President Muhammadu Buhari says Nigeria is willing to cooperate with efforts by the Organisation of Petroleum Exporting Countries (OPEC) to reduce oil output in order to attract higher prices in the global market.
According to a statement issued through Garba Shehu, presidential spokesman, Buhari made this statement while receiving Ahmad Qattan, minister of state for African affairs of the Kingdom of Saudi Arabia, on Wednesday.
The president, who doubles as the minister of petroleum resources, said Nigeria is willing to go along with the agreement to curb a supply glut.
At their joint ministerial meeting in December, OPEC and its allies led by Russia agreed to cut oil production by 1.2 million barrels per day (bpd) effective January 2019, which is subject to review in six months.
Although expressing the wish for Nigeria to “produce more”, the president said it is in the nation’s interest to cooperate with OPEC, adding that “higher oil prices will make both nations stronger and their citizens more prosperous”.
“Output cuts had always been difficult for Nigeria considering the country’s peculiar circumstances of a large population, the 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.”
Buhari commended Salman Bin Abdulaziz, monarch of Saudi Arabia, for his leadership in global oil matters, assuring that Nigeria will continue to accord respect to the Kingdom in that regard.
Also speaking at the meeting, Qattan, who represented Abdulaziz, said he was sent to Buhari to ensure Nigeria’s compliance with quotas assigned by OPEC in January since the nation was no longer exempt from production cuts.
In December, Nigeria voluntarily agreed to curb her quota by some 53,000 barrels per day (b/d), bringing output down to around 1.68 million barrels per day (mbpd) excluding condensates. (The Cable)
