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Production Cut: Sylva Visits 4 OPEC Countries
- Sylva visits 4 OPEC countries
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The Minister of State for Petroleum Resources, Chief Timipre Sylva, has embarked on a four-day journey to some Organisation of Petroleum Exporting Countries (OPEC) to discuss issues on crude oil production cut.
In a statement by his special Adviser on Media, Alhaji Garba Deen Muhammad, on Friday, in Abuja, 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,” Muhammad said.
He noted that the choice of Nigeria’s Sylva was seen by analysts as a way of rewarding the West African nation 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.
He said that the minister is expected back in Nigeria next week.
Recall that OPEC announced the appointment of Nigeria’s Sylva to act as its Special Envoy to the four countries.
The 60-year-old organisation however rallied together and undertook painful cuts among its members and also persuaded its allies such as Russia to do the same.
The sacrifice paid off as demand gradually improved and prices began to rise until they reached the current impressive level of about 60 dollar per barrel.
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