• About
  • Advertise
  • Contact
Sunday, July 6, 2025
  • Login
Vital News
  • Frontpage
  • Business
  • Economy
  • Politics
  • National
  • Opinion
  • Sports
  • More
    • Crime
    • Judiciary
    • Security
No Result
View All Result
  • Frontpage
  • Business
  • Economy
  • Politics
  • National
  • Opinion
  • Sports
  • More
    • Crime
    • Judiciary
    • Security
No Result
View All Result
Vital News
No Result
View All Result
Home Uncategorized

OPEC+ Cuts Nigeria’s Oil Production By Two Million Barrels , FG Gives Reasons

Vital News by Vital News
October 19, 2022
in Uncategorized
0
Share on FacebookShare on Twitter

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.

“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.

 

RelatedStories

Troops Kill 16 Terrorists, Repel Boko Haram/ISWAP Attack in Borno

Leveraging Technology, Lagos Ministry Reconciles Missing Elderly Woman With Relatives

Nigeria’s Inflation Jumps To 34.8%

Police Arrest 50 Suspected Vandals, Recover 25 Manhole Covers, Solar Streetlights In Abuja

 

 

“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.

“This proactive decision was based on a thorough assessment of market conditions as OPEC plus has always been guided.”

Crude oil theft and pipeline vandals have so far impinged Nigeria’s ability to to meet its oil production quota of 1.8 million barrels per day. (ChannelsTV)

Previous Post

Army Launches New Exercise In Kogi, Vows To Smoke Out Criminals

Next Post

Ogun Pays N70bln Pension, Gratuities, Increases Quarterly Arrears Payment To N600mln

Vital News

Vital News

RelatedStories

Only 200 South East Youths Have Indicated Interest To Join Army – Gen. Ekeator
Uncategorized

Troops Kill 16 Terrorists, Repel Boko Haram/ISWAP Attack in Borno

May 23, 2025
Hardship : LASG Extends Work-From-Home Policy By Three Months
Uncategorized

Leveraging Technology, Lagos Ministry Reconciles Missing Elderly Woman With Relatives

January 18, 2025
Uncategorized

Nigeria’s Inflation Jumps To 34.8%

January 15, 2025
Police Arrest 50 Suspected Vandals, Recover 25 Manhole Covers, Solar Streetlights In Abuja
Uncategorized

Police Arrest 50 Suspected Vandals, Recover 25 Manhole Covers, Solar Streetlights In Abuja

January 6, 2025
CBN Raises Interest Rate To 27.5pct
Uncategorized

CBN Raises Interest Rate To 27.5pct

November 26, 2024
Next Post

Ogun Pays N70bln Pension, Gratuities, Increases Quarterly Arrears Payment To N600mln

Kogi Court Jails ‘Yahoo Boy’ 5years Over N56.3mln Fraud

Bandits Invade Niger Hospital, Kill 2, Abduct 8

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

Follow Us

Recommended

FG, States Can Utilise $750m NG-CARES Fund—World Bank

3 years ago
ACF Backs Power Shift, Says President Doesn’t Have To Come From Tribe, Religion

ACF Backs Power Shift, Says President Doesn’t Have To Come From Tribe, Religion

2 years ago
Elections : Cleric, NUJ Task Journalists To Shun Divisive, Sensational Reportage

Elections : Cleric, NUJ Task Journalists To Shun Divisive, Sensational Reportage

2 years ago
Buhari Gives TETFund Go Ahead To Disburse N320bln To Universities, Polytechnics, COEs

Buhari Gives TETFund Go Ahead To Disburse N320bln To Universities, Polytechnics, COEs

2 years ago

Instagram

    Please install/update and activate JNews Instagram plugin.

Categories

  • Agriculture/ Water/ Mineral
  • Aviation
  • Business
  • Crime
  • Culture
  • Economy
  • Education
  • Entertainment
  • Environment
  • Football
  • Foreign
  • Gender
  • Health
  • Judiciary
  • Labour
  • National
  • News
  • Oil & Gas
  • Opinion
  • Opinion
  • Politics
  • Power
  • Religion
  • Security
  • Sports
  • Transport
  • Uncategorized

Topics

Abiodun Abuja APC arrest Atiku Bandits Bello Benue Buhari CBN cement Court Dangote death dies drugs Economy EFCC Election elections FG gunmen Hajj INEC Kano kidnap Kill Kogi Kwara Lagos NDLEA Niger Nigeria Ododo Ogun Oyo PDP Police Power refinery rescue road Security students Tinubu
No Result
View All Result

Highlights

CAF President Mourns Peter Rufai, Says Dodo Mayana Will Forever Live In Our Hearts

Protest As Imam Was Caught Raping 8-Year-Old Girl Inside Osun Mosque

FBI On Trail Of Nigerian National, Ehiremen Aigbokhan, For Diverting N460million Donald Trump’s Inauguration Fund

Train Service : Lagos – Kano Narrow Gauge Restoration To Reach Offa December – NRC

Ahead 17th BRICS Summit, President Tinubu Arrives In Rio De Janeiro

President Tinubu Celebrates Olubadan, Oba Owolabi Akinloye Olakulehin @90

Trending

NDLEA Intercepts Saudi, UK-bound Cocaine Consignments, Arrest Husband, Wife, Two Daughters For Running Drug Ring
Crime

NDLEA Intercepts Saudi, UK-bound Cocaine Consignments, Arrest Husband, Wife, Two Daughters For Running Drug Ring

by Vital News
July 6, 2025
0

The National Drug Law Enforcement Agency (NDLEA) says it has intercepted cocaine consignments being smuggled to the...

145 Dead As Lassa Fever Ravages Ondo, Bauchi

145 Dead As Lassa Fever Ravages Ondo, Bauchi

July 6, 2025
President Tinubu Orders Army To Crush Terrorism, Insurgency

President Tinubu Orders Army To Crush Terrorism, Insurgency

July 6, 2025
President Tinubu Mourns Passing Of Peter Rufai

CAF President Mourns Peter Rufai, Says Dodo Mayana Will Forever Live In Our Hearts

July 5, 2025
Protest As Imam Was Caught Raping  8-Year-Old Girl Inside Osun Mosque

Protest As Imam Was Caught Raping 8-Year-Old Girl Inside Osun Mosque

July 5, 2025
ADVERTISEMENT
Vital News

Vital News is an online newspaper with a mission to uphold professional journalism by reporting and publishing only facts and figures-based news reports across Nigeria and beyond.

Recent News

  • NDLEA Intercepts Saudi, UK-bound Cocaine Consignments, Arrest Husband, Wife, Two Daughters For Running Drug Ring July 6, 2025
  • 145 Dead As Lassa Fever Ravages Ondo, Bauchi July 6, 2025
  • President Tinubu Orders Army To Crush Terrorism, Insurgency July 6, 2025

Categories

  • Agriculture/ Water/ Mineral
  • Aviation
  • Business
  • Crime
  • Culture
  • Economy
  • Education
  • Entertainment
  • Environment
  • Football
  • Foreign
  • Gender
  • Health
  • Judiciary
  • Labour
  • National
  • News
  • Oil & Gas
  • Opinion
  • Opinion
  • Politics
  • Power
  • Religion
  • Security
  • Sports
  • Transport
  • Uncategorized

© 2022 Vital News - . All Rights Reserved.

No Result
View All Result
  • Frontpage
  • Business
  • Economy
  • Politics
  • National
  • Opinion
  • Sports
  • More
    • Crime
    • Judiciary
    • Security

© 2022 Vital News - Vital News by Vital News.

Welcome Back!

Login to your account below

Forgotten Password?

Retrieve your password

Please enter your username or email address to reset your password.

Log In