Abuja — The Nigerian National Petroleum Corporation (NNPC), Wednesday, projected an increase in crude oil demand and a marginal rise in the commodity’s output before the end of 2021.
In a statement in Abuja, Group Managing Director of the NNPC, Mallam Mele Kyari, promised that the corporation would continue to abide by the output cut agreement of the Organization of the Petroleum Exporting Countries (OPEC) and its allies aimed at stabilizing the global oil market.
Kyari, who stated this while speaking at the ongoing virtual Gulf Intelligence Global United Arab Emirates (UAE) Energy Forum 2021, explained that despite the negative effects of the production cut on government revenue, it was the best step towards redeeming the value of hydrocarbon resources at the global market in the interest of all.
Speaking on the topic, ‘Outlook for Africa/Nigeria’s Oil & Gas Sector in Post-Covid Era,’ Kyari stressed that the NNPC was focusing more on gas, condensate and other revenue streams to tackle the revenue challenge arising from the OPEC+ production cut arrangement.
He explained that gas proved to be a steady and reliable revenue stream during the height of the COVID-19 pandemic in 2020, adding that gas production and utilisation would remain a key priority for the NNPC in 2021.
Also speaking, the Minister of Energy and Agriculture, United Arab Emirates (UAE), His Excellency Engineer Suhail Mohamed Al Mazrouei, appealed to all oil producing nations not to flood the market with crude oil.
He said the UAE was at the moment more concerned about balancing the market forces of demand and supply in the global market than growing market share.