OPEC Sustains Nigeria’s Position On Crude Oil Production Cut

The Joint Ministerial Monitoring Committee of the Organization Of Petroleum Exporting Countries (OPEC) and Non-OPEC Countries has endorsed Nigeria’s position that the exemption granted on crude oil production at the November 2016 Ministerial Conference and extended by the May Ministerial Conference be sustained until it stabilises its crude oil production.

During the committee meeting held in Vienna today, Nigeria’s Minister of State for Petroleum Resources, Dr Emmanuel Ibe Kachikwu argued that although Nigeria’s production recovery efforts have made some appreciable progress since October last year, Nigeria is not yet out of the woods.

“Even though Nigeria hit 1.802 million barrels per day in the month of August, that was not enough justification for a call by some countries for Nigeria to be brought into the fold”, he said.

He added that Nigeria will be prepared to cap its crude production when it has stabilized at 1.8 million barrels per day.

“Nigeria, as one of the older members of OPEC, will continue to work for the good of the Organization and its member countries, respecting whatever agreements and resolutions are collectively made”, he said.

Kachikwu disclosed that he gladly accepted the invitation of the co-chairs of the Committee and the OPEC Conference President to attend the meeting because he believed that the committee was doing a good job and also, needed to clarify Nigeria’s position on its crude oil production.

The meeting noted that overall compliance by OPEC and Non-OPEC participating Countries to the Agreement on crude oil production cut for the month of August was 116 percent, the highest since the agreement came into effect in January 2017.

 

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