*Says Nigeria making progress on cuts conformity
Lagos — The Organization for the Petroleum Exporting Countries, OPEC has appointed Nigeria’s Minister of States for Petroleum Resources, Timipre Sylva to serve as a special envoy.
Sylva was appointed at the recently held 14th meeting of OPEC and non-OPEC ministers while recognizing the progress participating countries in the cuts have achieved since April 2020.
The JMMC called upon Sylva to serve as special envoy to fellow OPEC member countries; the Republic of Congo, Equatorial Guinea, and Gabon and to non-OPEC Declaration of Corporation, DoC participant country, South Sudan.
Sylva’s role, according to the JMMC, will be to support the overall market rebalancing efforts and to explore how the participating countries can assist each other in achieving full conformity to their voluntary supply adjustments.
Sylva is also to work with the four DoC participating countries on how to compensate for underperformed volumes in line with the 11th and 12 OPEC and non-OPEC Ministerial Meeting, ONOMMs of last June and September.
The meeting acknowledged Nigeria’s progress on achieving full conformity and compensation for previous overproduction in the ongoing oil market stability cuts.
Nigeria and several other countries had earlier defaulted in its cut quotas, however, OPEC said the West African country has started complying, stressing the continued importance of accelerating market rebalancing.
As he had done in his opening remarks, Prince Abdul Aziz paid tribute to Nigeria for ‘graduating’, as the country had achieved full conformity with its voluntary adjustments in production in January 2021, and compensated for its entire overproduced volumes.