Nigeria to obey OPEC+ agreement on oil production

The Nigerian National Petroleum Corporation (NNPC), on Wednesday, said it will abide by the output cut agreement of the Organisation of the Petroleum Exporting Countries (OPEC) and its allies aimed at stabilising the global oil market.

It said although this will impact on government’s revenue, it was the best step towards redeeming the value of hydrocarbon resources at the global market in the interest of all.

The Group Managing Director, NNPC, Mele Kyari, stated this while speaking at the ongoing virtual Gulf Intelligence “Global” UAE Energy Forum 2021.

He said the country would instead, focus on gas, condensate and other revenue streams to tackle the revenue challenge arising from the OPEC+ production cut arrangement.

Speaking on the topic, “Outlook for Africa/Nigeria’s Oil & Gas Sector in Post-Covid Era,” he expressed hope that by the end of the year demand for crude oil would pick up with the marginal increase in output.

According to him, gas has proven to be a steady and reliable revenue stream during the height of the COVID-19 pandemic in 2020.

The GMD added that gas production and utilisation would remain a key priority for the Corporation in 2021.

Earlier in his presentation, the Minister of Energy & Agriculture, United Arab Emirates (UAE), H.E. Eng. Suhail Mohamed Al Mazrouei, appealed to all oil-producing nations not to flood the market with crude oil.

He said the UAE was at the moment more concerned about balancing the market forces of demand and supply in the global market than growing market share.


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