Charity Nwakaudu, Abuja
Nigeria and Saudi Arabia are collaborating closely to stabilize the international oil market.
To this end, the Saudi Arabian Minister of Petroleum Industry and Mineral Resources, His Excellency, Khalid Al-faith on Monday visited his Nigerian counterpart, Dr Ibe Kachikwu to deepen the talks.
Speaking after the meeting, Al-faith said: “Nigeria and Saudi Arabia are very close politically, socially and culturally. We will do the right thing in stabilizing oil market in the world.
In his remarks, the Minister of State Petroleum Resources, Dr Ibe Kachikwu said Saudi Arabia has 35% of the OPEC volume and that whatever happens in Saudi Arabia affects the oil market.
He said the collaboration of the two countries will strengthen the OPEC since the both Ministers have handled leadership positions in the organization.
“OPEC has been a very strong voice and actor in this sector, not just in terms of satisfying the needs of the members countries of the OPEC family but also stabilizing the market fundamental with the rest of the world our philosophy is when the rest of the world who are the consumers are happy we the producers are happier.
“We have spent a lot of time on this matter. Working together will aid strengthen the OPEC since both ministers have handled leadership post in the organization before.
” Saudi Arabia has 35% if the OPEC volume,so,whatever happens in Saudi Arabia is very critical to what happens in OPEC”.