Nigeria reaffirms commitment to OPEC production agreement

Nigeria has reaffirmed its commitment to production adjustments agreement under the declaration of cooperation (DoC).

The agreement was reached between member countries of the Organisation of the Petroleum Exporting Countries (OPEC) and Non-OPEC Countries.

Mele Kyari, Nigeria’s representatives on the OPEC Economic Commission board and group managing director, Nigerian National Petroleum Corporation, made this known in a statement in Abuja on Wednesday.

“Right now, we are not only committed to the agreement but we have elevated our attitude towards it to the point of complete devotion to the adjustments and we urge other parties to follow suit,” he said

Kyari said the strong optimism that the momentary and artificially induced bearish trends would naturally correct it based on the strong market fundamentals.

This, he said, had remained steadfast in spite of the price slid.

He noted that with a visible steady decline in commercial stock overhang due to healthy demand, it was only logical for all advocates of oil price stability to comply strictly with the production adjustments.

He noted that with the increasing volatility of the oil market, it has become necessary for Nigeria and all other parties to the agreement to entrench an attitude of unwavering devotion to the deal anchored on full and timely conformity to their obligations.

The News agency of Nigeria (NAN) reports that the OPEC and Non-OPEC countries reached the production adjustment at the last Ministerial Meeting known as OPEC Plus, held on July 2 in Vienna, Austria.