Nigeria Commends Saudi Arabia Over Oil Cut

The Honorable Minister of State for Petroleum Resources, Timipre Sylva has expressed Nigeria’s appreciation to the Government of Saudi Arabia over its recent voluntary reduction in its crude oil production.

The world oil giant, in a means to support the slump in oil demand that had brought the price of crude oil to a devastating low, announced over 1mb/d reduction in its crude oil production.

The cut was in addition to that of the OPEC+ countries which on April 12, 2020 agreed to cut up to about 10mb/d in order to stem the slide in oil prices which in some cases had dropped to as low as ten dollars per barrel.

However, the minister linked the gradual revamp of crude oil prices in the last few days to the actions by the the Saudi government.

Despite technical and other challenges, Sylva assured that Nigeria has been working assiduously to keep to the April 12 OPEC+ Agreement.