Minister of State for Petroleum Resources, Chief Timipre Sylva has said that the Organization of Petroleum Exporting Countries (OPEC) has taken an unanimous decision to cut two million barrels of crude oil production to Stabilize market.
This was contained in a statement today, October 18 which he personally signed. He said that the step was not meant to achieve any ulterior motives.
The statement, entitled: “ON OPEC + DECISION TO CUT CRUDE OIL PRODUCTION,” reads:
“The decision taken by the OPEC during our meeting on 5th October, 2022 to voluntary 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 fo balance it.
“This proactive decision was based on a thorough assessment of market conditions as OPEC plus has always been guided.”