Nigeria on Monday reaffirmed its strong support for 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 Organisation of the Petroleum Exporting Countries (OPEC). Under the cooperation, OPEC members, and non-member countries accelerated the stabilisation of the global oil market through voluntary production adjustments amounting to 1.8 million barrels per day.
Dr. Folashade Yemi-Esan, Head of the Nigerian Delegation to the 176th Meeting of OPEC, stated this at a news conference in Vienna, while welcoming the commitment by Saudi Arabia and Russia on the proposed extension.
“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,” he said.
She said that the nation recognised the transformational impact which the ‘’Declaration of Cooperation’’ has had on global oil market with 24 oil producing countries working together and contributing to improved market statbility.