Energy News

Nigeria’ll abide by OPEC oil cut agreement — NNPC

By Prince Okafor

The Nigerian National Petroleum Corporation, NNPC, said that the country is committed to 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, in July 2019.

In a statement in Abuja, Nigeria’s Representatives on the OPEC Economic Commission Board and Group Managing Director of the NNPC, disclosed that the country was totally committed to full compliance with the agreement reached by the parties.

According to the Group Managing Director, NNPC, Mallam Mele Kyari, “With a visible steadyl tated 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.

Nigeria’ll abide by OPEC oil cut agreement — NNPC
Nigeria’ll abide by OPEC oil cut agreement — NNPC

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.


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