Business
OPEC decision on production cut unanimous says Sylva
Chief Timipre Sylva, Minister of State Petroleum Resources, says the Organisation of Petroleum Exporting Countries (OPEC) decision to cut two million barrels of crude oil production is a unanimous one.
On Tuesday, Sylva said this in a statement entitled “On OPEC + Decision to Cut Crude Oil Production.”
He said that the step was taken to stabilize the market and not for any ulterior motives.
Sylva said the decision taken by OPEC+ during its ministerial meeting on Oct. 5, to voluntarily adjust crude oil production downward by two million barrels per day was unanimous.
He said it was taken for the exclusive purpose of ensuring the long-term stability of the oil market.
“It was purely to balance supply and demand and forestall degeneration of the current volatile oil market to a situation where more significant production cuts will be required to balance it.
“This proactive decision was based on a thorough assessment of market conditions as OPEC plus has always been guided,” he said.
-
Football3 days agoAfrica breaks World Cup record with seven teams in knockout stage
-
Latest6 days agoAlleged xenophobic attack claims life of Malawian street vendor in South Africa
-
Football4 days agoNetherlands to face Morocco, Brazil draw Japan in 2026 World Cup round of 32
-
Comments and Issues5 days agoNorway’s Rowing Celebration Captures The Spirit Of The World Cup
-
Aviation1 week agoHeading through the storm: Multiple taxes, complex leasing drag on Nigerian carriers
-
Entertainment15 hours agoActress Cossy Ojiakor shares flooded home as heavy rainfall wreaks havoc in Lagos
-
Energy5 days agoLeaked court documents allege Shell ignored pipeline safety warnings in Niger Delta
-
Latest1 week agoTroops close in on forest hideout as search continues for abducted Oyo schoolchildren