Nigeria has restated its commitment to the production adjustments agreed upon under the Declaration of Cooperation (DOC) between member countries of the Organization of the Petroleum Exporting Countries (OPEC) and Non-OPEC countries at the last Ministerial meeting of what is known as OPEC plus held on July 2, 2019, in Vienna, Austria.
The Group Managing Director of the NNPC, Mallam Mele Kyari, Nigeria’s representative on the OPEC Economic Commission Board and Group Managing Director, Nigerian National Petroleum Corporation, (NNPC), made this known recently in a statement issued in Abuja.
According to the statement, Nigeria is totally committed to full compliance with the agreement reached by the parties to the DoC. He said, “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 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.
Besides, he enthused 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.
Conclusively, he stressed that with the increasing volatility of the oil market, it has become reasonable 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.