Business
Nigeria, others sign OPEC ‘Declaration of Cooperation’
The Organisation of Petroleum Exporting Countries (OPEC) and the non-member countries of the organisation on Tuesday signed a draft `Charter of Cooperation’ in a bid to further strengthen their partnership.
This was revealed by the President of the bloc’s council, Salvador Fernandez, at the end of the 6th OPEC and non-OPEC Ministerial Meeting in Vienna.
The charter now replaces the ‘Declaration of Cooperation’, which was reached in Dec. 2016 between the two groups.
Fernandez also reaffirmed the continued commitment of OPEC member countries to a stable market as stipulated in the cooperation.
“(Member) countries are committed to promoting the interest of producing nations,” he said.
READ ALSO: NSE: Investors lose N155.2bn as market begins second half on a bearish note
Fernandez, who is also the Venezuelan Petroleum Minister, said that the meeting focused on recent oil market developments and immediate prospects as well as collaborative efforts by members.
Mr Alexandra Novak, Russia’s Energy Minister and Co-chair of the meeting, described the charter as not only “historic, but a basis for solidifying cooperation.
“It is not only a historic document which solidifies our cooperation, but also a solid foundation for future analysis of the market and basis for decision-making to stabilise the market.’’
Nigeria and 13 other OPEC member nations, as well as some non-member countries, have already signed the charter.
Meanwhile, OPEC on Monday night announced the re-election of Nigeria’s Mohammed Barkindo as Secretary General for a three-year tenure. Barkindo was first elected as Secretary General of the bloc in 2016.
Join the conversation
Support Ripples Nigeria, hold up solutions journalism
Balanced, fearless journalism driven by data comes at huge financial costs.
As a media platform, we hold leadership accountable and will not trade the right to press freedom and free speech for a piece of cake.
If you like what we do, and are ready to uphold solutions journalism, kindly donate to the Ripples Nigeria cause.
Your support would help to ensure that citizens and institutions continue to have free access to credible and reliable information for societal development.
INVESTIGATION: In Kwara, multimillion-naira milk processing plant is abandoned, converted to a chicken outlet
After the government spent millions of naira to establish a milk processing plant in Kwara State that would provided jobs...
SPECIAL REPORT: For Sokoto communities, promise of healthcare is akin to death sentence
In this story, ABDULRASHEED HAMMAD delves into the dire realities of Primary Health Care services in Sokoto State, shedding light...
ICYMI…SPECIAL REPORT: NNPCL hides behind PIA to frustrate disclosure, accountability
Nigeria’s major oil company, Nigerian National Petroleum Corporation Limited (NNPCL), in what appears to be a common practice of disregard...
INVESTIGATION: Multi-million naira Ekiti resort center remains uncompleted a decade after
The multimillion-naira project, expected to comprise recreational buildings, now consists of cassava farmland, a bush used for excretion, and a...
SPECIAL REPORT: Torturous experiences of students with disabilities in Oyo tertiary institutions
For students with disabilities in Oyo state-owned tertiary institutions, learning is a torturous and distressing experience, considering the building structures...