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Nigeria has stressed the importance of continuing to adhere to oil production adjustments aimed at stabilizing the worldwide oil market.
Senator Heineken Lokpobiri, the Minister for State Petroleum Resources (Oil), reaffirmed this commitment during the 37th OPEC and OPEC plus meeting held virtually.
He emphasized Nigeria's dedication to the Declaration of Cooperation (DoC), stating that the country's compliance with production adjustments is vital for maintaining market balance and supporting global efforts towards sustainable oil market stability.
A statement released by the minister's SA, Media and Communications, Nneamaka Okafor, in Abuja on Sunday revealed that various crucial matters were discussed and agreed upon during the meeting, including production quotas and strategies to ensure long-term market equilibrium.
The statement highlighted Nigeria's active role in the discussions, emphasizing the country's commitment to fair and equitable outcomes for all member countries.
The minister expressed confidence in the positive impact of the decisions made during the meeting on the global oil market, stating that they will significantly contribute to stabilizing the market and ensuring a balanced and fair approach for all involved.
Nigeria's continuous adherence to the DoC and active participation in OPEC and OPEC plus meetings demonstrate the country's proactive stance in global oil market discussions and its dedication to fostering international cooperation and stability.
The next meeting is scheduled to take place on 1st December, 2024.
