July 3, 2019

Kyari lauds OPEC’s nine-month extension for oil production cut

The incoming Group Managing Director of Nigerian National Petroleum Corporation (NNPC), Mr. Mele Kyari, has hailed leadership of the Organisation of the Petroleum Exporting Countries (OPEC) for the nine-month extension in oil production cut under the ‘’Declaration of Cooperation’’ which seeks to improve global oil market stability among OPEC members.

Oil industry under the cooperation, OPEC member and non-member nations accelerated the stabilisation of global oil market through voluntary production adjustments which amounted to 1.8 million barrels per day.

In a chat with newsmen in Vienna, venue of the 176th Meeting of OPEC, Mr. Bala Wunti, Group General Manager, Corporate Planning and Strategy representing Kyari, noted that pricing and volume of products remained key factors in ensuring sustainable revenue generation for the country.

“Through the Declaration of Cooperation, greater stability is restored globally, Nigeria believes that having the right price and volume can support our aspiration and ensure a sustainable revenue generation’’

“We believe that continuation of the declaration is the way to go. A Six-month extension is too short a time and will not have the required impact in curbing uncertainty and volatility which existed before the cooperation’’

“So a nine-month extension is the way to go considering the objective of the declaration, that is why Nigeria supports the initiative and is also grateful that big nations are committed to it’’

He further expressed the commitment of the NNPC in revamping refineries, noting that in-country refining of crude through multiple channels and collaboration would ensure the nation becomes a major petroleum product exporter by 2020.

According to him, that is the vision of the incoming NNPC boss, and that is the vision of Nigeria.

Other delegates representing Nigeria at the on-going 176th Meeting of OPEC include: The Permanent Secretary, Ministry of Petroleum, Dr. Folashade Yemi-Esan; Nigeria’s OPEC Governor Dr. Omar Farouk Ibrahim; Nigeria’s Ambassador to Austria, Victoria Okeke and the General Manager, OPEC, NNPC, Umar Gbobe Aminu.

L-R: Nigerian head of delegation, permanent secretary, ministry of Petroleum, Dr. Folashade Yemi-Esan; Nigeria’s OPEC Governor, Dr Omar Farouk Ibrahim, Mr. Bala Wunti, GGM, NNPC Corporate Planning and Strategy, representing the incoming NNPC GMD, Saudi Arabia Energy Minister, Khalid al-Falihand and Saudi Crown Prince, Abdulaziz Bin Salman, at the on-going 176th meeting of OPEC in Vienna, Austria.