Amidst Covid-19 Scare, Nigeria, Others Attend OPEC Meeting

Chinazor Megbolu

Despite the initial scare over Covid-19 otherwise known as Coronavirus scare, the Nigeria Minister of State for Petroleum, Dr. Timipre Sylva and Petroleum Ministers from other nations were at the opening ceremony of the meeting organised by Organisation of Petroleum Exporting Countries (OPEC).

In a statement signed on Wednesday by the Special Assistant, Media to the Minister of State for Petroleum Resources, Nigeria, Mr. Garba Deen Muhammad said OPEC Ministers defied the concern about Covid-19 by holding crucial meetings in Vienna, Austria.

The statement further explained that the mere confirmation that the meetings would go ahead had rescued plunging of oil prices.

According to the statement, “last week, prices had come down to below $50pb but rebounded by 1 per cent on Monday.

“It is expected that the meeting will have a positive impact on crude price and a morale booster for OPEC and OPEC+”.

He noted that three meetings are expected to be held between March, 4-6 2020.

The 18th JMMC took place Wednesday; the 178th (Extra-ordinary) OPEC Conference will take place today (Thursday), while the 8th OPEC-NON-OPEC (OPEC+) takes place on tomorrow (Friday).

Meanwhile, Reuter had reported OPEC and its allies are meeting as scheduled and would discuss whether to extend oil output cuts beyond their March expiry and whether to deepen the reduction.

A number of events including oil conferences have been postponed due to the coronavirus outbreak.

But the Organization of the Petroleum Exporting Countries is sticking to its plan to host the meeting.