Nigeria Reaffirms Commitment To Meeting OPEC Production Quotas, Others

By Sunday Etuka, Abuja

Nigeria has reaffirmed its unwavering commitment to the agreements made under the Declaration of Cooperation (DoC) of the Organisation of Petroleum Exporting Countries (OPEC), towards achieving sustainable global oil market stability.

Nigeria’s commitment was strongly reiterated by the Minister for State Petroleum Resources (Oil), Senator Heineken Lokpobiri, during the 37th OPEC and OPEC plus Meeting.

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A statement on Sunday by the Special Assistant on Media and Communications to the Minister, Nneamaka Okafor said, the minister emphasized the country’s continued compliance with production adjustments designed to stabilize the global oil market.

Okafor said, in his address, the minister stated, “Nigeria remains unwavering in its commitment to the agreements made under the DoC. Our adherence to these production adjustments is crucial for maintaining market balance and supporting global efforts toward sustainable oil market stability.”

She said, during the meeting, several critical items were discussed and agreed upon, including production quotas and strategies to ensure long-term market equilibrium, adding that the minister highlighted Nigeria’s role in these discussions, noting: “Our participation in this meeting and agreement on key strategies underscores our dedication to fair and equitable outcomes for all member countries.”

The productive discussions at the ministerial meeting, according to her, reinforced the collective efforts of OPEC and non-OPEC members to achieve sustainable oil market stability.

While expressing confidence in the positive impact of these decisions on the global oil market, the Minister stated that the collective decisions made during the meeting would contribute significantly to stabilizing the global oil market, ensuring a balanced and fair approach for all involved.

The SA said, the nation’s ongoing commitment to the DoC and its active participation in OPEC and OPEC plus meetings highlight the country’s proactive stance in global oil market discussions and its commitment to fostering international cooperation and stability.

The next meeting is scheduled to hold on 1st December, 2024.

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