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Global Crude Hits $73 as Middle East Tensions Escalate

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Nigerians May Pay More for Fuel as Global Oil Prices Surge Above $100 Per Barrel

Global Crude Hits $73 as Middle East Tensions Escalate

Global oil prices jumped to around $73 per barrel following fresh U.S. military strikes on Iran, heightening fears of supply disruptions in the Middle East and sparking volatility in global energy markets. The increase reflects growing geopolitical risks in a region that accounts for a significant portion of the world’s crude exports.

The surge affected major crude benchmarks. Nigeria’s Bonny Light crude rose to about $72.90 per barrel from $70.80, while Brent crude increased to $72.87 per barrel from $71.10. Murban crude, widely used as a benchmark for Middle East oil, climbed to $74.24 per barrel from $71.50, highlighting market sensitivity to regional tensions.

Geopolitical Concerns Drive Price Spike

Analysts attributed the surge to fears that ongoing conflict could affect production facilities, export terminals, and key maritime routes such as the Strait of Hormuz, a crucial corridor for global oil shipments. The potential for disruption in these areas has intensified market anxiety, pushing prices higher.

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OPEC+ Announces Gradual Return of Production

Amid rising prices, OPEC+ members reaffirmed their commitment to stabilizing markets. In a virtual meeting on March 1, 2026, eight countries — Saudi Arabia, Russia, Iraq, United Arab Emirates, Kuwait, Kazakhstan, Algeria, and Oman — reviewed market conditions and announced a plan to gradually return 1.65 million barrels per day (bpd) of voluntary production cuts previously implemented in 2023.

Under the latest agreement, 206,000 bpd will be added back to the market in April 2026, with the remainder phased in gradually based on evolving market conditions. The alliance emphasized continued monitoring of market fundamentals, including global demand, oil inventories, and geopolitical developments, to ensure a balanced and stable market.

The countries also reiterated compliance with the Declaration of Cooperation, ensuring any excess production would be accounted for and corrected through future adjustments. Monthly meetings will continue to assess market trends, with the next session scheduled for April 5, 2026.

Market Outlook and Analyst Predictions

Analysts warned that the combination of geopolitical tensions and the gradual return of OPEC+ supply could result in volatile crude prices in the coming weeks. Traders are balancing potential risks to supply against incremental increases in production, creating uncertainty in both crude and refined fuel markets.

Some experts indicated that if the conflict escalates or disrupts key oil transit points, prices could surge further, potentially exceeding $75 per barrel in the short term. The recent uptick has already sparked expectations of higher gasoline prices at the pump in major consumer markets.

The energy market continues to closely monitor developments in the Middle East, OPEC+ output decisions, and global demand patterns as key indicators for near-term price movements.

Global Crude Hits $73 as Middle East Tensions Escalate

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Abuja Demand Rises as Jetour Brings X70 Plus Experience to FCT  

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Abuja Demand Rises as Jetour Brings X70 Plus Experience to FCT 

Jetour Nigeria is taking its seven-seater X70 Plus SUV to Abuja as rising interest from motorists in the Federal Capital Territory and neighbouring states fuels the brand’s latest push to deepen its presence across Nigeria.

The X70 Plus will headline the Jetour Experience Abuja, holding from September 22 to 24 at Maha Event Centre, Area 8, Garki, following the strong response recorded during the Lagos edition, where motorists turned out for test drives and made enquiries about Jetour models.

The Abuja activation is designed to give prospective buyers direct access to the X70 Plus and other models, with opportunities to test-drive the vehicles, engage product specialists and experience their technology, safety and comfort features.

The X70 Plus is positioned as a family-oriented SUV, offering seven-seat capacity and a range of features targeted at customers seeking comfort, technology and practicality.

The SUV is available with 1.5-litre and 1.6-litre turbocharged engine options, with outputs of up to 145kW and 290Nm of torque, paired with a dual-clutch automatic transmission.

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Its safety equipment includes front, side and curtain airbags, Vehicle Stability Control, Hill-Start Assist, Hill-Descent Control and a 360-degree panoramic camera with 2D and 3D viewing modes. Advanced Driver-Assistance Systems are also available.

Inside the cabin, the X70 Plus features a 10.23-inch LCD touchscreen, dual-zone climate control with air purification, wireless charging, a panoramic sunroof and an eight-speaker audio system.

Jetour Nigeria, the authorised distributor of the brand in the country, currently operates through seven accredited dealers: Elizade Nigeria Limited, Mandilas Autos, R.T. Briscoe Motors, Germaine Auto Centre, Kojo Motors, Tab Autos Limited and New Era Auto Vehicle Services Limited.

The company said the dealer network supports vehicle sales, genuine spare-parts supply and after-sales services across the country.

Jetour has also received recent industry recognition in Nigeria, including Fastest Growing Auto Brand by the Nigeria Auto Journalists Association and Auto Brand of the Year at the Nigeria Transport Lecture and Awards.

The Abuja experience is expected to provide prospective customers in the FCT and surrounding states with direct access to the X70 Plus and other Jetour models as the brand continues its national market expansion.

 

Abuja Demand Rises as Jetour Brings X70 Plus Experience to FCT

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Jetour Unleashes F700 Hybrid Pickup as Abuja Experience Begins Tuesday 

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Jetour Unleashes F700 Hybrid Pickup as Abuja Experience Begins Tuesday 

Jetour is taking its premium pickup game to Abuja as the automaker prepares to showcase the powerful F700 hybrid pickup at the Jetour Experience Abuja, bringing a blend of electrified performance, luxury and rugged off-road capability to the Federal Capital Territory.

The three-day event, scheduled for September 22 to 24 at Maha Event Centre, Area 8, Garki, comes on the heels of strong reception in Lagos and is expected to draw commercial fleet operators, corporate buyers and luxury pickup enthusiasts keen to experience Jetour’s latest hybrid workhorse.

Following high-impact reception in Lagos, the Abuja activation, which holds at Maha Event Centre, Area 8, Garki, answers massive demand from commercial fleet leaders, corporate buyers, and luxury truck enthusiasts eager for an electrified workhorse built without compromise.

Jetour’s rapid ascendancy as Nigeria’s Fastest Growing Auto Brand and Auto Brand of the Year is backed by nationwide after-sales infrastructure, certified technicians, and genuine parts availability through its authorized dealer network including Elizade Nigeria Limited, New Era AutoVehicle Services, Germaine Auto Centre, Kojo Motors, Mandilas Autos, R.T. Briscoe and
Tab Autos.

The Ultimate Hybrid Powerhouse
Engineered on the heavy-duty platform of Jetour’s G700 luxury SUV, the double-cab F700 redefines utility.

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Stretching nearly 5.5 meters, it commands road presence via a high-tensile ladder-frame chassis and independent double-wishbone suspension engineered for punishing industrial demands and refined highway cruising alike.

Under the hood lies the revolutionary Kunpeng Super Hybrid CDM-O powertrain—pairing dual high-output electric drive motors with an onboard turbo petrol generator that seamlessly feeds the battery pack on the fly, eliminating range anxiety entirely.

According to Jetour, an advanced CATL 800V architecture surges the battery from 20% to 80% in just 10 minutes, achieving ultra-fast charging.

The vehicle delivers a monumental combined cruising range of up to 1,300 km on a single charge and tank, and achieves exceptional fuel economy, sipping as low as 1.39 L/100 km.

Conquering Terrain in First-Class Luxury
Engineered for unforgiving terrain, the F700 deploys Jetour’s intelligent XWD all-wheel-drive system governed by front, center, and rear mechanical differential locks.

With 9.5 inches of ground clearance and an imposing 900 mm water-wading capability, the F700 glides through deep water crossings, unpaved construction corridors, and rocky trails effortlessly.

Inside, the cabin abandons utilitarian compromises for bespoke executive refinement, featuring
35.4-inch Panoramic “Sky Screen” dominating the dash architecture.

Also, it features the 15.6-inch Central Command Touchscreen for seamless telematics and vehicle dynamics, Sculpted Luxury Finishes combining aviation-grade acoustic insulation, premium materials, and active driver-assist safety suites.

The three-day Jetour Experience Abuja will feature live technical walkarounds, rugged dynamic tests, and hands-on driving trials at the capital.

 

Jetour Unleashes F700 Hybrid Pickup as Abuja Experience Begins Tuesday

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26th Abuja Motor Fair: NADDC, BKG Set November 10 Date for Auto Industry Show

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26th Abuja Motor Fair: NADDC, BGK Set November 10 Date for Auto Industry Showcase

The National Automotive Design and Development Council and BKG Exhibitions Ltd have unveiled plans for the 26th Abuja International Motor Fair, scheduled to hold from November 10 to 13, 2026, at Eagle Square, Abuja.

The four-day event is expected to bring together major players across the automotive value chain, such as vehicle manufacturers and assemblers, component producers, financial institutions, technology firms, transport operators, logistics companies, development partners, investors and government agencies.

A three-day conference will also feature prominently at the fair, with the theme, “Driving Nigeria’s Automotive Transformation: Policy, Production, and Prosperity.”

A statement on Friday by BKG Exhibitions said the conference would examine key issues shaping the development of Nigeria’s automotive industry, with speakers drawn from various sectors of the industry and related fields.

Chairman of the Organising Committee and Managing Director of BKG Exhibitions, Mr Ifeanyi Agwu, said the conference would feature a keynote address by the Director-General of NADDC, Otunba Joseph Osanipin, alongside presentations and speeches by leading stakeholders in the automotive and transport sectors.

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According to him, the fair will provide participants with opportunities to engage industry leaders, investors, government officials and business executives while exploring emerging vehicles, technologies, products and investment opportunities.

Other highlights of the event are the Nigeria Automotive Excellence Awards Night, Abuja Automotive Road Show, Ultimate Test-Drive experience, exotic automobile displays and the Automotive and Future Mobility Arena.

Visitors will also have access to professional advice, technical papers and a showcase of some of Abuja’s finest cuisine.

The Abuja International Motor Fair has, over the years, evolved into one of Nigeria’s major automotive exhibitions and platforms for industry and policy dialogue.

The organisers said this year’s edition would further strengthen the platform’s role in promoting investment, innovation, local production and sustainable growth across Nigeria’s automotive sector.

 

26th Abuja Motor Fair: NADDC, BGK Set November 10 Date for Auto Industry Showcase

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