Nigeria Reaffirms Commitment to Global Oil Market Stability

Nigeria Reaffirms Commitment to Global Oil Market Stability

Nigeria has reaffirmed its commitment to continue working with other players for the stability of the global oil market.

Nigerian Minister of State for Petroleum Resources and Head of its Delegation to the Organization of the Petroleum Exporting Countries (OPEC) Conference, Dr. Emmanuel Ibe Kachikwu, gave this assurance in Abuja on Wednesday during a world press conference.

Dr. Kachikwu explained that the 171st meeting of the OPEC Conference held in November 2016 exempted Nigeria and Libya from production management agreement reached, following production losses the two OPEC Member Countries suffered in recent times in their respective operational environments.

He added that the 172nd meeting of the Conference held in May 2017 in Vienna, also decided to extend the November agreement and the exemption of Nigeria and Libya, stressing however that since the May meeting, Global Oil Prices have been bearish, with Crude Oil Prices falling from USD 51.24 to USD 44.79 as at 11th July, 2017.

The Minister said these developments had been attributed to a number of factors including increasing shale production in the United States, recovery in oil production in Libya and Nigeria as well as slower Global Economic Growth than earlier anticipated.

Dr. Kachikwu explained that while Nigeria noted the recovery of its oil production in recent weeks, the upsurges remained fragile, assuring that Nigeria will continue to monitor developments.

Dr. Kachikwu confirmed receiving invitation to the next Joint Ministerial Monitoring Committee Meeting of the OPEC and Non-OPEC Accord Countries, scheduled to take place in St Petersburg, Moscow, on 24th July, 2017, but regretted his inability to attend because of a prior commitment to host Ministers of Petroleum of the African Petroleum Producers’ Organisation countries on the same day in Abuja.

Dr. Kachikwu assured that Nigeria remained steadfast in its commitment to global oil market stability as it has done in the last forty six (46) years as a member of OPEC and would always be part of the action taken by other OPEC member countries and contribute its quota once its productions status stabilizes.

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