This comes as the Organisation of Petroleum Exporting Countries , yesterday, decided to retain oil production cuts to tighten the market.
Despite failing to produce OPEC’s 1.5 million barrels per day quota and the 1.78 million bpd budget benchmark, the cartel, yesterday, retained Nigeria’s production output. With an output cut of a total of 5.86 million bpd or about 5.7 per of global demand, OPEC, in its Sunday meeting, shifted the expiration of the deadline from the end of June 2024 to 2025.
Lokpobiri said the decisions made during the meeting would contribute significantly to stabilising the global oil market, ensuring a balanced and fair approach for all involved. The Transmission Company of Nigeria said it is working on restoring the national grid, which was shut down following an industrial action by the Trade Union Congress and the Nigeria Labour Congress as well as their affiliate associations. The shutdown has resulted in a nationwide blackout. TCN spokesman, Ndidi Mbah, in a…
Ikeja Electric Plc, a major electricity distribution company, has informed its customers of service disruptions caused by the ongoing strike action by organised labour. Organised labour declared a nationwide strike over a proposed new minimum wage after a meeting between the Tripartite of Labour, Organised Private Sector , and the Federal Government failed to…