FG cuts oil output by 400,000 bpd vanguardngr.com vanguardnews
An investigation by Vanguard showed that Nigeria, which produced 2.2 million bpd in December 2018 had to cut its output to 1.9 million bpd, including condensate in January 2019, because of OPEC instruction.It showed that, since then, the nation has consistently produced about 1.9 million, indicating 400,000 bpd below the 2019 budget projection.
It was gathered that the budget President Muhammadu Buhari sent to the National Assembly last year is undergoing second reading. A source at the Senate said in a telephone interview with Vanguard that at the end of the reading, the budget would be sent to the Joint Committee, involving the Senate and the House of Representatives for further deliberation.He said at that stage, different ministries and agencies would be invited to appear and defend their budgets, after which various adjustments, including oil price and output benchmarks, would be made in the budget.
It will be recalled that OPEC Secretary General, Dr Muhammad Barkindo, had on the need to cut oil outputs to stabilise price, said: “The goal of the voluntary production adjustments in the ‘Declaration of Cooperation’ was to stimulate and accelerate the drawdown of the huge stock overhang, expedite the re-balancing of the market, restore a sustainable stability to the industry and enable investments to return.
Nigeria Latest News, Nigeria Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
MC Galaxy speaks on 'asking girls to dance naked' for N50,000 - Daily Post NigeriaPopular Nigerian singer, Mc Galaxy has reacted to the backlash following alleged video of him asking girls to reveal their bodies for N50,000. The singer w
Read more »
N30,000 minimum wage: Senate takes fresh action - Daily Post NigeriaThe Senate on Tuesday appointed Senate Deputy Majority Whip, Sen. Francis Alimikhena, as Acting Chairman of the Adhoc Committee on Minimum Wage. The Presid
Read more »
Man steals N80,000 from bread seller, loses it on betting - Vanguard News NigeriaThe Police in Lagos, yesterday, arraigned a 20-year-old man, Prosper Okeke, who allegedly stole N80,000 from a bread seller and spent all on betting game and lost.
Read more »
N30,000 minimum wage: Senate reaches final decision - Daily Post NigeriaThe Senate has approved the thirty thousand Naira (N30,000) national minimum wage. The lawmakers also approved Seventy-five thousand naira(N75,000) as pena
Read more »
Man, 35, faces N800,000 fraud charge in Ogun - Vanguard News NigeriaA 35-year-old man, Akinwande Ewegbayi, was on Monday brought before an Ota Magistrates’ Court in Ogun over alleged N800,000 fraud.
Read more »
Minimum Wage: Senate Committee concur with Reps, approves N30,000 - Vanguard News NigeriaTHE Senate Adhoc Committee on a New National Minimum Wage Bill, 2019, has agreed with the House of Representatives, recommending N30,000 as the accepted minimum wage for the Nigerian workers as against N27,000 proposed by the Federal Government.
Read more »
How CRUTECH undergraduate crushed 400-level student to death in Cross River - Daily Post NigeriaA 400-level student of the Cross River State University of Technology (CRUTECH), Joseph Agbor was on Tuesday, crushed to death by a fellow student who drov
Read more »
Police arrest two over alleged stealing of N500,000 at Oyo government secretariat - Daily Post NigeriaNo fewer than two (2) people have been arrested in connection with the stealing of the sum of Five Hundred Thousand Naira (N500,000) on Wednesday at a car
Read more »
Girl who won N50,000 for dancing naked wasn't my doing - MC Galaxy - Vanguard News NigeriaOn Sunday, March 10, 2019, popular Nollywood actress, Toyin Abraham, condemned singer, MC Galaxy for allegedly asking a girl to dance naked for a cash prize of N50,000, during a competition he held on his Instagram live page.
Read more »
Man kills In-law over N30,000 debt - Vanguard News NigeriaA man Segun Ojo who reportedly killed his brother in-law Sunday Oluwadare with a log of wood over a disagreement on the payment of N30,000 debt in Akure, the Ondo state capital has been apprehended by the police.
Read more »
Man kills brother-in-law over N30,000 debt in Ondo - Vanguard News NigeriaAkure—A man identified as Segun Oni, has reportedly killed his brother-in-law, Sunday Oluwadare, with a log in a disagreement over N30,000 debt he(Oni) owed his in-law.
Read more »