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Nigeria’ll Abide By OPEC Oil Cut Agreement — NNPC

Nigeria’ll Abide By OPEC Oil Cut Agreement — NNPC

The Nigerian National Petroleum Corporation, NNPC has stated that the country is committed to production adjustments agreed upon under the Declaration of Cooperation, DoC, between member countries of the Organization of the Petroleum Exporting Countries, OPEC and Non-OPEC countries, in July 2019.

In a statement in Abuja, Nigeria’s Representatives on the OPEC Economic Commission Board and Group Managing Director of the NNPC disclosed that the country was totally committed to full compliance with the agreement reached by the parties.

He stated that with a visible steady decline in commercial stock overhang propelled by healthy demand, it is only logical for all advocates of oil price stability like the OPEC Plus allies to comply strictly with the agreed production adjustments.

He concluded that with the increasing volatility of the oil market, it has become commonsensical for Nigeria and all other parties to the agreement to entrench an attitude of unwavering devotion to the deal anchored on full and timely conformity to their obligations.

He said, “Right now we are not only committed to the agreement but we have elevated our attitude towards it to the point of complete devotion to the adjustments and we urge other parties to follow suit.”

Kyari expressed strong optimism that the momentary and artificially induced bearish trends would naturally correct itself based on the strong market fundamentals which have remained steadfast despite the price slid.

In another development, the NNPC said it is willing to partner with the National Oil Spill Detection and Response Agency, NOSDRA, to mitigate the incidences of oil spill across the country.

In a statement in Abuja, Group Managing Director of the NNPC, Mallam Mele Kyari, noted that the corporation had taken several steps to deploy technology to stem incidences of the oil spill.

Kyari, who was speaking when he received the Director-General of NOSDRA, Mr Idris Musa, disclosed that the NNPC was collaborating with all its partners to curb incidences of oil spill in all areas of its operations, adding that the corporation would also forge closer ties with NOSDRA to proactively forestall oil spill in areas that are prone to incessant incidences.

He said, “We have taken a number of steps to stem oil spill by deploying technology in order to make sure that whenever there is an oil spill incidence, it is contained almost immediately. We contain the incidences of oil theft, pipeline vandalism and acts of saboteurs and we intend to bring it to the barest minimum.”

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