FEDERAL Government has reaffirmed
its commitment to continue working with
other players for the stability of the global oil
The Minister of State for Petroleum
Resources and Head of its Delegation to the
Organization of the Petroleum Exporting
Countries OPEC, Dr. Emmanuel Ibe
Kachikwu, gave the assurance in a statement
issued by the director, press, Idang Alibi
yesterday in Abuja.
Kachikwu noted that the 171st meeting
of the OPEC Conference held in November
2016 exempted Nigeria and Libya from
production management agreement reached,
following production losses the two OPEC
Member Countries suffered in recent times
in their respective operational environments.
He added that the 172nd meeting of the
Conference held in May 2017 in Vienna,also
decided to extend the November agreement
and the exemption of Nigeria and Libya,
stressing however that since the May
meeting, Global Oil Prices have been bearish,
with Crude Oil Prices falling from USD 51.24
to USD 44.79 as at 11th July, 2017.
The Minister said these developments
had been attributed to a number of factors
including increasing shale production in the
United States, recovery in oil production in
Libya and Nigeria as well as slower Global
Economic Growth than earlier anticipated.
He furthe explained that while Nigeria
to recovery some of its oil production in
recent weeks, the upsurges remained fragile,
assuring that Nigeria will continue to monitor
Kachikwu confirmed receiving invitation
to the next Joint Ministerial Monitoring
Committee Meeting of the OPEC and
Non-OPEC Accord Countries, scheduled
to take place in St Petersburg, Moscow, on
24th July, 2017, but regretted his inability
to attend because of a prior commitment to
host Ministers of Petroleum of the African
Petroleum Producers’Organisation countries
on the same day in Abuja.
Dr. Kachikwu assured that Nigeria
remained steadfast in its commitment to
global oil market stability as it has done in
the last forty six (46) years as a member of
OPEC and would always be part of the action
taken by other OPEC member countries and
contribute its quota once its productions
status stabilizes.