Ahead of the rescheduled meeting of the Organisation of Petroleum Exporting Countries (OPEC) on Thursday, the federal government says it is ready for work for the stability of the oil market.
The price war between Saudi Arabia and Russia has drove down oil price to as low as $22 per barrel. However, with hope of an agreement, crude prices have rose to about $33 on Monday.
The situation of the market has wiped out Nigeria’s revenue by about 50 per cent leaving it on the brink of a recession.
According to a statement personally signed by Minister of State for Petroleum, Timipre Sylva, the Nigerian government will take a position that is in the best interest of it’s short long-term economic forecast.
“It is well known that Nigeria has always collaborated with key OPEC members such as Saudi Arabia in maintaining a balanced position that has helped to make OPEC one of the most successful global institutions in recent history. Nigeria intends to maintain this team spirit even as it takes into account, the position of OPEC strategic allies such as Russia.”
The Minister further noted that as a country Nigeria is very mindful and appreciative of the role of Saudi Arabia and other members of the OPEC family to resolve the crisis that has adversely affected the market.
“As always, the driving force of our OPEC policy is first the stability of our national economy as well as the stability of the global economy which is heavily dependent on OPEC and its strategic partners, popularly referred to as OPEC+. Nigeria, like the rest of the world, has been hit by the Global Pandemic, COVID-19, and is prepared to join the rest of the world in making the necessary sacrifices needed to stabilize the crude oil market; and to prevent what is likely to be a major global economic meltdown,” he added.
“As Nigeria’s Minister of State for Petroleum Resources, I will continue to monitor the impact of COVID-19 on our, and the global, economy,” Sylva said.