• Sunday, May 19, 2024
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OPEC+: FG affirms support towards stabilising, rebalancing global oil market

Federal has assured it’s continuous support and  collaboration  with other OPEC+ nations in the historic efforts to adjust crude oil production towards rebalancing and stabilizing the global crude oil market for the benefit of all.

The government on the back of this development  reaffirmed  its commitment, alongside its OPEC+ counterparts to extend the first phase of the production adjustments of 9.7 mb/d by one month until the end of July 2020.

Timipre Sylva who stated government’s position in a statement  on Sunday informed  that Nigeria also subscribed to the concept of compensation by Countries that are unable to attain full conformity (100%) in May and June 2020 to compensate for it in July, August and September 2020.

“We are in full alignment with the decision to closely monitor the market dynamics and it is our conviction that the current gradual recovery being witnessed will be sustained to full traction.”Sylvia noted in a statement issued by Garba Deen Mohammad, the Special Assistant Media to the Minister.

“We reiterate our resolve to conform with the decisions reached under the auspices of the 11th OPEC/Non-OPEC Declaration of Cooperation meeting.
Nigeria appreciates the commitment of OPEC+ Group under the able leadership of Saudi Arabia and Russia towards ensuring the success of this historic intervention.

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