The Group Managing Director, GMD Nigerian National Petroleum Corporation, NNPC, Mallam Mele Kyari has said that Nigeria remained committed to the production adjustments agreed upon under the Declaration of Cooperation, (DoC) by member countries of the Organization of the Petroleum Exporting Countries, OPEC and Non-OPEC countries, in July 2019.
Kyari who is also Nigeria’s Representatives on the OPEC Economic Commission Board in a statement on Wednesday explained that the country was totally committed to the full compliance with the agreement reached by the parties to the DoC.
He stated 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.
He added that with the increasing volatility of the oil market, it has become imperative 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.
He said, “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.”
Kyari also expressed strong optimism that the momentary and artificially induced bearish trends would naturally correct itself based on the strong market fundamentals which have remained steadfast despite the price slid.
Elizabeth Uwandu
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