Lagos: The African Petroleum Producers’ Organisation (APPO) has announced that it supports the recent decision by the OPEC and some non-OPEC oil-producing countries to cut overall oil production by two million barrels per day.
Omar Farouk Ibrahim, the APPO Secretary General, said on Thursday in a statement reaching Xinhua that it is “a decision well taken”, as he believes “it is the right thing to do to save the industry and also to ensure that there is stability for today and tomorrow”.
“Every country has a responsibility to protect the interests of its citizens, and if by reducing production, they see it as serving their best interests, so be it. When developed countries make decisions, they don’t sit and think about how they are going to affect developing countries. The interests of their citizens are paramount,” Ibrahim added.
The statement said the decision by OPEC was made following the OPEC and non-OPEC ministerial meeting on Wednesday, noting it would reduce overall production by two million barrels per day starting from November, Xinhua news agency reported.
It said the adjustment was being made in light of the uncertainty that surrounds the global economy and oil market outlooks and the need to enhance the long-term guidance for the oil market.