Nigeria and Saudi Arabia on Monday renewed their commitment to the oil production cuts agreed by Organisation of Petroleum Export Countries and its allies known as OPEC+ agreement.
The Minister of State for Petroleum Resources, Timipriye Sylva, who disclosed this in Abuja said that the countries also reiterated commitment to the level of production cuts to reduce output.
Sylva said that he had a phone discussion with Prince Abdulaziz Bin Salman Al Saud, the Saudi Minister for Energy.
According to him, the discussion focused on developments in the global oil markets, the improvement in demand for oil and progress toward full implementation of the OPEC+ agreement.
“Prince Abdulaziz bin Salman, Chairman, Joint Ministerial Monitoring Committee of OPEC+, emphasised the importance for all OPEC+ participants of meeting, their production stated in the agreement, in order to accelerate the rebalancing of the global oil market,” he said.
Sylva further confirmed the commitment of Nigeria to the OPEC+ agreement and clarified that the country had not yet met the terms of agreement and was currently below the level of the agreed cuts.
He also confirmed that Nigeria would raise its level of conformity to 100 per cent and would compensate, during the months of July, August and September, for the over-production in May and June.
He noted that at the end of the call, the two ministers stressed that efforts by OPEC+ countries toward meeting production cuts as stated in the agreement would enhance oil market stability.
The minister added that it would also help accelerate the rebalancing of global oil markets.