President Muhammadu Buhari on Wednesday pledged the cooperation of Nigeria to the effort to reduce oil output in order to attract higher prices in the global market.
Speaking at an audience with the Minister of State for African Affairs and Special Envoy of King Salman Bin Abdulaziz, Custodian of the Two Holy Mosques and King of Saudi Arabia, Mr Ahmad Qattan, at the State House in Abuja, the president said as a responsible member of the Organisation of Petroleum Exporting Countries (OPEC), Nigeria was willing to go along with the Saudi initiative in limiting output so that prices would go up.
He said output cuts had always been difficult for Nigeria considering the country’s peculiar circumstances of large population, huge expanse of land and state of under-development.
“I have listened carefully to the message. I will speak with the Minister of State Petroleum. I will call for the latest production figures. I know that it is in our interest to listen. We will cooperate,” he said.
The president said higher oil prices would make both nations stronger and their citizens more prosperous.
He commended King Salman for his leadership in global oil matters, and assured that Nigeria would continue to accord respect to the Kingdom in that regard.
The Special Envoy said the important reason for which King Salman sent him was to make a request to president to ensure Nigeria’s compliance with quotas assigned in January by exiting previous exemption from output cuts.
He said Saudi Arabia had reduced its own output by 1.4 million barrels per day to ensure that prices went up, stressing that Saudi Arabia alone cannot bring stability to the oil market and shore up prices.
He called for greater adherence to production cuts by Nigeria.
