The Minister of State Petroleum Resources, Timipre Sylva, yesterday said Nigeria was part of the decision by the Organisation of Petroleum Exporting Countries (OPEC) to cut 2 million barrels of crude oil production for November.
According to a statement by his spokesman Horatius Egua on Tuesday, the minister said this was to stabilize the market and not for any ulterior motives.
The statement read: “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.
“This proactive decision was based on a thorough assessment of market conditions as OPEC plus has always been guided,” he stated further.
