Saudi Arabia and Nigeria have reiterated their firm commitment to the OPEC+ agreement and to the level of production cuts to reduce output.
The Commitment was made during a phone discussion between the Nigerian Minister of State for Petroleum Resources, Timipre Sylva and the Saudi Minister for Energy, Prince Abdulaziz Bin Salman Al Saud.
The discussion between the two Ministers focused on developments in the global oil markets, the improvement in demand for oil, and progress towards full implementation of the OPEC+ agreement.
Prince Abdulaziz bin Salman, the chairman of the Joint Ministerial Monitoring Committee of OPEC+, emphasized the importance for all OPEC+ participants to meet their production stated in the agreement, in order to accelerate the rebalancing of the global oil market.
Minister Sylva on his part, confirmed the commitment of Nigeria to the OPEC+ agreement.
He clarified that Nigeria has not yet met the terms of that agreement, and is currently below the level of the agreed cuts, as reported by the secondary sources that monitor the market.
Sylva also confirmed Nigeria will raise its level of conformity to 100 percent, and will compensate, during the months of July, August and September, for the over-production in May and June.
At the end of the call, the two Ministers stressed that efforts by OPEC+ countries towards meeting production cuts as stated in the agreement will enhance oil market stability and help accelerate the rebalancing of global oil markets.