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Uche Usim, Abuja
Nigeria’s representative on the Organisation of the Petroleum Exporting Countries’ Economic Commission Board (OPEC-ECB) and Group Managing Director, Nigerian National Petroleum Corporation (NNPC), Mr Mele Kyari, Wednesday reaffirmed Nigeria’s commitment to production adjustments agreed upon under the Declaration of Cooperation (DoC) between OPEC member countries and non-OPEC nations at the last Ministerial Meeting tagged OPEC Plus, held on July 2, 2019, in Vienna, Austria.
This is as NNPC and the National Oil Spill Detection and Response Agency (NOSDRA) have assured of robust collaboration to urgently mitigate incidences of oil spill across the country.
In a statement signed personally by him, Kyari noted that Nigeria was willing and able to comply with the agreement reached by the parties to the DoC.
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,” the OPEC Rep stated.
He 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 slide. Kyari pointed out 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.
In a related development, the NNPC boss, Mele Kyari, while hosting the Director-General of NOSDRA, Mr. Idris Musa, said the Corporation’s pipelines, flow stations and assets spread across the country were jointly owned by the federation and as such will be collaboratively maintained.
