Nigeria Ready for OPEC Talks—Sylva

The Minister of State for Petroleum, Hon. Timipre Sylva has revealed that Nigeria is ready for the Organisation of the Petroleum Exporting Countries (OPEC) talks.

Sylva who made this known in a statement on Monday, stated that the Government of Nigeria is assuring the Nigerian and international communities that it is watching developments in the oil and gas industry with keen interest.

According to him, specifically, Nigeria is very mindful and appreciative of the role of Saudi Arabia and other members of the OPEC family.

In his words, “As Minister of State for Petroleum I will continue to monitor the impact of Covid-19 on our, and the global, economy.

“In our consultations with global industry stakeholders in the lead up to the OPEC+ meeting scheduled for Thursday April 9, the Nigerian Government will take a position that is in the best interest of our short term and long term economic forecast.

“It is well known that Nigeria has always collaborated with key OPEC members such as Saudi Arabia in maintaining a balanced position that has helped to make OPEC one of the most successful  global institutions in recent history”. 

He further added that, “Nigeria intends to maintain this team spirit even as it takes into account the position of OPEC strategic allies such as Russia. As always the driving force of our OPEC policy is first the stability of our national economy as well as the stability of the global economy which is heavily dependent on OPEC and its strategic partners, popularly referred to as OPEC+.

“Nigeria, like the rest of the world has been hit by the Global Pandemic Covid-19, and is prepared to join the rest of the world in making the necessary sacrifices needed to stabilize the crude oil market; and to prevent what is likely to be a major global economic meltdown”, he ended.

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