Lagos – Nigeria has reaffirmed her commitment to production adjustments agreed upon under the Declaration of Cooperation (DoC) between member countries of the Organisation of the Petroleum Exporting Countries (OPEC) and non-OPEC countries at the last ministerial meeting held on July 2, 2019, Vienna, Austria.
Mallam Mele Kyari, Nigeria’s representatives on the OPEC Economic Commission Board and Group Managing Director, Nigerian National Petroleum Corporation (NNPC), who disclosed this in Abuja yesterday, said the country 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,” he stated.
He expressed 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.
He 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 maintained 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.
Meanwhile, the Nigerian National Petroleum Corporation (NNPC) and the National Oil Spill Detection and Response Agency (NOSDRA) have expressed their willingness to work closer aimed at mitigating the incidences of oil spill across the country.
Kyari, Group Managing Director of the NNPC, made this known when he received the Director General of NOSDRA, Mr. Idris Musa, along with his management team at the NNPC Towers in Abuja on Wednesday.
Mallam Kyari stated that as a national oil company, the NNPC pipelines, flow stations and assets spread across the country were jointly owned by the Federation.
He maintained that the Corporation produces crude oil to maintain a balance sheet for the nation.
Earlier, the Director -General of NOSDRA, Mr. Musa, said the agency was prepared to partner the NNPC in mitigating oil spill in all areas of its operations , stressing that the partnership would ensure a good operating environment for the operators and the inhabitants.
He added that breaking of petroleum products pipelines did not provide food, water and good environment for the people rather the malaise bleeds the national purse of revenues that would have being used to provide developmental infrastructure for the various tiers of government.
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Source: INDEPENDENT FEED BUSINESS