said on Monday. The incoming Group Managing Director of the Nigerian
National Petroleum Corporation, NNPC, voiced his support for continued
co-operation between OPEC and its non-OPEC allies, paving the way for
the coalition of producer countries to extend their production cut
agreement.
Kyari who was represented by the corporation’s Group General Manager,
Corporate Planning and Strategy, Mr. Bala Wunti, said the support came
“voluntarily” on the recognition of the transformational impact the
‘Declaration of Cooperation’ has had on the global oil market, and
reaffirms “strong support” for the Declaration. OPEC’s decision to
extend cut by nine months is largely driven by support from Saudi Arabia
and Russia, with the hopes that the extension would help stem global
crude prices.
Kyari said that Nigeria “strongly endorses this commendable commitment
and supports this position. We believe that an extension of nine months
is preferable to six months, as it offers greater certainty to the
market, thereby reducing market volatility.”
Kyari working in collaboration with other members of the Joint Technical
Committee and OPEC Economic Board, had worked relentlessly to provide
compelling support base to ensure Nigeria achieve optimal quota
allocation that will support government revenue target and also achieve
President Muhammadu Buhari’s vision for the oil and gas industry.
Permanent Secretary of the Ministry of Petroleum, Dr. Folashade
Yemi-Esan, who led the Nigerian delegation at the 176th Meeting of the
OPEC in Vienna, Austria, said “Nigeria will intensify efforts to ensure
full conformity with the ‘letter and spirit’ of the ‘Declaration of
Cooperation,’ despite the obvious domestic challenges this may pose. “We
will work to stabilize production by improving the security architecture
of producing regions and through continued engagement with local
communities, particularly in the Niger Delta region, she said.