In a bid to address challenges confronting the oil sector after an outbreak of coronavirus, President Muhammadu Buhari, and Saudi Arabian King, Salman bin Abdulaziz, have met and discussed strategies to stabilize as well as rebalance global oil markets.
During the meeting, both leaders agreed that stabilizing and rebalancing global oil prices would assist the sector return to its status before outbreak of COVID-19.
The two leaders, through a statement by the Saudi government on Wednesday, met on telephone and stressed the importance of the Organization of the Petroleum Exporting Countries (OPEC) member countries to comply with organisation directives.
At the meeting, both leaders emphasised on the importance of compliance, by all participants, to the OPEC, and agreement as well as compensation mechanism approved by members.
A ministerial panel of key OPEC oil producers, headed by Saudi Arabia, was expected to hold a virtual meeting later on Wednesday to review activities in oil market and the group’s compliance with the current oil supply cut pact.