FRCN HQ
Business Headline News Nigeria Oil&Gas

OPEC+ reduces Nigeria’s crude oil production

Nigeria’s crude oil production has been reduced by two million barrels per day by the Organization of Petroleum Exporting Countries (OPEC+).

Timipre Sylva, Minister of State for Petroleum, said in a statement that the decision was made by OPEC+ and its partners at their most recent meeting earlier this month.

He explained that the move was made to ensure the oil market’s long-term stability and to balance supply and demand.

The decision taken by the OPEC+ during our meeting on 5th October, 2022 to voluntarily adjust crude oil production downward by two million barrels per day was unanimous. 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 a degeneration of the current volatile oil market to a situation where larger production cuts will be required to balance it.” Timipre Sylva stated.

According to him, the decision is based on a thorough assessment of market conditions as OPEC plus has always been guided.

Writing by Oluwaseyi Ajibade; by Julian Osamoto