FG Backs OPEC Decision to Cut Oil Production The Federal Government says the decision of the Organisation of Petroleum Exporting Countries, OPEC to cut Nigeria’s crude oil production downward by two million barrels per day was unanimous. Minister of State Petroleum Resources, Timipre Sylva, in a statement said the decision was taken by OPEC+ and
FG Backs OPEC Decision to Cut Oil Production
The Federal Government says the decision of the Organisation of Petroleum Exporting Countries, OPEC to cut Nigeria’s crude oil production downward by two million barrels per day was unanimous.
Minister of State Petroleum Resources, Timipre Sylva, in a statement said the decision was taken by OPEC+ and its partners at their last meeting at the beginning of October.
He explained that the decision was taken for the exclusive purpose of ensuring the long-term stability of the oil market and to balance supply and demand.
