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Saudi extends oil production cut as Russia reduces exports

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Saudi Arabia said on Monday it was extending a voluntary oil production cut of one million barrels per day, and Russia said it was slashing exports by 500,000 bpd.

The moves were the latest attempts by major producers to stabilise markets rocked by factors including continued fallout from the Russian invasion of Ukraine and China’s faltering economic recovery.

The cut by Saudi Arabia, the world’s biggest crude exporter, was first announced after a June meeting of oil producers and took effect at the weekend.

Saudi Energy Minister Prince Abdulaziz bin Salman noted at the time that it was “extendable”.

In a report on Monday announcing that the cut would continue through August, the official Saudi Press Agency said it “can be extended” further, citing an energy ministry source.

“The source confirmed that this additional voluntary cut comes to reinforce the precautionary efforts made by OPEC+ countries with the aim of supporting the stability and balance of oil markets,” SPA said.

Monday’s extension announcement leaves the kingdom’s production at approximately nine million bpd.

Also on Monday, Russia unveiled its export cut of 500,000 bpd for August “as part of efforts to ensure that the oil market remains balanced”.

The announcement by Alexander Novak, Russian deputy prime minister responsible for energy policy, came on the back of cuts to Russian oil production this year by the same volume as part of Moscow’s response to Western sanctions levied over the conflict in Ukraine.

Since the beginning of large-scale hostilities in Ukraine last February, Moscow has pivoted energy exports from Europe to India and China.

Muted Response

The initial market reaction to Monday’s announcements by Riyadh and Moscow was muted.

Brent was up 0.98 percent to $76.15 per barrel, and West Texas Intermediate was up 1.02 percent to $71.36 per barrel.

Recent efforts by OPEC+ to bolster prices by reducing output have not succeeded.

In April, several OPEC+ members opted to slash production voluntarily by more than one million bpd — a surprise move that briefly raised prices but failed to bring about lasting recovery.

Brent is down 11 percent since the beginning of the year and WTI is down 7 percent, as a sluggish recovery in China and worries about the US economy weigh on demand forecasts.

Saudi Arabia is counting on high oil prices to fund an ambitious reform agenda that could shift its economy away from fossil fuels.

Oil giant Saudi Aramco, the jewel of the kingdom’s economy, said it recorded profits totalling $161.1 billion last year, allowing Riyadh to notch up its first annual budget surplus in nearly a decade.

Analysts say the kingdom needs oil to be priced at $80 per barrel to balance its budget, which is well above recent averages.

 

 

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Ajimobi’s Legacy Still Guides Us, Oladele Urges Oyo APC Unity

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A chieftain of the All Progressives Congress in Oyo State and aspirant for the Irepo/Oorelope/Olorunsogo Federal Constituency seat in the 2027 general elections, Hon. Bosun Oladele, has called on members of the party and the wider progressive family in the state to embrace unity in order to preserve and advance the legacy of the late former Governor, Senator Abiola Ajimobi.

Oladele made the appeal on Thursday as political associates, loyalists and admirers marked the remembrance of the former governor, whose administration was widely associated with the popular slogan, “Koseleri.”

In a statement he personally issued,  the federal lawmaker hopeful described Ajimobi as a visionary leader whose passion for development transformed Oyo State and left an enduring footprint in its political history.

According to him, the annual remembrance of the late governor offers an opportunity for progressives to reflect on the ideals, discipline and commitment that defined Ajimobi’s leadership.

“It is that time of the year to remember the passion that once drove the developmental strides of the Pace Setter State, the centre of politics in Nigeria and a state renowned for many firsts,” Oladele said.

He noted that although the former governor had departed, his contributions to governance and public service remain fresh in the minds of many residents and party faithful.

“Oyo State still misses his sharp mind, problem-solving abilities, oratory prowess, focused leadership and developmental initiatives. His style of governance inspired confidence and demonstrated what purposeful leadership could achieve,” he stated.

Oladele stressed that Ajimobi’s legacy should continue to serve as a source of inspiration for members of the APC, urging them to close ranks and work towards a common goal.

“Even though he is gone, his legacy gives the progressive family in Oyo State hope that the future he envisioned for our dear state remains achievable through oneness and unity of purpose.

“I therefore call on all members of the APC and the progressive family at large to join hands, put aside differences and work together towards winning future elections as part of efforts to actualise the developmental aspirations our departed leader had for Oyo State,” he added.

The APC stalwart also prayed for the repose of Ajimobi’s soul and sought divine strength for his family, particularly his widow, Ambassador Florence Ajimobi, as she continues to shoulder public and private responsibilities.

He expressed optimism that Oyo State would once again witness progressive governance driven by visionary leadership, inclusiveness and a shared commitment to the welfare of the people.

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Senate passes state police bill, governors to appoint CPs

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The Senate on Wednesday passed a bill seeking to amend the 1999 Constitution to establish state police services across the country, a major milestone in ongoing efforts to decentralise policing and tackle Nigeria’s worsening security challenges.

The proposed legislation introduces a dual policing framework comprising a Federal Police Service and State Police Services, effectively replacing the existing structure under which policing is exclusively controlled by the Federal Government through the Nigeria Police Force.

The bill was passed after Senate Leader, Opeyemi Bamidele, presented its general principles on the floor of the Red Chamber.

It subsequently scaled second reading, underwent a rigorous clause-by-clause consideration and was passed for third reading after securing the support of more than two-thirds of the senators.

A key provision of the constitutional amendment empowers governors to appoint Commissioners of Police for their respective states, subject to confirmation by the state Houses of Assembly.

Clause 17 of the bill provides that a State Police Service shall be headed by a Commissioner of Police appointed by the governor on the recommendation of the National Police Council and confirmed by the House of Assembly of the state.

The proposed law further defines the operational relationship between governors and state police commands, allowing governors to issue lawful written directives of a general policy nature to Commissioners of Police on matters relating to the maintenance of public safety and order within their states.

To address widespread concerns over possible abuse of the proposed policing structure, lawmakers incorporated safeguards aimed at protecting political freedoms and civil liberties.

The bill expressly states that a state Commissioner of Police shall not arrest, detain, investigate or deploy force against any individual, political party or group merely for criticising the government, except in accordance with the law.

The provision is intended to prevent state police formations from being used to intimidate political opponents, activists, journalists and other dissenting voices while ensuring that all actions taken conform with due process.

The amendment also empowers the Federal Police Service to temporarily intervene in the internal security affairs of a state where there is an actual or imminent breakdown of public order or public safety which the state police are unable or unwilling to contain.

Such intervention must be authorised in writing by the President, who is required to state the grounds, territorial scope, functions and duration of the operation.

The President must also notify the governor, the Speaker of the state House of Assembly, the National Police Council and the National Assembly within 48 hours of the commencement of the intervention.

The bill further provides that no federal intervention shall continue beyond a period to be prescribed by an Act of the National Assembly unless approved by a resolution of the Senate.

The Senate’s approval came barely a day after President Bola Tinubu transmitted the bill to the National Assembly as part of his administration’s efforts to reform Nigeria’s security architecture.

According to the President, the proposed amendment is designed to provide a legal framework for a dual policing structure that would allow states to establish and operate their own police services alongside the federal police.

Tinubu said the proposal is a critical component of ongoing efforts to reorganise the country’s policing system, enhance security and better protect citizens, adding that communities, municipalities and local government areas would play more active roles in policing responsibilities under the new arrangement.

The renewed push for state police comes amid growing concerns over insecurity, banditry and mass kidnappings across parts of the country.

Supporters of the proposal argue that decentralised policing would strengthen grassroots intelligence gathering, deepen community-based security initiatives and ensure quicker responses to crimes and emergencies.

Critics, however, have cautioned against possible political interference by governors, funding challenges and the risk of exacerbating ethnic or communal tensions.

Tinubu had earlier described state police as inevitable in addressing the nation’s security challenges and urged lawmakers to fast-track constitutional amendments aimed at bringing the proposal to fruition.

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Tinubu sends state police bill to Senate

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President Bola Tinubu has transmitted a Constitution Alteration Bill to the Senate seeking the establishment of state police as part of efforts to reform Nigeria’s security architecture.

The proposed legislation, contained in a communication dated June 15, 2026, was read during plenary on Tuesday by Senate President Godswill Akpabio.

Tinubu said the bill was aimed at providing a legal framework for a dual policing structure that would allow states to establish and operate their own police services alongside the Nigeria Police Force.

According to the President, the proposed amendment forms a key component of ongoing efforts to restructure the country’s policing system to improve security and enhance the protection of lives and property.

He explained that under the arrangement, communities, municipalities and local government areas would play more active roles in policing, enabling local authorities to detect suspicious activities and promptly relay intelligence to security agencies.

Following the presentation, Akpabio referred the bill to the Senate Committee on Constitution Review and directed it to report back on Wednesday.

Speaking on the importance of community-based policing, the Senate President said local authorities were better placed to identify security threats and support proactive responses by law enforcement agencies.

“You will know when foreigners infiltrate Nigeria and alert security agencies so they can react proactively rather than reactively,” he said.

Akpabio expressed optimism that sustained collaboration between the executive and legislative arms would ensure the successful passage and implementation of the initiative.

He disclosed that the process would be undertaken in phases through constitutional amendments and subsequent Acts of Parliament.

“We will do it in two phases through alteration and an Act of Parliament. There will be a lot of safeguards; let us come and do this important task. It is extremely important that we come tomorrow,” he said.

The Senate President also informed lawmakers that plenary would not entertain other major business following the death of a member of the House of Representatives, Yahaya Tongo of Gombe State.

Similarly, the Senate Leader urged senators to attend the next sitting, stressing the significance of the proposed state police framework.

“We need a minimum of two-thirds of members to vote on constitutional alterations. The issue of state police is non-partisan and cuts across geopolitical zones and interests,” he said.

The latest development came barely two weeks after the Senate passed an executive bill on state police for second reading.

Akpabio said the fresh Constitution Alteration Bill transmitted by the President builds on the earlier proposal and seeks to provide the constitutional foundation necessary for the establishment and operation of state police services across the country.

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