The international oil benchmark, Brent crude, rose above $45 per barrel on Monday, supported by an improvement in Chinese factory data, rising energy demand and hopes for an agreement in the United States on more coronavirus-related economic stimulus.
Brent, against which Nigeria’s crude oil is priced, climbed by $0.81 to $45.21 per barrel as of 6:40pm Nigerian time on Monday.
Quota compliance by the Organisation of Petroleum Exporting Countries and its allies fell to 96 per cent in July, from 106 per cent in June, with their collective production increasing by 1.10 million barrels per day, the latest S&P Global Platts survey found.
Gulf members led by Saudi Arabia ended their voluntary extra output cuts, while some countries that have struggled to adhere to their quotas continued to pump above their caps, according to S&P Global Platts survey.
OPEC+ output is set to rise even further in August, with the 22-country coalition hiking its quotas by about two million bpd in anticipation of higher global oil demand.
But some of the additional production may be offset by so-called compensation cuts pledged by members that overproduced their quotas in May, June and July.
In particular, Iraq, Nigeria, Angola and Kazakhstan have come under intense scrutiny from their OPEC+ counterparts for their excess output.
Iraq has said it will cut an extra 400,000 bpd below its quota in August and September, after missing its target yet again in July, while Angola and Kazakhstan significantly improved their performance in the month.
Nigeria, meanwhile, maintains that some of its production should be categorised as condensate, which is not subject to the quotas.
A key monitoring committee co-chaired by Saudi Arabia and Russia, the two largest OPEC+ members, will meet August 18 to assess compliance and hash out the compensation cuts.
OPEC’s 13 countries produced 23.39 million bpd of crude oil in July, the survey found, up 1.08 million bpd from June. The 10 members with quotas under the OPEC+ accord achieved 94 per cent compliance with their committed production cuts, according to Platts calculations.
Nigeria was well above its cap in July, producing 1.56 million bpd, the survey found, though the country and OPEC officials say its offshore Agbami grade should be re-categorised as condensate.
LA peacemaker, Muhammed Obadimeji, has been killed while separating a fight between two men, Eniola Ayodele and Kayode Babashola, in the Dopemu area of Lagos State.
PUNCH Metro gathered that Ayodele and Babashola were fighting over their girlfriend, Barakat Wasiu, when Obadimeji intervened to make peace.
While separating the rivals, it was learnt that Ayodele, who was armed with a sharp object, allegedly stabbed Obadimeji in the chest in an attempt to stab Babashola.
The impact of the stabbing made Obadimeji to fall to the ground, but as the 25-year-old was clutching on to life, some good Samaritans came to his rescue and rushed him to the Lagos State University Teaching Hospital, Ikeja, for urgent attention.
However, it was learnt that Obadimeji died in the process of being treated.
A resident of the area, who spoke on condition of anonymity, said Obadimeji had no relationship with Barakat, but played the role of a peacemaker between Ayodele and Babashola when they were fighting, adding that he was killed in the process.
He said, “The boyfriends were fighting over the girl and the person who came to separate them was killed. One of them stabbed the person, who wanted to separate them and the injury led to his death. The man knew nothing about the fight; he wasn’t the one in a relationship with the girl; he just intervened to stop the fight and that was it.
“The girl is a teenager and somebody was killed because of her. The police have arrested the two rival men and the girl. All of them are in the police station.”
PUNCH Metro gathered that Obadimeji’s corpse was deposited in the Yaba General Hospital’s mortuary for autopsy, while the suspects had been transferred to the State Criminal Investigation and Intelligence Department, Panti, Yaba, for discreet investigation.
When contacted, the state Police Public Relations Officer, Bala Elkana, said a good Samaritan reported the incident to the police, adding that one of the rival lovers stabbed Obadimeji, while trying to separate them.
Elkana stated, “On Sunday, August 9, 2020, around 1.30pm, information was received from a good Samaritan that one Eniola Ayodele, 28, was fighting with Kayode Babashola, 31, over a girl, Barakat Wasiu, all of who stay in the same address on Momodu Street, Orile-Agege.
“During the fight, Eniola Ayodele allegedly used a sharp object to stab one Muhammed Obadimeji, 25, who was said to have come to separate them, in the chest. The peacemaker was rushed to the LASUTH in Ikeja for treatment and later died.
“A team of policemen was mobilised to the scene of the incident, where Ayodele, Babashola and Barakat Wasiu were all arrested and brought to the station. Obadimeji’s corpse has been deposited in the mortuary of the General Hospital in Yaba for autopsy. Investigation is in progress and the case has been transferred to the SCIID, Panti, Yaba, for further action.”
