Report on Interest

Nigeria gets OPEC’s commendation on global oil stability

As part of prove that Nigeria is not under performing among oil producing countries, the Organisation of Petroleum Exporting Countries (OPEC) has scored Nigeria positives in area of global oil market stability, spanning many years of its membership of the organization.

It said that Nigeria has always brought commitment and obligation towards the OPEC’s set stardard and that how would world have crossed uncertainties of global oil market of 1980s without Nigeria.

The Chairman, OPEC’s 16th Joint Ministerial Monitoring Committee (JMMC), Abdulaziz Bin Salman, explained that the West African nation’s role has been very pivotal in helping OPEC achieve stability in the oil market and that Nigeria’s impact cuts across compliance with OPEC charters as well as mediation and reconciliation among member countries over the years.

At Abu Dhabi, United Arab Emirates, yesterday, Salman reiterated its determination to accelerate concerted action towards addressing market challenges and adapting to future developments.

While enjoining non-compliant members to fully observe their production commitments, the JMMC also underscored the need for continued commitment for the Declaration of Cooperation (DoC) in support of oil market stability on a sustainable basis.

Acknowledging the OPEC rating, the Minister of State for Petroleum Resources, Timipreye Sylva,  stated that the body’s endorsement was a testimony to President Muhammadu Buhari’s efforts at ensuring that Nigeria remains a stabilizing force within the organization.

“The rest of OPEC have always looked up to us whenever there are problems. Recall that as OPEC Secretary General, our late Oil Minister Dr. Rilwanu Lukman was highly influential and since then we have played a central role and have been taken very seriously by member countries,” he stated.

Sylva, who was in his maiden outing at the OPEC described the endorsement as “heartwarming”, adding that it would go a long way to spurring and encouraging the country to do better.

The minister further assured Nigeria’s commitment to meet its agreed quotas by October this year.

“We have agreed to comply with production cuts of 50% this month (September 2019) and 100% from October this year,” Sylva stated.

The next meeting of the JMMC comes up on the 4th December 2019 at the OPEC Secretariat in Vienna, Austria.

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