Kyari Restates Nigeria’s Commitment To OPEC Production Adjustments

Nigeria’s Representatives on the OPEC Economic Commission Board and Group Managing Director, Nigerian National Petroleum Corporation (NNPC), Mallam Mele Kyari, has restated Nigeria’s total commitment to  comply  with the agreement reached by  parties to the Declaration of Cooperation (DoC). 

During the last Ministerial Meeting known as OPEC Plus, on July 2, 2019, Vienna, Austria, member countries of the Organization of the Petroleum Exporting Countries (OPEC) and Non-OPEC Countries agreed upon a production adjustment.

According to the statement signed by Kyari, Nigeria is totally committed to full compliance with the agreement reached by the parties to the DoC. 

“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.”

He encouraged 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.

Kyari 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.