The Nigerian government says it is committed to the production adjustments agreed on under the Declaration of Cooperation (DoC) between member countries of the Organisation of the Petroleum Exporting Countries (OPEC) and Non-OPEC Countries.
Group Managing Director of the Nigerian National Petroleum Corporation (NNPC) and Nigeria’s Representatives on the OPEC Economic Commission Board, Mr Mele Kyari, said this in a statement on Wednesday in Abuja.
According to him, the country is totally committed to full compliance with the agreement reached by the parties to the DoC at the last Ministerial Meeting of what is known as OPEC Plus, held on July 2 in Vienna, Austria.
“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 said.
He was optimistic 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.
Kyari noted 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 explained 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.