Chief Timipre Sylva, Minister of State Petroleum Resources, supported the Organization of Petroleum Exporting Countries’ (OPEC) decision to reduce crude oil production by two million barrels, claiming that the decision was made unanimously.
It is anticipated that the decision made by OPEC and its allies at their most recent meeting at the beginning of the month will go into effect in November.
Nigeria’s oil output quota of 1.8 million barrels per day has thus far not been met because of the actions of oil thieves and pipeline vandals.
Chief Sylva noted that the decision to reduce production was made to stabilize the market and not for any other reasons in a statement issued in Abuja yesterday.
He declared: “The OPEC+ resolution to voluntarily reduce crude oil output by two million barrels per day during our meeting on October 5, 2022, was unanimous. It was only done in order to guarantee the oil market’s long-term stability.
“The sole purpose was to restore supply and demand to equilibrium and prevent the current, volatile oil market from deteriorating to the point at which deeper production cutbacks would be necessary to restore it.
As OPEC plus has always been guided, “this proactive decision was based on a thorough study of market realities.”
