Nigeria Recommits To OPEC+ Agreements On Production Quotas

Nigeria has reaffirmed its commitment to adhering to the production adjustments set by OPEC+ for 2024 in line with the oil cartel’s Declaration of Cooperation (DoC).

Minister for state, Petroleum Resources (Oil), Heineken Lokpobiri, during the 37th OPEC and OPEC plus meeting, emphasised the country’s continued compliance with production adjustments designed to stabilise the global oil market.

Special assistant, media and communications to the minister, Nneamaka Okafor, in a statement, said the minister emphasised the country’s continued compliance with production adjustments designed to stabilise the global oil market.

In his address, the minister stated, “Nigeria remains unwavering in its commitment to the agreements made under the DoC. Our adherence to these production adjustments is crucial for maintaining market balance and supporting global efforts toward sustainable oil market stability.”

During the meeting, several critical items were discussed and agreed upon, including production quotas and strategies to ensure long-term market equilibrium. The minister highlighted Nigeria’s role in these discussions, noting, “Our participation in this meeting and agreement on key strategies underscores our dedication to fair and equitable outcomes for all member countries.”

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The productive discussions at the ministerial meeting reinforced the collective efforts of OPEC and non-OPEC members to achieve sustainable oil market stability. The minister expressed confidence in the positive impact of these decisions on the global oil market, stating, “The collective decisions made during this meeting will contribute significantly to stabilising the global oil market, ensuring a balanced and fair approach for all involved.”

Nigeria’s ongoing commitment to the DoC and its active participation in OPEC and OPEC plus meetings highlight the country’s proactive stance in global oil market discussions and its commitment to fostering international cooperation and stability. The next meeting is scheduled to be held on 1st December, 2024.