The meeting also welcomed renewed pledges by the overproducing countries.
At the July 2023 meeting, the committee had raised MPR by 25 basis points to 18.75 per cent from 18.50 per cent.
According to the data from the CEIC economic firm, as of October, Angola averaged about 1.6 million barrels daily.
“This allows for timely and effective measures to maintain the balance of oil supply and demand.”
OPEC and its allies have agreed to cut global oil production by 1.393 million barrels daily, reducing Nigeria’s oil production quota by 20.7 per cent.
Brent crude slipped 4 cents to $76.22 a barrel at 0022 GMT, while U.S. West Texas Intermediate was up 9 cents, or 0.1 per cent, at $71.92 a barrel.
Since establishing the dialogue mechanism between the two parties in 2005, communication on policy has been maintained.
OPEC says global primary energy demand is forecast to increase by 23 per cent from now to 2045.
The federal government is banking on the rehabilitations of the Port Harcourt, Warri and Kaduna refineries as well as the coming on stream of the Dangote Refinery.
Labour and employment minister Chris Ngige said at the 8th meeting of the National Employment Council on Friday in Abuja.
