THE Organisation of Petroleum Exporting Countries and its allies, popularly known as OPEC+ have slashed Nigeria’s oil output by 4.6 percent to 1.742 million barrels per day, mb/d, excluding condensate, for November 2022 market, from 1.826 mb/d in August 2022.
This was part of the measures adopted to achieve market stability following increased volatility, which witnessed the prices of many crude oil grades, including Nigeria’s Bonny Light, dropping below $90 per barrel last week, from about $100.
In its review of the market, OPEC+ maintained that the situation was still clouded by some uncertainties and that it remained committed to achieving stability.