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Oil Prices Rise On First Trading Day Of 2025

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By Kayode Sanni-Arewa

On Thursday, marking the inaugural trading day of 2025, global oil prices experienced a modest increase.

Brent crude futures experienced an increase, reaching $74.80 a barrel by 0547 GMT, marking a gain of 17 cents, or 0.06%

Meanwhile, U.S. West Texas Intermediate crude futures rose by 19 cents, or 0.26%, settling at $71.91 a barrel

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On Tuesday, New Year’s Eve, Brent crude oil prices increased by 65 cents, while West Texas Intermediate (WTI) saw a rise of 73 cents on the same day

In 2024, global oil prices experienced significant fluctuations, driven by ongoing conflicts in the Middle East and a notable decline in oil demand from China

China’s Economic Growth Fuels Optimism.

Investors are closely monitoring the expansion of China’s economy.

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According to a report by Reuters, oil investors are expressing optimism regarding potential growth in China’s economy, which may lead to increased oil demand from the Asian powerhouse

This sentiment follows President Xi Jinping’s commitment to fostering growth by 2025

In his New Year’s address, the President of China committed to enacting more proactive policies aimed at stimulating economic growth in 2025

China’s factory activity experienced sluggish growth in December 2024, according to a recent survey by Caixin and S&P Global

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However, there are indications of a modest recovery in the services and construction sectors, pointing to the potential impact of policy stimulus measures.

Impact of US Economic Policies

As US President-elect Donald Trump prepares to take office on January 20, investors are expressing concerns about the potential effects of tariffs

Due to the New Year holiday, the Energy Information Administration has delayed the release of the weekly U.S. oil stocks data until Thursday, which investors are currently anticipating

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Market analyst Tony Sycamore shared insights with Reuters, noting that the weekly chart for WTI is narrowing, suggesting that a significant price movement is on the horizon

The upcoming US ISM manufacturing release is poised to play a crucial role in determining the next direction for crude oil prices.

Instead of attempting to forecast the direction of the impending break, he suggested that it would be more prudent to observe it as it happens and then align with it.

Nigeria’s oil price assumption for the year

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The administration of President Bola Tinubu has established the 2025 budget based on the expectation that global oil prices will hover around $75 per barrel.

Additionally, the government has committed to increasing oil production to exceed 2 million barrels per day

Elements influencing oil prices in 2025. We project China’s oil demand to peak in 2025. We anticipate an increase in oil prices should this occur

The Economic and Technological Research Institute (ETRI) of the China National Petroleum Corporation forecasts an increase in oil demand to around 770 million tonnes in the world’s second-largest economy by 2025. India’s Demand: If demand surges in India, the country with the highest population globally, we could witness a significant increase in oil prices. Analysts predict that India is poised to overtake China as the dominant oil market in Asia.

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Trump’s commitment to the slogan “drill, baby, drill” has sparked significant discussion regarding energy policies and environmental implications. Upon taking office, President Trump has committed to an immediate increase in oil production within the United States. Experts suggest that this scenario may be unlikely, as the private sector predominantly influences the oil and gas industry in America. The impact of OPEC: Last year, the Organization of the Petroleum Exporting Countries (OPEC) faced challenges managing oil prices despite implementing production cuts.

We cannot yet predict the potential impact on the oil market in 2025. Analysts suggest that OPEC’s influence in the global oil market has diminished compared to its historical prominence.

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Reps Minority Caucus condemns unlawful detention of VDM, demands his immediate release

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…says we can’t standby watch state agencies abuse their powers

The Minority Caucus of the House of Representatives has condemned in the strongest terms the arrest and continued detention of social campaigner and activist, Martins Otse, popularly known as Very Dark Man (VDM), by the Economic and Financial Crimes Commission (EFCC).

In a statement jointly signed by the HoR caucus leaders, Rep Kingsley Chinda, Leader, Rt. Hon. Dr. Ali. Isa J.C Minority Whip, Rt. Hon. Aliyu Madaki., Deputy Minority Leader,,Rt. Hon. George Ozodinobi
Deputy Minority Whip, the opposition leaders declared that:

“The disturbing trend of security and law enforcement agencies deploying their powers arbitrarily against citizens exercising their rights to free expression poses grave threats to our democracy.

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“We must state clearly that such acts, cloaked in the guise of enforcement, erode public confidence in the rule of law and undermine the principles of accountability and transparency.

The caucus insisted that: “The arrest of Mr. Otse which reportedly took place without the issuance of a warrant is a direct violation of the 1999 Constitution of the Federal Republic of Nigeria (as amended) that guarantees the liberty of the citizen except in accordance with the due process of law. Sections 35(1) and 35(3) of the Constitution stipulate the conditions under which a person may be deprived of their liberty and require that any person arrested must be informed promptly of the reasons for their arrest and any charges against them.

“The EFCC, like every other agency of government, is bound by these constitutional provisions and must not act outside their bounds.

“Moreover, the continued detention of Mr. Otse beyond the constitutionally permissible period of 24 to 48 hours without being charged to court is not only an abuse of power, it is also a blatant affront to the principles of natural justice and fair hearing.

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“The Constitution, under Section 35(4), provides that a person who is arrested or detained must be brought before a court of law within a reasonable time, which, in the case of an arrest without a warrant, shall not exceed two days.

“Any deviation from this is a breach of the citizen’s fundamental rights and a descent into lawlessness.

“As the voice of the opposition in the National Assembly, the Minority Caucus calls on the EFCC to immediately release Mr. Otse or charge him to court in accordance with the law.

“Arbitrary arrests and prolonged detentions of citizens for expressing dissenting or unpopular views must have no place in a democratic society.

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“The preservation of liberty, due process, and respect for constitutional rights remain the bedrock of our republic. We will not stand idly by while state agencies abuse their powers to suppress voices that challenge the status quo in line with the laws.

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Skype To Shut Down May 5 After Nearly 22 Years Of Operation

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By Kayode Sanni-Arewa

Voice and video platform, Skype, is shutting down.

This development comes nearly 22 years after the platform came into existence.

On February 28, Microsoft announced it would retire Skype on May 5 to streamline its services and prioritise Teams for communication and collaboration.

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In 2011, Microsoft acquired Skype for $8.5 billion. At the time of acquisition, the organisation stated that it planned to make Skype a central part of its communications strategy.

This plan, however, faced stiff competition from platforms like WhatsApp and Zoom.

Microsoft’s own Teams also gained traction, which affected Skype’s popularity.

Launched in 2003, Skype quickly became a revolutionary tool for free voice and video calls over the internet, amassing more than 300 million monthly users at its peak in the mid-2010s.

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The shutdown will impact both free and paid Skype users, although Skype for Business will continue temporarily.

Microsoft has urged users to transition to Teams by visiting skype.com and utilising the “Start using Teams” feature. All Skype chats and contacts will remain accessible through Teams using the same login credentials.

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Trump Orders Rebuilding, Reopening Of Notorious Alcatraz Prison To Keep ‘Most Ruthless, Violent Offenders’

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By Kayode Sanni-Arewa

In a post on his Truth Social account on Sunday, Trump wrote he is “directing the Bureau of Prisons, together with the Department of Justice, FBI, and Homeland Security, to reopen a substantially enlarged and rebuilt ALCATRAZ” to house the US’s “most ruthless and violent Offenders”.

President Donald Trump has directed federal agencies to rebuild and reopen the notorious Alcatraz prison, more than 60 years after it was shut down.

In a post on his Truth Social account on Sunday, Trump wrote he is “directing the Bureau of Prisons, together with the Department of Justice, FBI, and Homeland Security, to reopen a substantially enlarged and rebuilt ALCATRAZ” to house the US’s “most ruthless and violent Offenders”.

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Speaking to reporters at the White House after a weekend trip to Florida, the president said the move was “just an idea I’ve had” in response to frustration with “radicalised judges” who, according to him, insist that deportees receive constitutional protections, Al Jazeera reports.

“It’s a symbol of law and order,” he said.

The announcement comes as Trump’s administration faces increasing legal challenges over the use of an 18th-century law to deport individuals without due process.

The law, originally enacted during wartime, has been used by the administration to justify deportations of alleged gang members and criminals.

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Trump has also “repeatedly floated the legally dubious idea” of sending US citizens convicted of violent crimes to a maximum-security prison in El Salvador, known as CECOT.

In a recent interview, the president said he “didn’t know” whether people in the US are entitled to due process rights. The US Constitution guarantees such rights under the Fifth Amendment, and the Fourteenth Amendment prohibits states from denying “equal protection of the laws”.

Alcatraz, which operated from 1934 to 1963, was once regarded as the most secure prison in the United States due to its location on an island surrounded by frigid waters and strong currents.

While 36 men attempted to escape in 14 separate incidents, no successful escapes were ever officially recorded. Five prisoners are listed as “missing and presumed drowned”.

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The facility was shut down due to crumbling infrastructure and high operational costs. According to the Federal Bureau of Prisons, it was nearly three times more expensive to run than any other federal prison at the time.

Today, Alcatraz Island is managed by the National Park Service and attracts over a million tourists each year. It is also designated a National Historic Landmark.

Former House Speaker Nancy Pelosi, a Democrat whose congressional district includes Alcatraz, criticised the proposal. “It is now a very popular national park and major tourist attraction. The President’s proposal is not a serious one,” she wrote on

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