Nigeria Pledges Continued Support As OPEC Extends First Phase Production Adjustment till End July 2020
Oru Leonard
Nigeria reaffirms its commitment, alongside its OPEC+ counterparts to extend the first phase of the production adjustments of 9.7 mb/d by one month until the end of July 2020.
A release signed by Mr Garba Deen Mohammad, GGM/SA Media to Honourable Minister of State for Petroleum Resources, Abuja, stated that Nigeria will continue collaborating with other OPEC+ Nations in the historic efforts to adjust crude oil production towards rebalancing and stabilising the global crude oil market for the benefit of all.
The release also expressed Nigeria’s acceptance to the concept of compensation by Countries that are unable to attain full conformity (100%) in May and June 2020, among others.
“Nigeria also subscribes to the concept of compensation by Countries that are unable to attain full conformity (100%) in May and June 2020 to compensate for it in July, August and September 2020
“We are in full alignment with the decision to closely monitor the market dynamics and it is our conviction that the current gradual recovery being witnessed will be sustained to full traction.
“We reiterate our resolve to conform with the decisions reached under the auspices of the 11th OPEC/Non-OPEC Declaration of Cooperation meeting.
“Nigeria appreciates the commitment of OPEC+ Group under the able leadership of Saudi Arabia and Russia towards ensuring the success of this historic intervention”, the release concluded.
