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Nigeria, Saudi Arabia restate commitment to oil production agreement

The Minister of State for Petroleum Resources, Timipre Sylva, said on Monday Nigeria and Saudi Arabia had reiterated their firm commitment to the agreement between the Organisation of Petroleum Export Countries (OPEC) and its allies, OPEC+.

Sylva, who disclosed this to journalists in Abuja, said he had a phone discussion with the Saudi Arabia Minister for Energy, Prince Abdulaziz Bin Salman Al Saud, on developments in the global oil markets, improvement in demand for oil and progress towards the full implementation of the OPEC+ agreement.

He added that both countries reaffirmed their commitment to the production cuts agreed by the cartel.

READ ALSO: OPEC, allies agree to extend crude oil production cuts. What this means for Nigeria

Sylva said: “Prince Abdulaziz bin Salman, Chairman, Joint Ministerial Monitoring Committee of OPEC+, emphasised the importance for all OPEC+ participants of meeting, their production stated in the agreement, in order to accelerate the rebalancing of the global oil market.”

The minister reaffirmed Nigeria’s commitment to the OPEC+ agreement, adding that the country had not met the terms of the agreement.

“Nigeria would raise its level of conformity to 100 percent and compensate during the months of July, August, and September, for the over-production in May and June,” he stated.

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