By Adedapo Adesanya

Crude oil prices closed higher on Wednesday on optimism around tighter supply after a temporary shutdown at two large fields in Kazakhstan, with Brent futures gaining 32 cents or 0.5 per cent to finish at $65.24 a barrel, and the US West Texas Intermediate (WTI) futures rising by 26 cents or 0.4 per cent to $60.62 a barrel.

Kazakhstan, a member of the Organisation of the Petroleum Exporting Countries and allies (OPEC+) halted output at the Tengiz and Korolev oilfields due to power distribution issues.

The market initially treated the Kazakhstan outage as a bullish catalyst, as Tengiz is one of the world’s largest oil fields, but it soon became clear that the interruption would be temporary, limiting its ability to underpin prices for long.

Reuters reported that output at the two fields could remain shut for another seven to 10 days, according to industry sources. The shutdown follows fires that damaged power infrastructure serving the Chevron-operated Tengiz site and the adjacent Korolev field.

Elsewhere in the country, oil from the vast Kashagan field has been diverted to the domestic market for the first time due to bottlenecks at the Black Sea CPC terminal, after equipment at the terminal was seriously damaged in drone attacks.

Prices also gathered support as low volume of Venezuelan oil exports highlighted slow progress in reversing output cuts in the South American country.

The volume of Venezuelan oil exported under a flagship $2 billion supply deal with the U.S. reached about 7.8 million barrels on Wednesday.

The world’s oil demand growth is set to rise by 930,000 barrels per day in 2026, thanks to lower oil prices and a normalization of economies after the 2025 tariff chaos, the International Energy Agency (IEA) said on Wednesday, raising its demand growth estimate by 70,000 barrels per day from last month.

Oil demand is forecast to grow by an average 930,000 barrels per day this year, accelerating from 850,000 barrels per day in 2025, the agency said in its closely-watched Oil Market Report for January.

In the December report, the IEA had expected global oil demand growth at 860,000 barrels per day for 2026.

Global oil supply is now projected to rise by 2.5 million barrels per day this year to 108.7 million barrels per day, following a jump of 3 million barrels per day in 2025, according to the IEA.

Meanwhile, the American Petroleum Institute (API) estimated that crude oil inventories in the United States saw a build of 3.04 million barrels in the week ending January 16. Official data from the US Energy Information Administration (EIA) will be released later on Thursday, a day later due to Monday’s federal holiday in the US.

By Dipo Olowookere

Profit-taking in some large-cap stocks like GTCO, Aradel Holdings, Ecobank, Cadbury, and others almost put the bears in control of the Nigerian Exchange (NGX) Limited on Wednesday.

Customs Street survived the sell-offs scare due to gains recorded by Lafarge Africa, Dangote Sugar, Access Holdings and a few others.

When the closing gong was struck to bring trading activities to an end, the market was marginally up by 0.01 per cent, though investor sentiment remained very bullish.

According to data, the bourse finished the session with 53 advancing shares and 24 depleting stocks, representing a positive market breadth index.

The trio of McNichols, RT Briscoe, and NCR Nigeria gained 10.00 per cent each to sell for N6.93, N4.95, and N171.05 apiece, as Jaiz Bank improved its value by 9.99 per cent to N7.93, and May and Baker surged by 9.95 per cent to N43.65.

On the flip side, UPDC REIT lost 9.68 per cent to trade at N8.40, Champion Breweries declined by 9.31 per cent to N19.00, Secure Electronic Technology shrank by 6.78 per cent to N1.10, Coronation Insurance crumbled by 6.69 per cent to N3.35, and Ecobank contracted by 6.00 per cent to N47.00.

Business Post observed that only two of the six major sectors of the NGX ended in green. The industrial goods space went up by 0.09 per cent, and the consumer goods index appreciated by 0.03 per cent.

However, the insurance counter crashed by 1.01 per cent, the energy sector depreciated by 0.94 per cent, the commodity segment lost 0.42 per cent, and the banking industry fell by 0.27 per cent.

Despite these losses, the All-Share Index (ASI) firmed up by 10.78 points to 166,267.60 points from 166,256.82 points and the market capitalisation increased by N7 billion to N106.443 trillion from N106.436 trillion.

The activity chart showed that 822.7 million stocks worth N24.9 billion were traded in 43,548 deals at midweek compared with the 795.5 million stocks valued at N20.0 billion exchanged in 45,410 deals on Tuesday, implying a jump in the trading volume and value by 3.42 per cent, and 24.50 per cent, respectively, and a pullback in the number of deals by 4.10 per cent.

Zichis topped with 69.2 million units sold for N150.9 million, Secure Electronic Technology traded 54.8 million units valued at N61.9 million, Access Holdings transacted 40.1 million units worth N917.8 million, Zenith Bank exchanged 38.1 million units worth N2.7 billion, and Tantalizers sold 33.1 million units valued at N126.0 million.

By Adedapo Adesanya

The Joint Task Force South-South, Operation Delta Safe (OPDS), demobilised no fewer than 925 illegal refining sites, dismantled 1,228 storage facilities and destroyed 297 large wooden boats in the last one year.

This was part of major operational successes recorded in the last twelve months, significantly degrading crude oil theft, illegal refining and sea robbery across the Niger Delta.

The Commander of OPDS, Rear Admiral Olugbenga Oladipo, disclosed this in Yenagoa during a Defence Media Operations tour and briefing on the activities of the task force.

The brief was presented by Asst. Commander A. Bako of the Nigeria Security and Civil Defence Corps (NSCDC), on his behalf.

He said sustained intelligence-driven kinetic and non-kinetic operations had strengthened the security of Nigeria’s critical oil and gas infrastructure, leading to improved crude oil production and export stability.

Reeling other milestones, he said “About 6.8 million litres of crude oil, 2.29 million litres of illegally refined diesel (AGO), as well as large quantities of PMS and DPK, were recovered or denied criminal elements,” he said.

The officer added that 136 tanker trucks conveying stolen petroleum products were intercepted, while 1,565 suspects linked to oil theft, illegal refining, kidnapping and other crimes were arrested and handed over to relevant prosecuting agencies.

He noted that the sustained operations helped achieve an average terminal factor of about 95 per cent on major pipelines, including the Trans Niger, Trans Ramos and Trans Escravos pipelines, particularly in the last quarter of 2025.

On maritime security, the OPDS commander said the task force conducted over 3,240 land and sea patrols, leading to the clearance and destruction of 14 militants’ and sea robbers’ camps.

He said the aggressive posture against sea robbery and piracy had resulted in zero piracy incidents in the Gulf of Guinea and the lowest incidence of sea robbery in Nigerian waters within the period.

In the area of arms control, the commander disclosed that 99 illicit weapons were recovered from criminal elements during intelligence-led raids across the joint operations area.

Beyond combat operations, he said OPDS intensified non-kinetic engagements, resolving about 282 Corporate Social Responsibility (CSR)-related disputes between oil companies and host communities.

“These mediation efforts involving companies such as Chevron, Aiteo, Oando and others helped prevent production shutdowns and fostered a more conducive operating environment,” he said.

He added that OPDS also carried out medical outreaches, educational support programmes and community development initiatives, while maintaining strong collaboration with pipeline surveillance contractors and regulatory agencies.

The officer commended the media for its role in public sensitisation and accurate reporting, describing it as a force multiplier in the campaign against crude oil theft and vandalism.

He assured that the task force would sustain operational pressure on criminal networks to further secure national economic assets and maintain peace in the Niger Delta.

In his remarks, the Director of Defence Media Operations, Major-General Michael Onoja, underscored the central role of information operations in modern warfare, describing effective communication as a critical line of operation in ongoing military campaigns across the country.

He said the Chief of Defence Staff (CDS), Gen. Christopher Musa, had placed renewed emphasis on strategic communication to strengthen public trust, improve perception management and enhance cooperation between the Armed Forces and the civil populace.

He described the media as a strategic partner and “heroes of democracy,” noting that the press remained the most effective bridge between the military and the public.

According to him, security communication is a two-way process in which information from citizens aided military operations, while accurate reporting helps promote transparency, accountability and national cohesion, in line with Section 22 of the 1999 Constitution.

He reaffirmed the Armed Forces of Nigeria’s commitment to transparency and accountability, stressing that oversight and responsible media engagement would strengthen professionalism and operational effectiveness.

The defence spokesman also commended troops and sister security agencies for their sacrifices in the fight against insecurity, adding that national security required a whole-of-nation approach and active citizen participation.