This comes as the Organisation of Petroleum Exporting Countries (OPEC), yesterday, decided to retain oil production cuts to tighten the market. Although analysts had expected that OPEC and OPEC plus members would relax their grip on the oil market, the producers rather extended their agreement to 2025. Despite failing to produce OPEC’s 1.5 million barrels per day quota and the 1.78 million bpd budget benchmark, the cartel, yesterday, retained Nigeria’s production output. Lokpobiri at the meeting emphasised Nigeria’s continued compliance with production adjustments designed to stabilise the global oil market. Our adherence to these production adjustments is crucial for maintaining market balance and supporting global efforts toward sustainable oil market stability,” he said.

Source: The Guardian June 03, 2024 15:21 UTC