Nigeria’s hope of having more revenue from oil export has risen following agreement between Saudi Arabia and Russia for OPEC+ meeting on Monday.
The agreement first disclosed by US President Donald Trump has seen oil price rise from $22 per barrel it sold on Thursday to $33 per barrel on Friday.
There are suggestions that the meeting between OPEC countries and non-OPEC oil producers led by Russia will see almost 10 million barrels production reduction.
The oil price fell drastically in late January following the outbreak of the Coronavirus in China which led to major fall in the demand for oil in most Asian countries.
A subsequent price war between Russia and Saudi Arabia compounded the problem as both countries ramped up production.
At a point last month Nigeria cargoes had no buyers which placed a huge squeeze on government’s projected revenue.
But Azerbaijan announced on Friday that Energy ministers from the OPEC+ oil cartel would conduct a video conference on Monday, in an effort to find a way to stabilize prices for the commodity.
“This meeting is being held at the invitation of the kingdom of Saudi Arabia after the talks mediated by U.S. President Donald Trump,” Azerbaijan’s Energy Ministry said in a statement.
The meeting will include the members of the Vienna-based Organisation of Petroleum Exporting Countries (OPEC) and allied oil-producing states in the OPEC+ format, such as Azerbaijan and Russia, according to the statement.
A Vienna-based source confirmed that OPEC+ ministers will conduct talks on Monday, which may be joined by additional countries.
Azerbaijan, an oil-rich, former Soviet republic on the Caspian Sea, has close economic relations with Russia.