Falling oil price won’t change our production – NNPC – TheNigerialawyer

Nigeria will not alter the production adjustments agreed upon
between Organisation of Petroleum Exporting Countries and Non-OPEC
countries despite recent volatility in global oil prices, the
Nigerian National Petroleum Corporation has said.

Members of OPEC and non-OPEC countries had during the last
ministerial meeting of what is known as OPEC Plus held on July 2 in
Vienna, Austria committed to a Declaration of Cooperation as
regards the volumes of crude to be produced by member
countries.

The global prices of crude had been fluctuating in recent times,
falling below and rising above $60 per barrel at various intervals,
a development which, according to industry observers, might make
some crude exporting countries consider adjusting their production
volumes.

The NNPC, however, insists that it will stick to the agreed
terms of OPEC and urged other countries to do same.

Nigeria’s Representatives on the OPEC Economic Commission Board
and Group Managing Director, NNPC, Mele Kyari, made this known in a
statement issued on Wednesday in Abuja.

The statement signed by the OPEC Representative said Nigeria was
totally committed to full compliance with the agreement reached by
the parties to the DoC.

“Right now, we are not only committed to the agreement but we
have elevated our attitude towards it to the point of complete
devotion to the adjustments and we urge other parties to follow
suit,” he said.

Kyari expressed optimism that the momentary and artificially
induced bearish trends would naturally correct itself based on the
strong market fundamentals which had remained steadfast despite the
price slid.

He said that with a visible steady decline in commercial stock
overhang propelled by healthy demand, it was only logical for all
advocates of oil price stability like the OPEC Plus allies to
comply strictly with the agreed production adjustments.

The NNPC boss noted that with the increasing volatility of the
oil market, it had become vital for Nigeria and all other parties
to the agreement to entrench an attitude of unwavering devotion to
the deal anchored on full and timely conformity to their
obligations.