Timipre Sylva, the minister of state for petroleum resources, on Monday pledged Nigeria’s readiness for the deliberations on output cut that the Organization of Petroleum Exporting Countries (OPEC ) has proposed for Thursday.
In a statement which he personally issued, he said the “Government of Nigeria wishes to assure the Nigerian and international communities that it is watching developments in the oil and gas industry with keen interest.
Specifically, Nigeria is very mindful and appreciative of the role of Saudi Arabia and other members of the OPEC family.”
Continuing, he said “as Nigeria’s minister of spate for Petroleum resources, I will continue to monitor the impact of COVID-19 on our, and the global, economy. In our consultations with global industry stakeholders in the lead up to the OPEC+ meeting scheduled for Thursday, April 09, 2020, the Nigerian Government will take a position that is in the best interest of our short term and long-term economic forecast.”
Sylva said it is well known that Nigeria has always collaborated with key OPEC members such as Saudi Arabia in maintaining a balanced position that has helped to make OPEC one of the most successful global institutions in recent history.
Nigeria, he said, intends to maintain this team spirit even as it takes into account, the position of OPEC strategic allies such as Russia.
The Nigerian minister said “As always, the driving force of our OPEC policy is first the stability of our national economy as well as the stability of the global economy which is heavily dependent on OPEC and its strategic partners, popularly referred to as OPEC+. Nigeria, like the rest of the world, has been hit by the Global Pandemic, COVID-19, and is prepared to join the rest of the world in making the necessary sacrifices needed to stabilize the crude oil market; and to prevent what is likely to be a major global economic meltdown.”