Okoli Ahize Chizoputam Killed By Students in OAU 'Maximum Shi Shi' Over Phone Theft Allegations
As shared by Chymake Baron Chymaker:
The students Civil Engineering, Awo Hall of OAU have tortured and killed a civil engineering student named Okoli Ahize Chizoputam aged 28, for allegations of phone theft.
A practice by the University titled Maximum Scientific Shishi being a code name for torturing students that are alleged to have committed an offense. This practice is always moderated by the Hall Chairman
In the case of Mr Okoli, the Awo Hall Chairman Badiora Timilehin and his social director Omiskin Seye were the moderators.
Sadly this despicable practice led to the death of young man as he was taken to the Teaching Hospital already Dead (BID).
The Moderators have been arrested by DSS of Ife Central.
There is no way @OAUniversity should be left out of this barbaric practice in the campus
A 500-level Civil Engineering student of Obafemi Awolowo University, Ile-Ife, Okoli Ahize Chizoputam, has been killed over alleged phone theft on campus.
THE WHISTLER gathered that Chizoputam, 28, allegedly stole the phone at Awolowo Hall on Monday.
It was learnt that the final-year student was handed over to the leadership of the student union who further tortured him to death.
A source in the school said, “After Chizoputam was attacked by a mob, he was handed over to the student union leaders at Ken Saro-Wiwa hall. He was later tortured severely before he was rushed to the hospital where he gave up the ghost.”
The president of the OAU student union, Olayiwole Festus, confirmed the death of the final-year student.
He explained that “he was assaulted in a mob action at Awo Hall yesterday. The student was declared dead on arrival at the Emergency Medicine Department of OAU Teaching Hospital this afternoon.
“Preliminary investigations show that the deceased was accused of having stolen a phone. While we await an official report from the law enforcement agencies, I must state that this incident is a very sad one for Great Ife Students’ Union because our Union is not a Union of barbarians but that of intellectuals.
“Arrests and investigations of individuals suspected to be connected with the assault of the deceased are being made for consequent legal actions. Our Union does not support mob actions and justice must be served in this incident. Pending investigations of this unfortunate development, the activities of the Hall Executive Council of Awo Hall are suspended immediately.”
Similarly, the management of the institution through its spokesperson, Mr Abiodun Olarewaju, said an investigation is on and would make their position known after the investigation.
Facebook User, Olumide GlowVille explains the meaning of "Maximum Shi Shi"
Everyone who graduated from OAU Ife must be familiar with the term Maximum Shi Shi (MSS).
It is a form of jungle justice meted out to people accused of theft, cultism, or any form of vice the student union frowns at.
The modus operandi is to parade such person around the hostels to receive beating from students.
Victims of such treatment are usually beaten to a pulp, left with a swollen face and multiple injuries.
I remember the case of a guy caught in Awolowo Hall for stealing 5 laptops. Dude had successfully carted away the 5 laptops, he went back to take the laptop chargers when he was caught.
He was given maximum shishi and that was the last I ever saw or heard of him.
I have always wondered if that guy and others like him were handed over to school authorities afterward or they just left the school out of shame.
This morning, I read on Twitter that students of Awo Hall of OAU have tortured (Maximum Shi Shi) and killed a civil engineering student named Okoli Ahize Chizoputam aged 28, for allegations of phone theft.
In the case of Mr Okoli, the Awo Hall Chairman Badiora Timilehin and his social director Omisakin Seye were the moderators.
Sadly this despicable practice led to the death of young man as he was taken to the Teaching Hospital already Dead (BID)
The moderator have been arrested by DSS of Ife Central
I really hope this serves a lasting lesson to the student community and this barbaric practice is banished forever!
Ogun State has Tricycle Ambulances for rural areas.
In 2022, @dabiodunMFR of @OGSG_Official introduced "Tricycle Ambulance To PHCs Particularly In The Rural Areas Where There Is Difficulty In Road Access.”
Millie Bobby Brown has announced her engagement on Instagram!
The 19-year-old Stranger Things actor shared a photo of herself wearing a ring on her engagement finger, as fiancé Jake Bongiovi – the 20-year-old son of singer Jon Bon Jovi – hugs her from behind.
Millie captioned the adorable snap: “I've loved you three summers now, honey, I want ‘em all,” which is a line from from Taylor Swift’s song Lover.
Jake also shared a series of images from the same day with the caption: “Forever”.
Twitter user, Adamu Hayatu, has revealed how they sourced for two million naira cash to pay as ransom to kidnappers to free his cousin during the cash scarcity.
He was replying to Prof Ashafa who wrote:
Kidnapping for ransome has returned after being on sabbatical with the Naira Redesign & cashless policy. A former Dep. Gov of Nasarawa was a victim, so too were many more.
I just found out that @adamugarba is not a university graduate. He was expelled from Kano state University of technology, Wudil, Kano state. When he was 300 level. Go and verify, or let Adamu Garba deny this.
The Adamawa State Police Command, in collaboration with hunters, killed a suspected kidnapper and rescued two victims in the Toungo Local Government Area of the state on Sunday.
Police spokesman, Suleiman Nguroje, stated in Yola on Monday that it was one of the successes of the police’s collaborative strategies to end kidnapping, robbery, cattle rustling, and unlawful possession of firearms.
“One kidnapper was neutralised when he and his gang arrived at a spot to receive N2million ransom demanded from relatives of the kidnapped victims.
“The suspected kidnappers sighted our men around the area and engaged them in a gun duel so as to escape arrest.
“One of them was neutralised while others escaped with bullet wounds,’’ he stated.
Nguroje added that the two victims, Suleiman Abdullahi, 23, and Ruwa Buba, 11, residents of Mayo Sumsum Village in Toungo LGA, were rescued unhurt.
He stated that the Commissioner of Police in Adamawa, Afolabi Babatola, commended operatives of Toungo Divisional Police Office and the hunters for their gallantry.
Babatola directed the joint operations team to track down fleeing members of the kidnap gang to ensure that they did not re-group anywhere in the state.
The police commissioner charged residents to always inform the police of the whereabouts of criminals, especially those found with bullet wounds,’’ Nguroje stated.
Aliko Dangote (Listen) GCON (born 10 April 1957) is a Nigerian business magnate who is the founder, chairman, and CEO of the Dangote Group, the largest industrial conglomerate in West Africa. According to Bloomberg Billionaires Index, Dangote's net worth is estimated at US$19.9 billion as of April 2023, making him the richest person in Africa and richest black person and 83rd in the world.
Early life
Dangote was born in Kano, Kano State into a wealthy Hausa Muslim family. Dangote's mother, Mariya Sanusi Dantata, was the daughter of businessman Sanusi Dantata. Aliko Dangote's father, Mohammed Dangote, was a business associate of Sanusi Dantata. Through his mother, Dangote is the great-grandson of Alhassan Dantata, the richest West African at the time of his death in 1955.
Dangote was educated at the Sheikh Ali Kumasi Madrasa, followed by Capital High School, Kano. In 1978, he graduated from the Government College, Birnin Kudu. He received a bachelor's degree in business studies and administration from Al-Azhar University, Cairo.
Business career
The Dangote Group was established as a small trading firm in 1977, the same year Dangote relocated to Lagos to expand the company. Dangote received a ₦500,000 loan from his uncle to begin trading in commodities including bagged cement as well as agricultural goods like rice and sugar. In the 1990s, he approached the Central Bank of Nigeria with the idea that it would be cheaper for the bank to allow his transport company to manage their fleet of staff buses, a proposal that was also approved.
Today, the Dangote Group is one of the largest conglomerates in Africa, with international operations in Benin, Ghana, Zambia and Togo. The Dangote Group has moved from being a trading company to be the largest industrial group in Nigeria, encompassing divisions like Dangote Sugar Refinery, Dangote Cement, and Dangote Flour. Dangote Group dominates the sugar market in Nigeria, with its refinery business is the main supplier (70 percent of the market) to the country's soft drink companies, breweries and confectioners. The company employs more than 11,000 people in West Africa.
In July 2012, Dangote approached the Nigerian Ports Authority to lease an abandoned piece of land at the Apapa Port, which was approved. He later built facilities for his sugar company there. It is the largest refinery in Africa and the third largest in the world, producing 800,000 tonnes of sugar annually. The Dangote Group owns salt factories and flour mills and is a major importer of rice, fish, pasta, cement, and fertiliser. The company exports cotton, cashew nuts, cocoa, sesame seeds, and ginger to several countries. Additionally, it has major investments in real estate, banking, transport, textiles, oil, and gas.
In February 2022, Dangote announced the completion of Peugeot assembling facility in Nigeria following his partnership with Stellantis Group, the parent company of Peugeot, the Kano and Kaduna state government. The new automobile company, Dangote Peugeot Automobiles Nigeria Limited (DPAN) factory which is based in Kaduna commenced operations with the roll-out of Peugeot 301, Peugeot 5008, 3008, 508 and Land Trek."
Wealth
Dangote became Nigeria's first billionaire in 2007. Dangote reportedly added $9.2 billion to his personal wealth in 2013, according to the Bloomberg Billionaires Index, making him the thirtieth-richest person in the world at the time, and the richest person in Africa. In 2015, the HSBC leaks revealed that Dangote was a HSBC client and that he had assets in a tax haven in the British Virgin Islands. As of June 2022, Dangote is the wealthiest person in Africa, with an estimated net worth of US$20 billion.
Personal life
Dangote lives in Lagos, Nigeria. He has been married and divorced twice. He has three daughters – Mariya, Halima, Fatimah and an adopted son, Abdulrahman. Aliko's brother, Sani Dangote, died on 14 November 2021 from colon cancer.
Dangote is known for his simple and austere lifestyle; he reportedly works 12 hours a day beginning at 5am and goes to the gym six times a week.
Prophetess Tahmar and I would like to express our gratitude for all your prayers and international support during Fridays ordeal with The DSS.
We can confirm that on Good Friday 7th April we arrived at Abuja to visit one of our branches when we were picked up by about 6 armed agents who did not identify themselves as DSS or any law enforcement agency.
My wife, myself and my aide Emmanuel Ezerika were forced to surrender our mobile phones and enter the vehicles where we were taken at considerable speed to what we later learned were DSS HQ. The officers, some of who wore balaclavas were not immediately recognisable as DSS.
Our pictures were taken, finger prints and data collected and we were locked inside a room with no real knowledge as to the grounds for our arrest. After a lengthy interrogation, it appears media and social media pressure forced DSS to release my wife and I. My aide still remains under DSS custody and thus far, DSS have been elusive as to his exact whereabouts. We will not divulge the particulars of the investigation at this point as we are still awaiting the safe release of my aide.
Out of concern for my young children and my wife’s well being, we made the unfortunate decision to leave Nigeria abruptly. This decision did not come lightly but with considerable prayer and counsel from our board, trustees, colleagues in the ministry and respective families. I can confirm that we are safe and will continue to work and pray for a new Nigeria.
We remain resolute that we will return to the Nation that we have grown to call our home but for now we will continue to press, pray and give God no rest until Nigeria becomes a praise in the earth. We did not come to Nigeria under any illusion of comfort. We came to serve the Lord, fully aware of the danger. We want you to know that Tahmar and I remain strong and unwavering in our commitment to Nigeria and the many great leaders we have encountered during our time there. We want to thank every leader and friend who reached out, called, texted, posted. We are so grateful. This is not goodbye. This is see you soon! In a new and better Nigeria.
As shared by Dr. Ibrahim Oloriegbe, APC Senator representing Kwara Central Senatorial District.
My position on the Bill to make it mandatory for Medical and Dental practitioners not to be given full practising license until five years after graduation to stem brain drain.
As the Chairman Senate Committee on Health, a stakeholder in Nigeria's Health Sector, and a health system specialist, I am of the view that the legislative proposal sponsored by Hon. Ganiyu is not enough as a strategy to address the challenge of brain drain in the health sector.
This is because the factors responsible for brain drain are multifaceted and the mere denial of full practice license to medical practitioners as contained in the proposal will never resolve and may even aggravate them.
Besides, it is not only medical doctors that are leaving the country for greener pastures abroad, there are other health workers, as well as professionals in other fields of human endeavour, trained but leaving the country on daily basis for similar purposes,
consequently, focusing attention only on the medical doctors is like curing one of many ailments that are threatening the life of a dying patient without finding solutions to the others.
In addition, with all due respect, the issues and facts related to granting of practising license are not understood by the sponsor of the bill, thus, it becomes imperative for me as a stakeholder in the health sector to offer my perspective, this time as a medical practitioner of many years and not particularly as a senator with the privilege of heading the Senate Committee on Health.
2. The piece of the proposed legislation at a minimum violates the right to the "Freedom of Movement" (Sec. 41) and "The right to freedom from discrimination" under (Sec. 42) as guaranteed by the Constitution of the Federal Republic of Nigeria (CFRN) 1999, as amended.
These rights cannot be ordinarily denied by any person or government. Thus, we can't be seeking legal redress through an illegal procedure.
3. A person who is "qualified as a Medical Doctor" cannot be denied a license to practise having been certified qualified, except if he is found wanting in the ethics of the profession. Labour laws will come into place here.
Furthermore, before the bill can be considered for legislative passage and executives' approval, the following fundamental issues are important to scrutinise:
a) When does the 5-year period start, before or after the housemanship?
b) What sort of license will be awarded to a fully trained doctor instead of a full license to practise under the proposal?
c) Is there going to be a limit in the doctor’s scope of practice, and to what extent are the limits during the five years waiting period? And we need to establish why we are putting such limits; is it for lack of skills, or political expediency?
d) What happens after the five years of denial of rights to practise?
e) Consequently, how will this law advance the quality of clinical services, education, and research in any system, let alone, a crippled one like ours?
Given the above reasons, it is my considered opinion that resolving the challenge of brain drain in the country's health sector cannot be achieved through this bill. Rather, we need to address the various factors that make skilled health workers desire to migrate out of Nigeria
I, therefore recommend that rather than enacting laws that will curtail the rights of the citizens to free movement and seek better opportunities through legal means,
we should advocate for an improved system that will be very attractive and make medical practitioners unwilling to travel abroad to seek better living conditions. That is, we have to make our pastures to be greener so that other people's pastures won't be tempting to them.
We can achieve this through the following recommendations:
i. Medical students could be obliged to choose between paying the standard market rate for their training or opting for government-subsidized training. Quality education in its real sense can't be free.
Those who however opted for subsidized training after their qualification would in return be compelled to work in Nigeria for a certain time or refund the subsidies. This is a practice obtainable even in advanced countries such as the UK.
ii. To achieve the goal of a mandatory work scheme, we can enable a system that will guarantee employment opportunities for medical professionals after their qualification and provide inflation-adjusted living earnings for a few years after graduation
on the condition that they stay in Nigeria to practice. Apart from providing attractive remunerations, their work environment and career expectations should also be prioritized. Incorporating both measures should give us satisfactory results.
iii. Lastly and importantly, we need to improve our health system with sustainable investments to make it conducive for the various health workers to work. We can be assured of better outputs only if what we input is in good condition.
Every year, there is always a movie that leaves viewers wanting more, be it a sequel or a series. Although it might seem too early to conclude which of Nollywood’s 2023 releases has managed to capture viewers’ hearts, it’s undoubtedly that Gangs of Lagos falls into the list of contenders.
From the same creative mind that brought a new type of action thriller to our screens in 2022 with Brotherhood comes Gangs of Lagos, another crime thriller that will keep viewers on the edge of their seats. There is something about watching Jade Osiberu movies that immerse you in a world that feels yet new.
Gangs of Lagos, being the first Amazon Prime Video Original film, knocked the ball out of the park.
Whether it was the spot-on casting choices, cinematography, or stunts, the film has set the bar high for producers in the industry.
The movie’s plot revolves around a group of friends to a life of crime in the famous and daunting streets of Isale Eko. After losing loved ones, they set out on a quest for vengeance to right the wrongs of the gangs on the road.
Despite possessing many unique qualities, including an authentic representation of Lagos street life, Gangs of Lagos does have a few flaws, ranging from dialogues to the storyline. Let’s dive into the review.
The Gist The beginning scenes show a young boy named Obalola (Tobi Bakare) threatening to kill a woman if she refused to surrender her purse. Initially thinking he was joking, she declined, but upon spotting a knife, she accepted. This incident caused him to be summoned to the “leader of the streets,” as the woman is an “omo aiye.”
Due to his courage and intellect, a gang leader named Nino is interested in him, becoming his second father figure. Unfortunately, Nino dies, causing Obalola to rely on a life of crime with his best friends, Gift (Adesua Etomi-Wellington) and Ify (Chike Osebuka). They start to work for a greedy and ruthless gang leader, Kazeem(Olarotimi Fakunle).
Things get heated when Kazeem murders one of the gang leaders, pinning it on Oba’s friends. This accusation leads to his death, which enrages Oba and the street members, and later causes a war where bloodshed and destruction are the order of the day.
The Good A significant highlight of this film is the excellent casting choices. It was refreshing to see Adesua switch from a pretty face into a tomboy with ruthless qualities as a man. Tobi Bakare also delivers an award-winning performance as Obalola, along with Kazeem, who embodied what it takes to be a villain of the street.
How can we forget the range Chioma brought as she delivered a tear-moving monologue, and Iyabo Ojo, who, although appearing in a few scenes, was still able to express the fierceness that exists in a typical Nigerian mother?
Lastly, Tayo Faniran made us fall in love with Nino, ignoring his shortcomings.
The cinematography for Gangs of Lagos is top-tier, as the various elements make each scene aesthetically appealing for the nature of its genre. An additional ambitious cinematic part that paid off was the locations. It is remarkable to see that the movie was shot at places that can be found in the real-life Isale Eko.
Gangs of Lagos, to a certain extent, also accurately portrays what street life is like paying close attention to details that will keep viewers interested in the movie. For example, there was a lot of symbolism about the current situation of the country, especially the recent elections. The themes of political thuggery and corruption were heavily implied in many scenes.
Finally, let’s talk about the stunts and effects. Gangs of Lagos is arguably the first film to feature a professional execution of deeds. This, added to the realistic blood effects, would probably make it every Nollywood director’s guide on how to shoot an action film correctly.
Gangs of Lagos radiates with potential, but it still has a lot of room for improvement. Some scenes felt too dragged out, especially the ones with the stunts. It was almost as if the producers were trying to shove the fact that a lot of money, time, and effort went into the actions, so showing them more would give viewers time to appreciate them.
The storyline appears to have been done before. Although it would be hypocritical not to acknowledge the effort to put a new spin on it, it felt like an extra dose of creativity could have made it better.
A few dialogues also felt bland. Either the words had little impact in the context of the situation, or the delivery felt off.
The idea of making ‘Gangs of Lagos’ a movie is another issue. It would have been so much better as a TV series because then we would see character development not just for Obalola or Gift but also for people like Kazeem.
Final Verdict!
Stream it! Gangs of Lagos is one of the few films that relied on proper research to tell a story most Nigerians do not fully understand.
DSS Arrests UK-Based Nigerian Pastor At Lagos Airport
The founder of the RIG Nation and Pioneer Church, UK, Apostle Tomi Arayomi was arrested and detained in Nigeria by security agents on Friday.
This was disclosed by his twin brother, Tobi Arayomi, via his Instagram page, @tobiarayomi, around 12 pm.
According to Tobi, his brother was apprehended by operatives of the Department of State Services for alleged politics-related prophecies he made.
“Hello everybody, I need your help. I just received news that my brother has been detained by the Department of State Services, DSS in Nigeria. He has been arrested for political reasons, my brother and his wife, Tema.
“He just arrived in Lagos and they detained him at the airport. He is politically targeted because some of his prophetic words have troubled the government in Nigeria,” Tobi said.
The cleric in question had been making predictions about the 2023 Nigerian elections and the outcomes.
Ahead of the elections, he urged Nigerians to vote for an “outsider”, noting that the 2023 electoral process will first produce Bola Tinubu of the ruling All Progressives Congress (APC) as president-elect.
THE WHISTLER reached out to the DSS spokesperson, Peter Afunnaya, to confirm or deny the arrest.
“Why don’t you call the Pastor, pls.” Afunnaya responded.
When THE WHISTLER noted that Tomi’s brother alleged that the pastor was picked up by DSS operatives, Afunnaya insisted our correspondent reached the pastor directly instead “and not conclude with what a third party said or told you.”
About 40 minutes later, Tobi posted a photo of his brother and his wife on Instagram, stating they have been released.
“@tomiarayomi and @tahmar.india are out. Thank you all for your prayers,” Tobi stated.
Information gathered from his official Facebook page showed that Pastor Tomi was billed to be at his church branch in Abuja on April 7 for a programme.
Apostle Tomi Arayomi @TomiArayomi & Wife has been arrested by the DSS on Arrival at the Airport for Allegedly Giving Prophecies that Didn’t Augur Well with APC
Twitter user, Mr Mekzy (Pharaoh), has shared photos that show striking resemblance with the late Odumegwu Ojukwu while reacting to Seola Quintanilla Palmer's post,
"do y’all have “forbidden” pairs you think look alike but also know NO one else is gonna agree?"
The Federal Government has secured the sum of $800 million from the World Bank under the National Social Investment Programme as part of palliatives to cushion the negative effects of the plan to remove subsidy on the petroleum products by June 2023.
The Minister of Finance, Budget, and National Planning, Hajiya Zainab Ahmed, announced this Wednesday while fielding questions from State House reporters after the Federal Executive Council (FEC) meeting at the Presidential Villa, Abuja.
She said the fund which had been secured was ready for disbursement.
Asked about the palliatives that would be put in place ahead of the removal subsidy on the premium motor spirit popularly known as petrol, the minister said: “The second question on exit of fuel subsidy, this is a commitment in the Petroleum Industry Bill. There is a provision that says that 18 months after the effectiveness of the PIA that all petroleum products must be deregulated, that 18 months takes us to June 2023.
“We’re on course, we’re having different stakeholder engagements, we’ve secured some funding from the World Bank, that is the first tranche of palliatives that will enable us give cash transfers to the most vulnerable in our society that have now been registered in a national social register. Today that register has a list of 10 million households. 10 million households are equivalent to about 50 million Nigerians.
“But we also have to raise more resources to enable us do more than just the cash transfers and also in our engagements with the various stakeholders, the various kinds of tasks that we have go beyond the requirement of just giving cash transfers. Labour, for example, might be looking for mass transit for its members.
“So, there are several things that we’re still planning and working on, some we can start executing quickly, some are more medium-term implementation.”
When asked how much funding was received from the World Bank for the execution of the planned exit, she said “$800 million for the scale up of the National Social Investment Programme at the World Bank and it’s secured, it’s ready for this disbursement”.
Asked if the incumbent government had been discussing subsidy removal with the incoming administration, she said, “there are a lot of discussions going on at different levels, including with members of the transition committee of the incoming government”.
Last week, the Minister of Labour and Employment, Dr Chris Ngige, had said the incoming administration of Asiwaju Bola Tinubu would be left to handle all issues on palliative measures to be introduced to cushion the impending discomfort the stoppage of petrol subsidy would bring if it was finally implemented in June 2023.
Ngige, while reacting to a question on the issue, said, “The subsidy palliatives will be left to the incoming government to implement. We’ll simply hand over to them.
“Of course, we will give recommendations which they are at liberty to either accept or reject.”
The Minister of State, Budget and National Planning, Clement Agba, had on March 15 said no conclusion had been reached on how to lessen the likely impacts of the proposed fuel subsidy removal on the citizenry as it prepared to do away with petroleum products subsidy from the middle of 2023.
He had, while reacting to a question, said though a committee headed by Vice President Yemi Osinbajo had been working for about a year, nothing definite had been agreed upon.
Agba, who expressed hope that the committee working with state governors could arrive at a common position on the matter soon, added that no timeline for the Osinbajo’s committee to conclude the discussion which he said is ongoing.
When asked to speak on palliative measures that would be put in place to mitigate the impacts of the subsidy removal, he said: “For over a year plus now, the Vice President, Yemi Osinbajo has been leading a committee working on this and the National Economic Council also has a committee that has also been working on this.
“So, the stage that we are in now is how to finalize the suggestions that have come out from both the federal government and the governors side.
“Like you know, it is something that is going to affect the entire nation.
“They will just have to ensure that everyone is carried along, that is both the federal and sub-national governments.
Saudi Arabia and other OPEC+ oil producers on Sunday announced further oil output cuts of around 1.16 million barrels per day, in a surprise move that analysts said would cause an immediate rise in prices and the United States called inadvisable.
The pledges bring the total volume of cuts by OPEC+, which groups the Organization of the Petroleum Exporting Countries with Russia and other allies, to 3.66 million bpd according to Reuters calculations, equal to 3.7% of global demand.
Sunday's development comes a day before a virtual meeting of an OPEC+ ministerial panel, which includes Saudi Arabia and Russia, and which had been expected to stick to 2 million bpd of cuts already in place until the end of 2023.
Oil prices last month fell towards $70 a barrel, the lowest in 15 months, on concern that a global banking crisis would hit demand. Still, further action by OPEC+ to support the market was not expected after sources downplayed this prospect and crude recovered towards $80.
The latest reductions could lift oil prices by $10 per barrel, the head of investment firm Pickering Energy Partners said on Sunday, while oil broker PVM said it expected an immediate jump once trading starts after the weekend.
"I expect the market to open several dollars higher ... possibly as much as $3," said PVM's Tamas Varga. "The step is unreservedly bullish."
Top OPEC producer Saudi Arabia said it would cut output by 500,000 bpd. The Saudi energy ministry said the kingdom's voluntary reduction was a precautionary measure aimed at supporting the stability of the oil market.
"OPEC is taking pre-emptive steps in case of any possible demand reduction," Amrita Sen, founder and director of Energy Aspects, said.
Last October, OPEC+ had agreed to an output cut of 2 million bpd from November until the end of the year, a move that angered Washington as tighter supply boosts oil prices.
The U.S. has argued that the world needs lower prices to support economic growth and prevent Russian President Vladimir Putin from earning more revenue to fund the Ukraine war.
The Biden administration said it sees the move announced by the producers on Sunday as unwise.
"We don't think cuts are advisable at this moment given market uncertainty - and we've made that clear," a spokesperson for the National Security Council said.
STARTS IN MAY
The voluntary cuts start from May and last until the end of the year. Iraq will reduce its production by 211,000 bpd, according to an official statement.
The UAE said it would cut production by 144,000 bpd, Kuwait announced a cut of 128,000 bpd while Oman announced a cut of 40,000 bpd and Algeria said it would cut its output by 48,000 bpd. Kazakhstan will also cut output by 78,000 bpd.
Russia's Deputy Prime Minister Alexander Novak also said on Sunday that Moscow would extend a voluntary cut of 500,000 bpd until the end of 2023. Moscow announced those cuts unilaterally in February following the introduction of Western price caps.
An OPEC+ source said Gabon would make a voluntary cut of 8,000 bpd and not all OPEC+ members were joining the move as some are already pumping well below agreed levels due to a lack of production capacity.
After Russia's unilateral reductions, U.S. officials said its alliance with other OPEC members was weakening, but Sunday's move shows the cooperation is still strong.
Politics › Re: If You Remove LP Supporters, We’ll All Have Peace And Tyranny - Shehu Sani by nlfpmod(mod): 7:29pm On Apr 12, 2023
