Nigeria’s dedication to the Declaration of Cooperation (DoC) was strongly reiterated by the Minister for State Petroleum Resources (Oil), Senator Heineken Lokpobiri PhD, during the 37th OPEC and OPEC plus Meeting.
Nneamaka Okafor, Special Assistant Media and Communications to the Minister, in a statement made available to newsmen on Sunday stated that the minister emphasized the country’s continued compliance with production adjustments designed to stabilize the global oil market.
In his address, the minister stated, “Nigeria remains unwavering in its commitment to the agreements made under the DoC. Our adherence to these production adjustments is crucial for maintaining market balance and supporting global efforts toward sustainable oil market stability.”
During the meeting, several critical items were discussed and agreed upon, including production quotas and strategies to ensure long-term market equilibrium.
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Senator Lokpobiri highlighted Nigeria’s role in these discussions, noting, “Our participation in this meeting and agreement on key strategies underscores our dedication to fair and equitable outcomes for all member countries.”
The productive discussions at the ministerial meeting reinforced the collective efforts of OPEC and non-OPEC members to achieve sustainable oil market stability.
The minister expressed confidence in the positive impact of these decisions on the global oil market, stating, “The collective decisions made during this meeting will contribute significantly to stabilizing the global oil market, ensuring a balanced and fair approach for all involved.”
Nigeria’s ongoing commitment to the DoC and its active participation in OPEC and OPEC plus meetings highlight the country’s proactive stance in global oil market discussions and its commitment to fostering international cooperation and stability. The next meeting is scheduled to hold on 1st December, 2024.
