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.
-
Business3 days agoOPay explains how Nigerians can access FG’s N50,000 monthly cash relief
-
Sports1 week agoSenegal opens Dakar 2026 Youth Olympic Games, Africa’s first Olympic event
-
Latest1 week agoFG Announces N50,000 cash support for vulnerable Nigerians under new relief programme
-
Business1 week agoNNPC’s N66-per-litre petrol discount set to end October 31
-
Latest7 days agoINEC recognises Pantami for Gombe, keeps Kano NDC candidate off final list
-
Latest1 week agoNetanyahu, Eisenkot face coalition deadlock as Israel struggles to form new government
-
Latest1 week agoNDC Chieftain tells Atiku to drop presidential ambition over son’s support for Tinubu
-
Crime1 week agoDoris Ogala remanded as Court adjourns bail hearing to November 6