The nine-month extension of oil production cut under the “Declaration of Cooperation’’, which seeks to improve global oil market stability among members of the Organization of the Petroleum Exporting Countries (OPEC) has been strongly supported by the Nigerian government.
Dr. Folashade Yemi-Esan, Head of the Nigerian Delegation to the 176th Meeting of OPEC, revealed the country’s stance at a news conference in Vienna. She also applauded the commitment by Saudi Arabia and Russia on the proposed extension.
She said “Nigeria strongly endorses this commendable commitment and support this position, we believe that an extension of nine months is preferable to six months, as it offers greater certainty to the market, thereby reducing market volatility,”
Under the cooperation, OPEC members and non-member countries supported voluntary production adjustments amounting to 1.8 million barrels per day thereby help in stabilizing the global oil market.
