News
Saudi extends oil production cut as Russia reduces exports
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.
The Kano State House of Assembly has initiated impeachment proceedings against Deputy Governor Aminu Abdussalam Gwarzo over allegations of gross misconduct, abuse of office, and breach of public trust.
The notice was presented yesterday during plenary by the Majority Leader, Lawan Hussaini Dala, who said the action follows Section 188 of the 1999 Constitution of the Federal Republic of Nigeria.
Dala said the allegations stem from Abdussalam’s tenure as Commissioner for Local Government (2023–2024) and his current role as deputy governor. He accused the deputy governor of diverting funds meant for the 44 local government councils.
According to the majority leader, Abdussalam allegedly received N1.5 million monthly from each council between June 2023 and January 2024, totaling N462 million. Between February and July 2024, he allegedly collected N3.255 million monthly from each council under the guise of special assignments, amounting to N726 million.
Dala also accused the deputy governor of abuse of office, claiming he facilitated payments of N10 million from each council to NovoMed Pharmaceuticals Limited, totaling N440 million, in violation of state procurement laws.
“The misuse of official capacity to confer undue advantage constitutes abuse of power and undermines public trust,” Dala told lawmakers, adding that the allegations amount to gross misconduct under the Constitution.
The impeachment notice was reportedly endorsed by 38 lawmakers, meeting the constitutional threshold to proceed. The Speaker has acknowledged receipt, and the House is expected to serve the allegations on the deputy governor.
If approved, a panel may be constituted by the state Chief Judge to investigate the claims.
As of filing, Abdussalam had yet to respond publicly to the allegations.
The Inspector-General of Police, Tunji Disu, on Wednesday inaugurated a seven-member committee on the establishment of state police, giving it four weeks to submit its report.
The inauguration was held during his maiden conference with senior police officers at the Peacekeeping Conference Centre, Force Headquarters, Abuja.
Charging members of the panel to discharge their duties with professionalism and objectivity, Disu described the assignment as “both significant and timely,” noting that it would shape the framework through which state policing may operate in Nigeria.
“In carrying out this assignment, your deliberations must be guided by professionalism, objectivity, and a clear appreciation of the unique complexities of policing a diverse nation such as our own,” the IGP said.
He stated that if properly designed and effectively implemented, state policing holds significant potential benefits for the country.
“By bringing law enforcement closer to communities, state police institutions can deepen local knowledge of security dynamics and enable quicker and more targeted responses to emerging threats,” he added.
The committee is expected to review existing policing models within and outside Nigeria, assess community security needs and emerging risks, and propose an operational framework for the establishment and coordination of state police structures.
It will also address issues relating to recruitment, training, standards and resource allocation, as well as develop accountability and oversight mechanisms to ensure professionalism and public trust.
The panel is chaired by Olu Ogunsakin, with Bode Ojajuni as secretary. Other members are Emmanuel Ojukwu, Okebechi Agora, Suleyman Gulma, Ikechukwu Okafor and Tolulope Ipinmisho.
Disu said the committee had about four weeks to conclude its assignment and submit a comprehensive report.
The move marks one of the first major steps taken by the new police chief since his appointment and confirmation a few days ago.
The development comes amid rising security concerns across the country, with several stakeholders advocating state policing as part of measures to tackle insecurity.
President Bola Tinubu had earlier asked the National Assembly to commence the process of amending relevant laws to pave the way for the creation of state police.
President Bola Tinubu on Wednesday swore in Olatunji Disu as the Inspector-General of Police (IGP).
Disu took the oath of office at the Council Chamber of the Presidential Villa, Abuja, shortly before the commencement of the Federal Executive Council (FEC) meeting.
The President also administered the oath of office to six commissioners of the Revenue Mobilisation Allocation and Fiscal Commission (RMAFC) and two commissioners of the Federal Civil Service Commission (FCSC).
The ceremonies were witnessed by ministers, senior government officials and family members of the appointees.
The council meeting began shortly after the swearing-in.
In attendance were Vice President Kashim Shettima; the Secretary to the Government of the Federation, Senator George Akume; the Chief of Staff to the President, Femi Gbajabiamila; the National Security Adviser (NSA), Nuhu Ribadu; and the Head of the Civil Service of the Federation, Mrs EsthMrs.Walson-Jack.
Disu was appointed acting IGP on February 25, 2026, by President Tinubu, following the resignation of former IGP Kayode Egbetokun.
His appointment was subsequently endorsed by the Nigeria Police Council (NPC).
The former Assistant Inspector-General of Police assumed office last Wednesday.
He previously served as Assistant Inspector-General in charge of the Force Criminal Investigation Department (FCID) Annex, Alagbon, Lagos, after his promotion to the rank last year.
A former head of the Lagos Rapid Response Squad (RRS), Disu has pledged to deliver accountable, modern and professional policing.
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