Ahead of Thursday’s meeting of the OPEC+, the Minister of State Petroleum Resources, Chief Timipre Sylva has assured that Nigeria was ready to make the necessary sacrifice to stabilise the price crude oil in the international market.
OPEC+ is made up of members of the Organisation of Petroleum Exporting Countries (OPEC) and other non-OPEC countries led by Russia.
The meeting which was called following a truce between OPEC leader, Saudi Arabia and Russia, is expected to agree on oil production cuts, to shore up the price.
Sylva in a statement in Abuja said Nigeria will take a position that ensures its own economic safety and world stability.
According to him, “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”.
He noted that “as Minister of State for Petroleum I will continue to monitor the impact of Covid-19 on our, and the global, economy”.
He explained that “in our consultations with global industry stakeholders in the lead up to the OPEC+ meeting scheduled for Thursday April 9, the Nigerian Government will take a position that is in the best interest of our short term and long term economic forecast.
“It is well known that Nigeria has always collaborated with key OPEC members such Saudi Arabia in maintaining a balanced position that has helped to make OPEC one of the most successful global institutions in recent history.
“Nigeria intends to maintain this team spirit even as it takes into account the position of OPEC strategic allies such as Russia.
“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 it’s 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”, Chief Sylva added.
