• About
  • Advertise
  • Contact
Sunday, February 5, 2023
  • 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

Mammoth Crowd As APC Holds Campaign Rally In Okene

Lesson From Prof. Niyi Osundare’s Experience

Lagos Arabic School Teacher, Adam Farouk Bags Life Imprisonment For Defiling 8 Pupils

Group Confident Of Alia’s Victory In Fresh Benue APC Guber Primaries

 

 

“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

Mammoth Crowd As APC Holds Campaign Rally In Okene
Uncategorized

Mammoth Crowd As APC Holds Campaign Rally In Okene

January 31, 2023
Lesson From Prof. Niyi Osundare’s Experience
Uncategorized

Lesson From Prof. Niyi Osundare’s Experience

January 29, 2023
Kogi vs EFCC : Agbakoba Heads To  Court To Challenge Scope Of Powers Of EFCC
Uncategorized

Lagos Arabic School Teacher, Adam Farouk Bags Life Imprisonment For Defiling 8 Pupils

January 25, 2023
Group Confident Of Alia’s Victory In Fresh Benue APC Guber Primaries
Uncategorized

Group Confident Of Alia’s Victory In Fresh Benue APC Guber Primaries

January 24, 2023
Uncategorized

FGN/IFAD-VCDP Trains Kogi Farmers On Dry Season Rice Farming

January 24, 2023
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

Bandits currently occupying 12 LGs in Niger State – Bello

11 months ago

Popoola, Oyo Lawmaker dies at 45

7 months ago
Police Rescue Kogi APC Chairman From Kidnappers

Police Rescue Kogi APC Chairman From Kidnappers

2 months ago

Coach attributes Doma United FC promotion to sacrifice, commitment

7 months 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

Abuja APC arrest Atiku attack Bandits Bello Buhari campaign candidate CBN cement church Court Dangote death die drugs EFCC Election elections FG Fraud FRSC gunmen INEC Kaduna kidnap Kill Kogi Lagos NDLEA Niger Nigeria Nigerians Ogun Oil PDP Police road Security Senate Tinubu train victims
No Result
View All Result

Highlights

Pray, Work For Credible Elections, Methodist Archbishop, Others Urge Nigerians

Buhari Condemns Killing of 41 Vigilantes By Terrorists In Katsina

BVAS Did Not Fail During Osun Governorship Election, We Have Learnt Some Lessons – INEC Chairman

Nigeria’s Problem Is Growth, Not Debt, Revenue – Dr Andrew Nevin

STOP CONDEMNING NIGERIA, WE ARE DOING BETTER THAN MOST COUNTRIES – Dr Sunday Adelaja

INCOMPETENCE WEDS CORRUPTION the quickest way To Kill A Nation – Niyi Osundare            1

Trending

REVEALED : How Aso Rock Cabal Misled Buhari Into Fuel, Naira Crises Over Plot To Make Atiku President
Opinion

REVEALED : How Aso Rock Cabal Misled Buhari Into Fuel, Naira Crises Over Plot To Make Atiku President

by Vital News
February 5, 2023
0

By Alhassan Bello As Nigerians suffer on the crises caused by the fuel scarcity and naira swap,...

NDLEA Intercepts Cocaine, Heroin, Meth Consignments At Lagos Airport 

NDLEA Intercepts Cocaine, Heroin, Meth Consignments At Lagos Airport 

February 5, 2023
PSC Promotes Janga, Inuwa, Bode To DIGs

PSC Promotes Janga, Inuwa, Bode To DIGs

February 5, 2023
Pray, Work For Credible Elections, Methodist Archbishop, Others Urge Nigerians

Pray, Work For Credible Elections, Methodist Archbishop, Others Urge Nigerians

February 5, 2023
Terrorists Ambush, Kill Many Security Operatives In Kaduna

Buhari Condemns Killing of 41 Vigilantes By Terrorists In Katsina

February 5, 2023
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

  • REVEALED : How Aso Rock Cabal Misled Buhari Into Fuel, Naira Crises Over Plot To Make Atiku President February 5, 2023
  • NDLEA Intercepts Cocaine, Heroin, Meth Consignments At Lagos Airport  February 5, 2023
  • PSC Promotes Janga, Inuwa, Bode To DIGs February 5, 2023

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