April 9 OPEC+ virtual meeting: Nigeria’s Petroleum Ministry consulting stakeholders on crude market stability, says Sylva

Ahead of April 9 OPEC+ meeting, the Federal Government says it is in  consultations with global industry stakeholders and prepared to join the rest of the world in making the necessary sacrifices to stabilize the international crude oil market.

The Minister of State for Petroleum, Chief Timipre Sylva, said this in Abuja on Monday in a statement personally signed by him, a copy of which was emailed to Persecondnews.

“Nigeria like the rest of the world has been hit by the Global Pandemic Covid-19, and is prepared to join the rest of the world in making the neccessary sacrifices needed to stabilize the crude oil market; and to prevent what is likely to be a major global economic meltdown.

“The Nigerian Government will take a position that is in the best interest of our short term and long term economic forecast.

“It is well known that Nigeria has always collaborated with key OPEC members such Saudi Arabia in maintaining a balanced position that has helped to make OPEC one of the most successful  global institutions in recent history.

“Nigeria intends to maintain this team spirit even as it takes into account the position of OPEC strategic allies such as Russia,’’ the minister said.

Sylva said as the Minister of State for Petroleum he would continue to monitor the impact of Covid-19 on the country’s economy and also the global economy.

He said:“The Government of Nigeria wishes to assure the Nigerian and international communities that it is watching developments in the oil and gas industry with keen interest.

“Specifically, Nigeria is very mindful and appreciative of the role of Saudi Arabia and other members of the OPEC family.’’

Sylva restated the commitment of the government to ensure the stability of both the nation’s economy and the global economy.

“As always the driving force of our OPEC policy is first the stability of our national economy as well as the stability of the global economy which is heavily dependent on OPEC and it’s strategic partners, popularly referred to as OPEC+.’’

Persecondnews recalls that price of crude had slumped in the global market to all-time low $30 dollars and has triggered a review of Nigeria’s 2020 Finance Act benched marked at about $50 dollars.