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.