“We do not have any price objective not as OPEC and not in this joint endeavor with non-OPEC,” Barkindo told reporters, commenting on Trump’s statement.
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“We actually import one million tonnes of PMS every month into a country that produces oil and gas and has refinery. It is a shameful thing, it doesn’t make sense and that is what we are trying to address,” he said.
“The workshop will acquaint participants on the functionality of the new template for annual questionnaire introduced by OPEC Secretariat for member countries in relation to their crude oil production, proven reserves, export and refining capacity profiles.”
“We would get to a point where Nigeria, definitely, would be a major supplier of refined petroleum products. It just has to happen. Nothing else makes sense. We are also saying directly to oil companies that a time would also come when we would not be open to see them move around all the crude oil they produce in Nigeria.”
He said, “Thankfully, a breakthrough came in the form of the declaration of cooperation. This was the culmination of an extensive consultation undertaken throughout 2016 with the aim of gaining consensus about the strategic urgency of bringing this market back to balance in a collective manner.”
“We are going to look at what is the net value for the country in these future projects. We are not, as a country, very impressed with the PSCs we put together. We lose a lot of money in the contracts,” he added.
Oil prices have risen in recent months, after OPEC and a clutch of countries outside the cartel struck a landmark deal at the end of 2016 to cut back production to combat a global oil glut.
Nigeria is among the world’s 10 cheapest places to buy petrol, which partly explains its recent fuel shortages. It also means that rising oil prices may be a double-edged sword for the country.
As of November 2017, the OPEC and participating non-OPEC producing countries achieved an impressive highest conformity level of 122 per cent, following the pattern of high performances in the past months.
He listed the reforms to include the open bid process of customer selection for lifting and purchase of Nigeria’s crude oil grades, emplacement of efficient crude for product import processes, leading to savings of $1 billion in one year as well as the introduction of improved pricing system, which has evolved into a robust and auditable pricing mechanism.
