How Buhari Has Elevated Nigeria’s International Profile – Barkindo

The Secretary-General of the Organization of Petroleum Exporting Countries (OPEC), Dr Mohammed Sanusi Barkindo, has commended President Muhammadu Buhari for elevating Nigeria’s profile in the international scene thereby giving the country a strong voice in the global oil industry.

“We can truly say that we are living through a golden era of Nigerian statesmanship. This is testimony to the way in which President Muhammadu Buhari has elevated the international profile of our country,” said Barkindo who delivered a keynote address at the ongoing three-day Nigeria Oil and Gas Conference and Exhibition (NOG) which commenced on Tuesday at the International Conference Center (ICC) in Abuja.

The OPEC Director-General delivered his address after touring various exhibition stands at the NOG Conference alongside the Minister of State for Petroleum, Dr Ibe Kachikwu, and the Group Managing Director, Nigerian National Petroleum Corporation (NNPC), Dr Maikanti Baru.

Barkindo said, “Nigeria has historically assumed a strong, proactive leadership role in OPEC. I am delighted to be able to inform you that following a decision at the 174th OPEC Conference on June 22, 2018, the African continent gained an additional voice in our organisation; the Republic of Congo became the 15th member country of OPEC.

“This is a tremendous boost for our entire organisation, a positive trajectory, which saw Gabon rejoin OPEC in 2016 and Equatorial Guinea in 2017,’’ he said.

– How Oil Playing Intrinsic Role In Human Daily Lives –

The OPEC chief said, “At this very moment as I speak, school children are boarding the bus to make their way to morning lessons. Mothers and fathers are returning home after working nightshifts.

“An elderly grandparent is being transported to see their doctor. Farmers are fertilising their fields. Families are being reunited, communities are being brought together.

“These are scenes being repeated millions of times here and across the globe. What links these seemingly disparate scenes of everyday life? Petroleum.

“Indeed, oil is so intrinsic in daily life that we sometimes overlook the fact that our industry has an impact on the individual experiences of billions of people.

“Volatility is a devastating disincentive for investment, which is the lifeblood of our industry and essential for ensuring adequate supply in the future.

“We saw this during the last industry downturn. From 2014 to 2016, world oil supply growth outpaced that of oil demand, with world oil supply growing by 5.8 million barrel per day (mb/d), while world oil demand increased by 4.3 mb/d.

“By July 2016, commercial stock overhang reached a record high of about 403mb over the five-year average. The OPEC Reference Basket price fell by an extraordinary 80 per cent between June 2014 and January 2016.

“What was particularly ominous for consumers was the fact that investments were choked-off, with exploration and production spending falling by an enormous 25 per cent in both 2015 and 2016.

“Additionally, nearly one trillion dollars in investments were frozen or discontinued, and many thousands of high quality jobs were lost,” added Barkindo.