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Petroleum minister, Sylva, meets oil producers, canvasses for production cut

Minister of State for Petroleum Resources, Timipre Sylva has embarked on a four-day shuttle to some African member-countries of the Organisation of Petroleum Exporting Countries (OPEC), to discuss issues of crude oil production cut.

In a statement by his Special Adviser on Media,  Garba Deen Muhammed, on Friday, in Abuja, the   countries include Equatorial Guinea, Gabon, Congo Brazzaville, and South Sudan.

The statement reads: “Minister of State for Petroleum Resources, Chief Timipre Sylva, has left Nigeria to day for Equatorial Guinea on a start of his four-nation shuttle to oil producing countries that include Equatorial Guinea, Gabon, Congo Brazzaville and South Sudan within the week.

“His mission is to discuss issues of compliance cuts which the organization has been using to stabilize oil price at the peak of the global COVID-19 pandemic which had plummeted to as low as $10 per barrel”, Muhammad said.”

He noted that the choice of Nigeria’s Sylva was seen by analysts as a way of rewarding the West African nation for beating daunting odds to achieve full compliance of POEC cuts, despite its other economic challenges.

According to him, the minister is expected to deploy Nigeria’s credential as a full compliant member country to encourage the four nations to stay the course and abide by the cuts and general OPEC principles.

He said the minster is expected back next week.

It will be recalled that OPEC announced the appointment of Nigeria’s Sylva to act as its special envoy to the four countries.

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