Emmanuel Addeh in Abuja
The Organisation of Petroleum Exporting Countries (OPEC) and its allies yesterday agreed to extend most of its deep oil output cuts into 2025, exceeding market expectations.
The decision is coming as oil prices trade near $80 per barrel, below what many OPEC+ members need to balance their budget and as worries over slow demand growth in top oil importer China weigh on prices alongside rising oil stocks in developed economies.
Also yesterday, the Minister of State Petroleum Resources (Oil), Senator Heineken Lokpobiri, who attended the 37th edition of the meeting on behalf of Nigeria, reiterated Nigeria’s dedication to the Declaration of Cooperation (DoC).
A statement by his spokesperson, Nneamaka Okafor, quoted the minister as emphasising the country’s continued compliance with production adjustments designed to stabilise the global oil market.
In his address, the minister stated that Nigeria remains unwavering in its commitment to…
Source: Thisday Newspaper
