Nigeria’s Representative on the OPEC Economic Commission Board and Group Managing Director, Nigerian National Petroleum Corporation (NNPC), Mallam Mele Kyari, has reaffirmed the unwavering commitment of Nigeria to the production adjustments agreed upon by the Organisation of Petroleum Exporting Countries (OPEC) and Non-OPEC members.
The Declaration of Cooperation (DoC) between member countries of the OPEC and Non-OPEC Countries was reached at the last Ministerial Meeting of what is known as OPEC Plus, held on July 2, 2019, in Vienna, Austria.
According to the statement signed by Kyari on Wednesday in Abuja, Nigeria is totally committed to full compliance with the agreement reached by the parties to the DoC.
“Right now we are not only committed to the agreement but we have elevated our attitude towards it to the point of complete devotion to the adjustments and we urge other parties to follow suit,” Kyari said.
He expressed strong optimism that the momentary and artificially induced bearish trends would naturally correct itself based on the strong market fundamentals which have remained steadfast despite the price slid.
Kyari added that with a visible steady decline in commercial stock overhang propelled by healthy demand, it is only logical for all advocates of oil price stability like the OPEC Plus allies to comply strictly with the agreed production adjustments.
He concluded that with the increasing volatility of the oil market, it has become commonsensical for Nigeria and all other parties to the agreement to entrench an attitude of unwavering devotion to the deal anchored on full and timely conformity to their obligations.
GIK/APA