Nigeria to Stabilise, Re-balance global Oil market

Chinazor Megbolu

The Federal Government has restated it’s commitment to stabilise and rebalance the global oil market.

The Minister of State for Petroleum, Dr. Timipre Sylva in a statement issued by the Special Assistant Media to the Minister, Garba Deen Mohammed on Sunday, said the federal government affirmed it’s continuous support and partnership with other OPEC+ countries.

Sylva noted that the historic move is to adjust crude oil production towards rebalancing and stabilising the global crude oil market for the benefit of all, adding the development reaffirmed its commitment in collaboration with its OPEC+ counterparts.

He buttressed that the initiative is to extend the first phase of the production adjustments of 9.7 mb/d by a month until the end of July 2020.

The minister while explaining government’s position, informed that the country also subscribed to the concept of compensation by countries that are unable to attain full 100 per cent conformity in May and June 2020 to compensate for it in July, August and September 2020.

According to him; “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.”