Saudi Arabia and OPEC+ producers have recently announced a surprising cut to oil production. The move to cut production by around 1.6 million barrels per day is said to be a move to stabilize the market.The current product cut is different than what was expected to be agreed upon during the meeting, which includes Saudi Arabia and Russia.
The earlier expected production cut was 2 million bpd.The announced voluntary reductions in production, scheduled to commence in May, are surprising and supplement previously established cuts agreed upon in October. Official statements indicate that Riyadh will curtail output by 500,000 bpd, while Iraq will decrease its production by 211,000 bpd.The United Arab Emirates has announced a cut of 144,000 bpd, while Kuwait will decrease its output by 128,000 bpd. Oman has also declared a cut of 40,000 bpd, and Algeria will reduce its production by 48,000 bpd. Additionally, Kazakhstan has plans to decrease its output by 78,000 bpd.
According to NCDMB Executive Secretary, Engr. Simbi Wabote, this year’s theme is important as it highlights the critical role of the oil and gas industry in fueling industrialization and overall development of Nigeria's economy.
Aiboni also attributed the success of Bonga to the supportive partnership with the Nigerian National Petroleum Company Limited and SNEPCo’s co-venturers – TotalEnergies EP Nigeria Limited, Nigerian Agip Oil Company, and Esso Exploration and Production Nigeria Limited.
While acknowledging some teething challenges experienced by the NSDP scholarship scheme in the earlier Phases, the NIMASA DG noted that all grey areas have been addressed to ensure a better deal for both beneficiaries and the Nigerian Government.
We once again laud President Tinubu for his bold vision and stand ready to collaborate with his administration in its effort to promote greater economic equality and prosperity for all Nigerians.
