OPEC Urges Nigeria To Increase Crude Oil Production

301


The Organization of the Oil Exporting Countries (OPEC) has advised Nigeria to improve crude oil production to continue to be a reliable source of energy to the world.

The Secretary-General of OPEC, Haitham al-Ghais, stated during a visit to the Group Chief Executive Officer of NNPC Ltd, Mele Kyari, that despite the pushback on oil and gas, the world would require about $14tr investments from now till 2035 to be able to meet global demand, and urged NNPC Ltd to do everything to tap into that opportunity.

Nigeria’s Crude Oil production is at a current level of 1.523 million barrels per day, up from 1.503mbpd last month and up from 1.188mbpd one year ago. This is a change of 1.33 per cent from last month and 28.23 per cent from one year ago.

Speaking at the meeting, al-Ghais stated that OPEC was completely aligned with NNPC Ltd.’s vision as captured in its payoff line: “Energy for Today, Energy for Tomorrow” because of its inclusive view of energy as opposed to the view being pushed in some quarters that some sources of energy were bad.

“We will continue to ensure that the market is stable. The global market has to be stable for Nigeria to be able to attract investors. If there’s volatility, if there’s no stability in the market, it will only create havoc for everybody, whether it’s a producer or consumer country. So, we will continue to do that in OPEC. We count on Nigeria’s support”, the OPEC helmsman said.

At the meeting where the two organisations pledged to work closely together to achieve the nation’s aspirations to attract investments and grow production, Kyari said NNPC Ltd was working very hard to recover lost production and provide the right fiscal environment to attract investments.

He expressed appreciation to OPEC for its support to Nigeria, adding that NNPC Ltd will continue to support the organization in whatever way it can.

Comments are closed.