• About
  • Contact Us
Tuesday, January 31, 2023
The Gist Day
No Result
View All Result
  • Login
  • News
    • All
    • National
    FG To Spend N854.8bn For Pensions In 2023

    No Government Can Solve All Problems- Buhari

    Nigeria’s Economic Growth To Hit 3.2%, Says IMF

    Nigeria’s Economic Growth To Hit 3.2%, Says IMF

    Diezani Alison-Madueke files lawsuit seeking to recover her seized assets

    Diezani Alison-Madueke files lawsuit seeking to recover her seized assets

    FG Establishes Additional Passport Office In Lagos

    FG Establishes Additional Passport Office In Lagos

    Angry Mob Throw Stones At Buhari’s Convoy In Kano

    Angry Mob Throw Stones At Buhari’s Convoy In Kano

    Debts Upon Debts! Supreme Court Rules Against Honeywell Flour, As Firm Struggles With N67.02bn Loans

    Debts Upon Debts! Supreme Court Rules Against Honeywell Flour, As Firm Struggles With N67.02bn Loans

    Trending Tags

    • Commentary
    • Featured
    • Event
    • Editorial
  • Business
  • National
  • Politics
  • Opinion
  • Coronavirus
  • Tech
  • Gist & Jabs
  • Lifestyle
  • Entertainment
  • Health
  • Travel
  • News
    • All
    • National
    FG To Spend N854.8bn For Pensions In 2023

    No Government Can Solve All Problems- Buhari

    Nigeria’s Economic Growth To Hit 3.2%, Says IMF

    Nigeria’s Economic Growth To Hit 3.2%, Says IMF

    Diezani Alison-Madueke files lawsuit seeking to recover her seized assets

    Diezani Alison-Madueke files lawsuit seeking to recover her seized assets

    FG Establishes Additional Passport Office In Lagos

    FG Establishes Additional Passport Office In Lagos

    Angry Mob Throw Stones At Buhari’s Convoy In Kano

    Angry Mob Throw Stones At Buhari’s Convoy In Kano

    Debts Upon Debts! Supreme Court Rules Against Honeywell Flour, As Firm Struggles With N67.02bn Loans

    Debts Upon Debts! Supreme Court Rules Against Honeywell Flour, As Firm Struggles With N67.02bn Loans

    Trending Tags

    • Commentary
    • Featured
    • Event
    • Editorial
  • Business
  • National
  • Politics
  • Opinion
  • Coronavirus
  • Tech
  • Gist & Jabs
  • Lifestyle
  • Entertainment
  • Health
  • Travel
No Result
View All Result
Morning News
No Result
View All Result
Home Business

Nigeria Bows To Pressure, To Reduce Oil Production

Emmanuel Onminyi by Emmanuel Onminyi
April 13, 2020
in Business, Economy, National, News
0
Port Harcourt Refinery

Timipre Sylva

0
SHARES
35
VIEWS
Share on FacebookShare on Twitter

The Minister of State for Petroleum Resources, Timipre Sylva, has indicated Nigeria would be reducing oil production by more than 300,000 barrels per day, in line with the historic output cut agreed by OPEC+ on Sunday.

READ ALSO: OPEC, Allies Agree To Cut Production Figure

READ ALSO

No Government Can Solve All Problems- Buhari

Dollar To Naira Black Market Exchange Rate Today 31st January 2023

The output cut was initially put at 10 million barrels per day but was however reduced to 9.7m following a compromise with Mexico.

Sylva spoke about the effect of the output reduction on Nigeria at the webinar ministerial meeting of 9th Organisation of Petroleum Exporting Countries, OPEC, and Non-OPEC.

Sylva said:

Nigeria joined OPEC+ to cut supply by up to 10mbpd between May and June 2020

Eight Million Barrels per day between July and December 2020.

Six Million barrels per day from January 2021 to April 2022, respectively.

Based on reference production of Nigeria of October 2018 of 1.829mbpd of dry crude oil, Nigeria will now be producing 1.412 million barrel per day, 1.495mbpd and 1.579mbpd respectively for the corresponding periods in the agreement.

This is in addition to condensate production of between 360 and 460 KBOPD of which are exempt from OPEC curtailment.

Recall that the Organisation of Petroleum Exporting Countries, OPEC, and its non-OPEC allies, led by Russia, on Sunday finally agreed to cut members’ crude oil production by 9.7 million barrels per day.

This follows last week’s meeting was convened by Saudi Arabia, the group’s largest producer, to mobilise a consensus to cut global oil supply to stabilise the market and halt declining prices.

The meeting became necessary following weeks of oil supply wars between Saudi Arabia and Russia over a proposal to cut oil supply to strengthen the oil market and halt the further decline in oil prices amid the worsening impact of the coronavirus pandemic on the global economy.

The Nigerian economy has been dealt a big blow following the crash in oil price, forcing the Federal Government to cut down the 2020 budget and search for ways to diversify the economy.

Tags: MexicoNigeriaOPECSaudi Arabia

Related Posts

FG To Spend N854.8bn For Pensions In 2023
National

No Government Can Solve All Problems- Buhari

January 31, 2023
Dollar To Naira Black Market Exchange Rate Today 23rd December 2022
Business

Dollar To Naira Black Market Exchange Rate Today 31st January 2023

January 31, 2023
Nigeria’s Economic Growth To Hit 3.2%, Says IMF
Economy

Nigeria’s Economic Growth To Hit 3.2%, Says IMF

January 31, 2023
Diezani Alison-Madueke files lawsuit seeking to recover her seized assets
National

Diezani Alison-Madueke files lawsuit seeking to recover her seized assets

January 31, 2023
FG Establishes Additional Passport Office In Lagos
National

FG Establishes Additional Passport Office In Lagos

January 31, 2023
Angry Mob Throw Stones At Buhari’s Convoy In Kano
News

Angry Mob Throw Stones At Buhari’s Convoy In Kano

January 31, 2023

glo
app




app
GTBank ADs GTBank ADs GTBank ADs

LATEST NEWS

9 Home Remedies To Help Treat Hemorrhoids (Piles)

9 Home Remedies To Help Treat Hemorrhoids (Piles)

January 31, 2023
Tambuwal Calls For Godwin Emefiele’s Resignation

CBN Extends Deadline For Old Naira Notes

January 29, 2023
Dollar To Naira Black Market Exchange Rate Today 23rd December 2022

Dollar To Naira Black Market Exchange Rate Today 31st January 2023

January 31, 2023
AMAA founder Peace Anyiam-Osigwe has passed away

Funeral arrangement for AMAA founder Peace Anyiam-Osigwe released

January 31, 2023
Dollar To Naira Black Market Exchange Rate Today 23rd December 2022

Dollar To Naira Black Market Exchange Rate Today 30th January 2023

January 30, 2023

EDITOR'S PICK

TB Joshua

TB Joshua’s Wife Recounts How Husband Died

June 7, 2021
FIRS NIN

FIRS To Commence Usage Of NIN In Tax Collection

March 26, 2021
AKTH Introduces Cashless Payment System To Check Financial Leakages

AKTH Introduces Cashless Payment System To Check Financial Leakages

February 16, 2021
US Visa

US Govt Asks Visa Applicants Denied By Trump To Re-Apply

March 9, 2021

About

We bring you the stories that perfect for news, finance, politics etc. Check our landing page for details.

Follow us

Categories

  • A Call to Prayer
  • Agriculture
  • Appointments
  • Business
  • Celebrities
  • Coronavirus
  • Corporate Amazon
  • Economy
  • Education
  • Entertainment
  • Environment
  • Fashion
  • Financial Literacy
  • From the Kaaba
  • From the Pulpit
  • Gist & Jabs
  • Health
  • Jobmart
  • Lifestyle
  • Living
  • Metro Gist
  • National
  • News
  • Op-Ed
  • Opinion
  • Politics
  • Press Release
  • Religion
  • Sport
  • State News
  • Tech
  • Tourism
  • Travel
  • Uncategorized
  • World News

Recent Posts

  • ‘BBTitans’: Yaya confronts Mmeli for sleeping with Nelisa then avoiding her
  • IVD charged with involuntary manslaughter, allegedly remanded in Kirikiri prison
  • No Government Can Solve All Problems- Buhari
  • Dollar To Naira Black Market Exchange Rate Today 31st January 2023
  • Disclaimer
  • Google Adsense
  • Home 2
  • Ikoyi building collapse: Corper who redeployed from Borno to Lagos, confirmed dead
  • Leaked Conversation: There Will Know Peace Until Hope Uzodimma Leaves Government House – Emeka Ihedioha
  • MAN Condemns Invasion Of Dangote Cement Plant By Kogi State Govt
  • Privacy Policy
  • Sample Page
  • TheGistDay
  • Whitemoney And New Lady Spotted Stepping Out Of Hotel Together (Video)

© 2022 TheGistDay.

No Result
View All Result
  • News
  • Business
  • National
  • Politics
  • Opinion
  • Coronavirus
  • Tech
  • Gist & Jabs
  • Lifestyle
  • Entertainment
  • Health
  • Travel

© 2022 TheGistDay.

Welcome Back!

Login to your account below

Forgotten Password?

Retrieve your password

Please enter your username or email address to reset your password.

Log In