The Minister of State for Petroleum Resources, Timipre Sylva, has embarked on a four-day journey to some Organisation of Petroleum Exporting Countries (OPEC) to discuss issues around crude oil production cut.
A statement by his special Adviser on Media, Garba Deen Muhammad, on Friday, said the countries include Equatorial Guinea, Gabon, Congo Brazzaville and South Sudan.
“Minister of State for Petroleum Resources, Chief Timipre Sylva, has left Nigeria today for Equatorial Guinea on a start of his four-nation shuttle to oil-producing countries that include Equatorial Guinea, Gabon, Congo Brazzaville and South Sudan within the week.
“His mission is to discuss issues of compliance cuts which the organisation has been using to stabilise oil price at the peak of the global COVID-19 pandemic which had plummeted to as low as 10 dollar per barrel,” Mr Muhammad said.
He said OPEC chose Mr Sylva as a way of rewarding Nigeria for beating daunting odds to achieve full compliance with OPEC cuts, despite its other economic challenges.
According to him, the minister is expected to deploy his country’s credentials as a full compliant member country to encourage the four nations to stay the course and abide by the cuts and general OPEC principles.
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He said that the minister is expected back in Nigeria next week.
OPEC announced the appointment of Mr Sylva to act as its Special Envoy to the four countries.
The organisation rallied together and undertook painful cuts among its members and also persuaded its allies such as Russia to do the same to stabilise oil price.
The sacrifice paid off as demand gradually improved and prices began to rise until they reached the current impressive level of about $60 per barrel. (NAN)
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