By; PETER NOSAKHARE, Kaduna
Members and non-members of the Organisation of Petroleum Exporting Countries, known as (OPEC) at the weekend, agreed to cut crude oil production volumes in order to ensure global oil market stability, but allowed Nigeria, Congo and Angola to continue to produce maximally to their OPEC quota of 2023.
Meanwhile, Saudi Arabia, a major oil producer and key member of OPEC, made an additional voluntary cut of one million barrels of oil per day as part of a deal struck by OPEC+ after hours of tense haggling, Bloomberg reported.
Saudi Energy Minister, Abdulaziz bin Salman, unveiled the reduction in a statement, once again managing to pull off a surprise. The Saudi move is the most meaningful part of the deal, which also includes an agreement to extend voluntary cuts through 2024.
Nigeria and other OPEC and non-OPEC members met at the 35th Joint Ministerial Monitoring Committee Meeting of OPEC held in Vienna, Austria, on Sunday.
