates 1(163 thousand b/d); Kuwait (135 thousand b/d); Kazakhstan (82 thousand b/d); Algeria (51 thousand b/d); and Oman (42 thousand b/d) starting 1st of January until the end of March 2024. Afterwards, itosupport market stability, these voluntary cuts will be returned gradually subject to market conditions,” OPEC said.

The oil cartel said the cuts will be in addition to the announced 500,000 bpd voluntary cut by Russia for the same period, starting January 1 2023, until the end of March 2024,

OPEC said it will be “made from the average export levels of the months of May and June of 2023 and will consist of 300 thousand barrels a day of crude oil and 200 thousand barrels per day of refined products”.

The global oil charter scheduled its next meeting, to be held in Vienna, to June 1, 2024.

Also, at the meeting, the oil alliance agreed to admit Brazil into the charter.

The meeting welcomed Alexandre Silveira de Oliveira, minister of mines and energy of Brazil, who will join the OPEC+ charter of cooperation in January 2024.

BIG STORY

JUST IN: Reps Reject Bill Seeking Single Six-Year Term, Zonal Rotation For President, Governors

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The House of Representatives on Thursday, November 21, rejected a proposed constitutional amendment aimed at instituting a single six-year term for the president, governors, and local government chairmen across the federation.

The bill, sponsored by Ikenga Ugochinyere (PDP, Imo) and 33 co-sponsors, also sought to divide the country into six geopolitical zones and establish a rotational system for the presidency and governorship within these zones.

Additionally, the bill proposed that all elections be conducted on a single day.

It aimed to amend Section 132 of the Constitution by inserting a new subsection (2), deleting the extant subsection (4), and renumbering the entire section accordingly. The proposed amendment would have stipulated that elections to the office of President of the Federal Republic of Nigeria be rotated between the North and South regions every six years.

The bill also sought to amend Section 180 of the Constitution, replacing “four years” with “six years.”

Furthermore, it proposed altering Section 76 by inserting a new subsection (3), which would read: “(3) For the purpose of Section (1) of this section, all elections into the offices of President, Governors, National Assembly, and State Houses of Assembly shall hold simultaneously on the same date to be determined by the Independent National Electoral Commission in consultation with the National Assembly and in accordance with the Electoral Act.”

When the bill, which was scheduled for a second reading, was put to a vote, the majority of lawmakers voted against it. This is not the first time the House has rejected a bill seeking a six-year single term for the president and governors.

In 2019, a similar bill, sponsored by John Dyegh from Benue State, also failed to progress to the second reading.

Dyegh’s bill had also proposed a six-year term for Members of the National Assembly and State Houses of Assembly. He argued that a six-year term would allow members of the National Assembly to gain more experience, as opposed to the current four-year term.

According to Dyegh, re-election for the president and governors costs three times more than the first election and is often marked by violence. He believes a single term of five years would help curb the irregularities associated with re-election.

Former Vice President Atiku Abubakar had also proposed a further amendment to the 1999 Constitution and the Electoral Act 2022, advocating for a six-year single term for the president for each of the six geopolitical zones.

He added that the law must mandate electronic voting and the collation of results, and require the Independent National Electoral Commission (INEC) to verify the credentials of candidates, among other reforms.

The governor of Anambra State, Prof. Chukwuma Soludo, also backed calls in June this year for a single term for elected politicians.

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BIG STORY

I Appointed Aides On Garden Egg, Yam, Pepper To Boost Food Production — Enugu LG Chairman

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Eric Odo, chairman of Igbo Etiti LGA in Enugu state, has defended the appointment of aides for yam, pepper, and garden egg.

On Tuesday, Odo announced the appointments of Ezeugwu Ogbonna as senior special assistant on agriculture (yam and pepper) and Nwodo Ugonna as special adviser on garden egg and pepper.

The appointments attracted criticism from many Nigerians, who viewed the positions as an anomaly.

In his defense on Wednesday, Odo explained that the appointments were designed to increase the production of these crops in large quantities, aiming to meet local demands and support export.

The chairman emphasized that the Igbo-Etiti area is particularly well-suited to cultivating these crops and holds a significant comparative advantage.

“Their appointments are to ensure that local farmers receive adequate attention, needed resources, support, and expertise to enhance production, improve market access, and increase income for farmers,” NAN quoted Odo as saying.

“In essence, the appointment, which is wrongly misunderstood by disgruntled individuals, bad losers, and opposition, reinforces my determination to create a thriving local economy based on the strengths and potentials of Igbo-Etiti’s agricultural landscape.”

Odo explained that the decision was part of a carefully considered plan aimed at boosting productivity, creating jobs, and improving the livelihoods of farmers within the LGA’s communities.

He called on the public to disregard any online or offline comments intended to discredit the appointments, asserting that the council is committed to massive food production and sustainable development.

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BIG STORY

JUST IN: Simon Ekpa, Four Others Arrested In Finland Over Terror-Related Activities

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Finnish-Nigerian separatist agitator, Simon Ekpa, and four other individuals have been arrested in Finland over terror-related activities.

A local report in Finland stated that Ekpa, the self-declared “Prime Minister of Biafra Republic Government In-Exile,” was remanded in custody by the district court of Päijät-Häme on suspicion of public incitement to commit a crime with terrorist intent.

In a Thursday statement published on its website, the Central Criminal Police in Finland said it had arrested five people on suspicion of terrorist crimes.

The police said the main suspect was arrested “on suspicion of public incitement to commit a crime with terrorist intent,” while four others were arrested “for financing a terrorist crime.”

The police added: “Claims will be heard in Päijät-Häme district court today, November 21.”

The statement reads: “The detention demands are related to the preliminary investigation, in which a Finnish citizen of Nigerian background, born in the 1980s, is suspected of public incitement to commit a crime with terrorist intent.”

“The police suspect that the man has promoted his efforts from Finland by means that have led to violence against civilians and authorities as well as other crimes in the region of South-Eastern Nigeria.”

The statement quoted the head of the investigation, Crime Commissioner Otto Hiltunen from the Central Crime Police, as saying that “the man has carried out this activity, among other things, on his social media channels.

“Four other persons are suspected of financing the aforementioned activity. All five suspects of the crime have been arrested during the beginning of the week.”

“International cooperation has been carried out during the preliminary investigation,” the statement added.

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