How Nigeria will act at OPEC meeting


Minister says international community keenly watching oil development
* FG economic interest to determine Nigeria’s position at OPEC meeting

By Gladys Nweke

Minister of State for Petroleum Resources, Chief Timipre Sylva, has stated that Nigeria’s position at the forthcoming Organisation for Petroleum Exporting Countries (OPEC) meeting with some others would be to ensure Nigeria’s economic stability and that of the world.

In a statement by the Ministry of Petroleum Resources, Sylva also disclosed that Nigeria’s position would be driven by the country’s short and long-term economic forecast.

The OPEC+ meeting, between member countries of OPEC and some non-member countries of the global oil cartel, is scheduled to hold on April 9, 2020.

Sylva said, “The Government of Nigeria wishes to assure the Nigerian and international communities that it is watching developments in the oil and gas industry with keen interest. Specifically Nigeria is very mindful and appreciative of the role of Saudi Arabia and other members of the OPEC family.”

As Minister added; “I will continue to monitor the impact of Covid-19 on our, and the global, economy. In our consultations with global industry stakeholders in the lead up to the OPEC+ meeting scheduled for Thursday April 9, the Nigerian Government will take a position that is in the best interest of our short term and long term economic forecast.

”It is well known that Nigeria has always collaborated with key OPEC members such Saudi Arabia in maintaining a balanced position that has helped to make OPEC one of the most successful global institutions in recent history. Nigeria intends to maintain this team spirit even as it takes into account the position of OPEC strategic allies such as Russia.

”As always the driving force of our OPEC policy is first the stability of our national economy as well as the stability of the global economy which is heavily dependent on OPEC and it’s strategic partners, popularly referred to as OPEC+.

”Nigeria, like the rest of the world has been hit by the global pandemic, COVID-19, and is prepared to join the rest of the world in making the necessary sacrifices needed to stabilize the crude oil market, and to prevent what is likely to be a major global economic meltdown”, he said.