OPEC+ Cuts Nigeria’s Oil Production, FG Gives Reasons
Written by City Radio on October 19, 2022
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 on Tuesday, 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.
Crude oil theft and pipeline vandals have so far impinged Nigeria’s ability to meet its oil production quota of 1.8 million barrels per day.