Abuja — Minister of State for Petroleum Resources, Chief Timipre Sylva, Monday, confirmed that Nigeria was yet to comply with the OPEC+ agreements on output cut, stating that the country would fully comply by July.
In a statement by the Ministry of Petroleum Resources, Sylva disclosed this during a phone discussion with Prince Abdulaziz Bin Salman Al Saud, the Saudi Minister for Energy.
Sylva confirmed the commitment of Nigeria to the OPEC+ agreement, while he clarified that Nigeria was yet to meet 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.
Sylva also confirmed that Nigeria would raise its level of conformity to 100 per cent, and would compensate, during the months of July, August and September, for the over-production in May and June.
The Ministry of Petroleum Resources stated 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.
The ministry added the two ministers reiterated the firm commitment of their countries to the OPEC+ agreement and to the level of production cuts to reduce output.
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.
At the end of the call, the ministry stated that both ministers stressed that efforts by OPEC+ countries towards meeting production cuts as stated in the agreement would enhance oil market stability and help accelerate the rebalancing of global oil markets.