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Nigeria, Saudi Arabia Strategise On Oil Market Stability



Ahead of the 175th meeting of the Organization of Petroleum Exporting Countries (OPEC) members slated for December 6, in Vienna Austria, Nigeria and Saudi Arabia have met to strategise on how to ensure oil market stability.

To this effect, Nigeria’s Minister of State for Petroleum Resources, Dr Ibe Kachikwu, and Saudi Arabian minister of oil and energy, HE Khalid Al-Falih, met in Abuja on Wednesday to discuss how both countries would help to ensure price stability at the upcoming OPEC meeting in addition to seeking areas of collaboration between the two countries.

Briefing newsmen after the meeting in Abuja on Wednesday, Kachikwu said both countries discussed issues bordering on global market oil stability, as well as looked at other areas of collaboration that would enhance growth of the Nigerian oil and gas sector.

Emphasizing the seriousness of the meeting, Kachikwu said his visiting colleague had a brief discussion with the vice president, Prof. Yemi Osinbajo, prior to the briefing.

“His visit is a short one but we spent time and visited the vice president, we discussed issues on oil output, what we are doing and how to prepare for OPEC meeting.

“The Idea is to help be a strong voice in global oil price stability,’’ he said

According to him, both ministers also discussed issues on revamping of Nigerian refineries considering Saudi’s strong and massive refineries’ experience,

adding that refining was only a side conversation that they had.

Kachikwu stated that the two countries shared their refining experiences in order to appreciate how his guest’s country accomplished its present feat in refinery.

Responding to a question on whether Nigeria would seek exemption for crude oil production cap at the OPEC meeting, he said that it was too early to determine, adding that Nigeria would continue to work with OPEC.

Kachikwu stated that OPEC accounts for not more than 35 per cent of global oil output, stressing that the global community looks up to the cartel to stabilise the market whenever there was volatility.

In his comments, Al-Falih commended the Nigerian government for its effort and said that Nigeria remained a force to reckon with in the African region.



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