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Despite Oil Price Fall, Nigeria Still Dedicated to OPEC Production Agreement

Despite Oil Price Fall, Nigeria Still Dedicated to OPEC Production Agreement

Doris Ukaonu

Nigeria has reassured of its dedication to the production adjustments agreement under the Declaration of Cooperation (DoC) agreed by member countries under the Organisation of the Petroleum Exporting Countries (OPEC) and Non-OPEC Countries.

Despite the fall of Global oil prices on weak global economic data and a rise in U.S. crude inventories which almost erased the previous session’s strong gains that propelled the United States to delay tariffs on some Chinese products, Nigeria remains committed to the agreement.

Speaking concerning the oil price drop which occurred yesterday (August 14), Group Managing Director of the Nigerian National Petroleum Corporation (NNPC) and also Nigeria’s Representatives on the OPEC Economic Commission Board, Malam Mele Kyari, 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 noted that it was only sensible for all advocates of oil price stability to adhere strictly to the production adjustments.

He noted that due to the rapid change associated with the oil market, it is important for Nigeria and all other countries involved in the agreement to imbibe relentless dedication to the deal.

As at 1323 GMT, Brent crude was down $1.81, or 3 percent, at $59.49 a barrel, after rising 4.7per cent on Tuesday, the biggest percentage gain in a day since December.

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U.S. West Texas Intermediate (WTI) crude futures CLc1 were down $1.80, or 3.14per cent, at $55.30 a barrel, having risen 4 percent the previous session, the most in just over a month.


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