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Nigeria Backs OPEC Decision To Cut Oil Production

The Minister of State Petroleum Resources, Chief Timipre Sylva has backed the decision of the Organization of Petroleum Exporting Countries (OPEC) to cut two million barrels of crude oil production, saying that it was a unanimous one.

The decision taken by OPEC and its partners in their last meeting at the beginning of the month is expected to take effect in November.

Chief Sylva in a statement in Abuja yesterday explained that the decision on production cut was taken to stabilize the market and not for any ulterior motives.

“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.

Sorce:Vanguard

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