The Nigerian Minister of State for Petroleum Resources,
Timipre Sylva had a phone discussion with HRH Prince Abdulaziz Bin Salman Al
Saud, the Saudi Minister for Energy on Monday, 13th July, 2020.
In a press release signed by the GGM/SA Media to Hon Minister
of State Petroleum, Garba Deen Muhammad, he said that the discussion between
the two ministers focused on developments in the global oil markets, the
improvement in demand for oil, and progress towards full implementation of the
OPEC+ agreement.
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At the end of the call the two ministers issued the
following joint statement: “Saudi Arabia and Nigeria reiterate their firm
commitment to the OPEC+ agreement and to the level of production cuts to reduce
output.
HRH Prince Abdulaziz bin Salman, the chairman of the
Joint Ministerial Monitoring Committee of OPEC+, emphasized 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.
HE Minister Sylva confirmed the commitment of Nigeria to
the OPEC+ agreement. He clarified that his country has not yet met the terms of
that agreement, and is currently below the level of the agreed cuts, as
reported by the secondary sources that monitor the market.
HE Minister Sylva also confirmed Nigeria will raise its
level of conformity to 100 percent, and will compensate, during the months of
July, August and September, for the over-production in May and June.
At the end of the call, the two Ministers stressed that
efforts by OPEC+ countries towards meeting production cuts as stated in the
agreement will enhance oil market stability and help accelerate the rebalancing
of global oil markets.
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