………For formation of Declaration of Cooperation among oil producers
Outgoing secretary general of the Organization of Petroleum Exporting Countries (OPEC), Mohammed Barkindo, has been hailed for formation of Declaration of Cooperation (DoC) between OPEC member countries and non-OPEC oil-producing countries.
The Nigerian’s second and final tenure as secretary general of OPEC comes to an end in July 2022, whereas the organization on January 3, has voted and appointed Kuwaiti’s Haitham Al-Ghais as its new secretary-general.
At a working lunch for a delegation from NNPC headed by the group executive director of ventures and business development, Dr. Billy Okoye, in Vienna, Austria, the outgoing OPEC scribe was extolled for DoC, which was established in 2016 to accelerate the return of oil market stability following an oil market downturn.
“Secretary-General, you stood up to unprecedented challenges and you will continue to do so,” the News Agency of Nigeria quoted Okoye, congratulating him further for successful completion of two terms.
He described Barkindo as a worthy ambassador of the NNPC and Nigeria. Responding, the OPEC scribe highlighted Nigeria’s key role in the global oil industry, emphasising that given the country’s stature, it should continue to lead by example.
He also praised the Petroleum Industry Act (PIA), noting that the legal framework adopted in 2021 would help Nigeria to further develop the petroleum industry.
On oil market developments, Barkindo praised the efforts undertaken by the DoC countries in the interest of oil market stability.
He noted that the DoC was established in 2016 to accelerate the return of oil market stability following an oil market downturn. He added that the framework continued to prove effective with the emergence of COVID-19 pandemic since 2020.
“These countries did not need to reinvent the wheel. They stepped up to the challenge and adopted the largest-in-volume and longest-in duration production adjustments,” he said.
The OPEC secretary general said oil and gas would still be accountable for more than 50% of the future energy mix, and that oil would still dictate the way with world energy needs for a very long time to come.
Chibisi Ohakah, Abuja
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