The Organisation of the Petroleum Exporting Countries and its allies, collectively known as OPEC+, reached a decision on Sunday to increase oil output by 206,000 barrels per day (bpd) effective this April.
This announcement followed a virtual meeting where key member nations including Saudi Arabia, Russia, Iraq, the United Arab Emirates, Kuwait, Kazakhstan, Algeria, and Oman assessed current global market conditions.
According to a statement released on the OPEC website, the eight participating countries have opted to begin unwinding the 1.65 million bpd in additional voluntary adjustments originally announced in April 2023.
This production adjustment of 206,000 bpd reflects the group’s view that the global economic outlook remains steady and that market fundamentals are healthy, evidenced by currently low oil inventories.
While the 1.65 million bpd in voluntary cuts were previously extended through the end of 2026, OPEC noted that these could be phased back in either partially or fully depending on how market conditions evolve.
This scheduled April increase is expected to conclude the alliance’s planned production hikes for the first quarter of 2026.
The timing of the OPEC+ decision is particularly significant following U.S. and Israeli strikes on Iran, which have intensified fears regarding supply chain disruptions in the Middle East.
Market analysts are closely watching the Strait of Hormuz, a critical maritime corridor that handles roughly 20 percent of the global crude oil supply.
Given that any disruption to this route typically impacts shipping costs and insurance premiums, oil prices are widely expected to surge as markets open on Monday.
The eight participating nations are scheduled to meet again on April 5 to determine subsequent production levels and respond to further geopolitical developments.
Nigeria Customs Service advocates for reform driven communication
By Denis Matthew
The Nigeria Customs Service (NCS) recently presented its impact-driven communication model at the World Customs Organisation (WCO) in Brussels, marking a shift toward evidence-based reporting and transparent governance.
Speaking at the 17th Session of the Capacity Building Committee, National Public Relations Officer Deputy Comptroller Abdullahi Maiwada detailed how the Service, under Comptroller General Adewale Adeniyi, has moved beyond routine activity reporting to storytelling centered on measurable outcomes.
The NCS has adopted a communication framework built on institutional capacity, human resource development, and stakeholder engagement.
A key highlight of the presentation was the Time Release Study (TRS), where the Service utilized infographics and transparent data to demonstrate that cargo clearance delays were largely due to systemic idle time rather than inspection procedures.
This data-centric approach has shifted the narrative from defensive explanations to performance benchmarking, fostering accountability across the trade ecosystem.
The effectiveness of these structured communication efforts is reflected in the growth of the Advance Ruling programme. In 2025, registered accounts for the programme grew by 188.3%, reaching 173 accounts and accounting for 2.9% of total revenue from goods valued at ₦240.89 billion.
This surge highlights how clear communication promotes predictability and voluntary compliance among stakeholders.
Additionally, the Service confirmed that 120 companies have received full Authorised Economic Operator (AEO) certification, supported by the training of 3,270 officers to act as “AEO Champions” nationwide.
Beyond trade statistics, the NCS emphasized its commitment to digital transformation through the indigenous Unified Customs Management System, known as B’Odogwu.
The Service also utilizes the Customs Integrity Perception Survey as a tool to make integrity management measurable and visible to the public.
To conclude the session, Nigeria reinforced its leadership role by nominating LI Yan of China Customs as the Chair for the next session, a move supported unanimously by the delegates.
Maiwada encouraged all WCO members to integrate communication units at the design stage of every reform to ensure institutional processes remain humanized and transparent.