{"id":67426,"date":"2019-07-02T05:01:04","date_gmt":"2019-07-02T04:01:04","guid":{"rendered":"http:\/\/pointblanknews.com\/pbn\/?p=67426"},"modified":"2019-07-02T05:01:04","modified_gmt":"2019-07-02T04:01:04","slug":"nigeria-is-in-support-of-the-organization-of-the-petroleum-exporting-countries-opecs-decision-to-extend-production-cuts-to-2020-opec","status":"publish","type":"post","link":"https:\/\/pointblanknews.com\/pbn\/news\/nigeria-is-in-support-of-the-organization-of-the-petroleum-exporting-countries-opecs-decision-to-extend-production-cuts-to-2020-opec\/","title":{"rendered":"Nigeria is in support of the Organization of the Petroleum Exporting\u00a0 Countries (OPEC)\u2019s decision to extend production cuts to 2020, OPEC\u00a0"},"content":{"rendered":"<div id=\"m5364668342778606196\" class=\"mail-message expanded\">\n<div class=\"mail-message-header spacer\"><\/div>\n<div class=\"mail-message-content collapsible zoom-normal mail-show-images \">\n<div class=\"clear\">National Representative in Africa\u2019s largest oil producer, Mele Kyari,<br \/>\nsaid\u00a0 on Monday. The incoming Group Managing Director of the Nigerian<br \/>\nNational Petroleum Corporation, NNPC, voiced his support for continued<br \/>\nco-operation between OPEC and its non-OPEC allies, paving the way for<br \/>\nthe coalition of producer countries to extend their production cut<br \/>\nagreement.<\/p>\n<p>Kyari who was represented by the corporation\u2019s Group General Manager,<br \/>\nCorporate Planning and Strategy, Mr. Bala Wunti, said the support came<br \/>\n\u201cvoluntarily\u201d on the recognition of the transformational impact the<br \/>\n\u2018Declaration of Cooperation\u2019 has had on the global oil market, and<br \/>\nreaffirms \u201cstrong support\u201d for the Declaration. OPEC\u2019s decision to<br \/>\nextend cut by nine months is largely driven by support from Saudi Arabia<br \/>\nand Russia, with the hopes that the extension would help stem global<br \/>\ncrude prices.<\/p>\n<p>Kyari said that Nigeria \u201cstrongly endorses this commendable commitment<br \/>\nand supports this position. We believe that an extension of nine months<br \/>\nis preferable to six months, as it offers greater certainty to the<br \/>\nmarket, thereby reducing market volatility.\u201d<\/p>\n<p>Kyari working in collaboration with other members of the Joint Technical<br \/>\nCommittee and OPEC Economic Board, had worked relentlessly to provide<br \/>\ncompelling support base to ensure Nigeria achieve optimal quota<br \/>\nallocation that will support government revenue target and also achieve<br \/>\nPresident Muhammadu Buhari\u2019s vision for the oil and gas industry.<\/p>\n<p>Permanent Secretary of the Ministry of Petroleum, Dr. Folashade<br \/>\nYemi-Esan, who led the Nigerian delegation at the 176th Meeting of the<br \/>\nOPEC in Vienna, Austria, said \u201cNigeria will intensify efforts to ensure<br \/>\nfull conformity with the \u2018letter and spirit\u2019 of the \u2018Declaration of<br \/>\nCooperation,\u2019 despite the obvious domestic challenges this may pose. \u201cWe<br \/>\nwill work to stabilize production by improving the security architecture<br \/>\nof producing regions and through continued engagement with local<br \/>\ncommunities, particularly in the Niger Delta region, she said.<\/p>\n<\/div>\n<\/div>\n<div class=\"mail-message-footer spacer collapsible\"><\/div>\n<\/div>\n<div id=\"conversation-footer\" class=\"spacer\"><\/div>\n<!-- AddThis Advanced Settings generic via filter on the_content --><!-- AddThis Share Buttons generic via filter on the_content --><!-- AddThis Related Posts generic via filter on the_content -->","protected":false},"excerpt":{"rendered":"<p>National Representative in Africa\u2019s largest oil producer, Mele Kyari, said\u00a0 on Monday. The incoming Group Managing Director of the Nigerian National Petroleum Corporation, NNPC, voiced his support for continued co-operation&hellip;<!-- AddThis Advanced Settings generic via filter on wp_trim_excerpt --><!-- AddThis Share Buttons generic via filter on wp_trim_excerpt --><!-- AddThis Related Posts generic via filter on wp_trim_excerpt --><\/p>\n","protected":false},"author":1,"featured_media":62745,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_lmt_disableupdate":"","_lmt_disable":"","footnotes":""},"categories":[5],"tags":[],"class_list":["post-67426","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v26.8 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Nigeria is in support of the Organization of the Petroleum Exporting\u00a0 Countries (OPEC)\u2019s decision to extend production cuts to 2020, OPEC\u00a0 - Pointblank News<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/pointblanknews.com\/pbn\/news\/nigeria-is-in-support-of-the-organization-of-the-petroleum-exporting-countries-opecs-decision-to-extend-production-cuts-to-2020-opec\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Nigeria is in support of the Organization of the Petroleum Exporting\u00a0 Countries (OPEC)\u2019s decision to extend production cuts to 2020, OPEC\u00a0 - Pointblank News\" \/>\n<meta property=\"og:description\" content=\"National Representative in Africa\u2019s largest oil producer, Mele Kyari, said\u00a0 on Monday. 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