Nigeria has reaffirmed its commitment to production adjustments agreed upon under the Declaration of Cooperation (DoC) between member countries of the Organization of the Petroleum Exporting Countries (OPEC) and Non-OPEC Countries.
at the last Ministerial Meeting of what is known as OPEC Plus at Vienna, Austria.
This was disclosed in a statement by The Group Managing Director, Nigerian National Petroleum Corporation (NNPC), Mallam Mele Kyari and Nigeria’s representatives on the OPEC Economic Commission Board in Abuja.
According to the statement signed by the OPEC Representative, Nigeria is totally committed to full compliance with the agreement reached by the parties to the DoC and have elevated towards the point of complete devotion to the adjustments, urging other parties to do so.
Mallam Kyari 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.
The GMD enthused that with a visible steady decline in commercial stock overhang propelled by healthy demand, it’s only logical for all advocates of oil price stability like the OPEC Plus allies to comply strictly with the agreed production adjustments,
He concluded that with the increasing volatility of the oil market, it has become commonsensical 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

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