Skip to main content

SAUDI READY TO CUT OIL OUTPUT DEEPER, SYLVA SAYS

Timipre Sylva

Nigeria’s Minister of State for Petroleum Resources, Timipre Sylva related his conversation with Saudi Energy Minister, Prince Abdulaziz bin Salman.

Sylva stated that the top producer of oil among the Organization of the Petroleum Exporting Countries (OPEC) members is ready to go to any length to stabilize the oil market.

“He assured me that they are very ready to even cut deeper,” Sylva told Bloomberg on Tuesday.

The official Saudi Press Agency reported the two ministers (Sylva and Salman) discussed “the situation of the oil market and joint cooperation among OPEC countries to maintain its stability,”

This is also in light of the OPEC and its Russia-led non-OPEC partners’ meeting. Oil Price reported that speculation is already rife that the allies will have little choice but to extend the cuts currently expiring in March 2020 and possibly to cut even deeper, considering the slowing oil demand growth and still persistent oversupply on the market.

Russia, however, is still non-committal, as it has been ahead of all previous OPEC+ meetings. Russia’s Deputy Energy Minister Pavel Sorokin said earlier this week that it was too early to talk about a potential deepening of the cuts because the production cut mechanism is not limitless.

ING also suggested that OPEC and allies need to take further action in December to support prices and draw down inventories, but convincing all producers to cut even more could be a challenge.

Vanguard News Nigeria.

Comments

Popular posts from this blog

Richest Pastors In Africa And Their Net Worth In 2019

Popular pastors are increasingly becoming Richest Pastors in Africa making headlines with open flamboyance and unreserved suaveness being an integral part of them.Many ask who might be the Richest Pastors in Africa today so a list of wealthiest African pastors, known for ranking on top and with a huge attendance in each service. These are servants of God, with a mission to spread the gospel of Christ through ministry. But in doing so some have emerged with rich investments and living a luxurious life. Below is a list of top 10 richest pastors in Africa! 1. Bishop David Oyedepo – $150 million Bishop David Oyedepo He is Africa’s number one richest pastor. Founder of Living Faith World Outreach Ministry. This Ministry started in 1981 and has become the largest church on the continent 2. Pastor E.A Adeboye – $130 million  Pastor E.A Adeboye He is one of the Nigerian Pastors with private jet, he is second among the richest pastors in Nigeria. His net worth reaches astonishing 130 millio...

Actress Chizzy Alichi Gets Married Traditionally In Enugu (Photos)

 IMAGE CELEBRITIES Actress Chizzy Alichi Gets Married Traditionally In Enugu (Photos) By  Adebiyi Chioma   On  Dec 9, 2019 Share Facebook Twitter WhatsApp BlackBerry Google+ Pinterest ReddIt Email Linkedin Tumblr StumbleUpon Seasoned Nollywood actress,  Chizzy Alichi and her hearthrob,  Chike Ugochukwu  married traditionally on Saturday December 7,2019. The actress who got engaged to her fiancee in September 2019, had her traditional marriage at her hometown in Enugu State and her colleagues turned up in their numbers to support her. Celebrities, such as, Judy Austin, Eve Esin, Iheoma Nancy, Patience Ozokwor and many others were spotted at the grand ceremony. Check-Out photos from the traditional wedding below: READ ALSO Why My Marriage To Star Actress, Foluke Daramola Can Never Crash –… READ ALSO: Similar Topics Photos: Married woman caught pant down with ex-lover, faces jungle justice in Enugu Actress Kate Henshaw glows in stunning new photos Your ...

WOMAN DISCOVERED HER DEATH EX-BOYFRIEND WAS WORKING IN A RESTAURANT SHE VISITED

A woman was stunned when she discovered that her ex-boyfriend who she was told had died was working in a restaurant she visited. The girlfriend, called Rachel, and boyfriend, who won't be named for legal reasons, were 18 and 21 respectively when they started dating. A few months into their relationship, he returned home from a night out with a broken hand which prevented him from working as a chef in a local pub. He asked Rachel to borrow him $1,000 AUD (£530/$680 USD) to make ends meet. Some time later, the pair split and she was given $300 (£159/$204 USD) back before her now ex-boyfriend went off the radar. The woman was told her ex-boyfriend had been murdered (stock image). Credit: PA Initially, she was told that he'd gone to rehab but then claimed that friends calculated that the boyfriend owed more than $2,300 (£1,200/$1,500 USD) to both his ex-girlfriend and friends. Rachel then received news from a mutual friend that her ex had died,  according to MailOnline.  She expla...