Minister of State Petroleum Resources Chief Timipre Sylva has explained that the decision by the Organization of Petroleum Exporting Countries (OPEC) to cut two million barrels of crude oil production was a unanimous one.
Sylva,in a statement said the step was taken to stabilize the market and not for any ulterior motives.
He added:“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,” he stated further.