The Federal Government of Nigeria has commended the Saudi Arabia government over the country’s voluntary reduction in its daily crude production by over one million barrel. The commendation was contained in a statement issued by the Honorable Minister of State for Petroleum Resources, H.E. Timipre Sylva.
The Saudi Arabian Government had in the recent past, acted in compliance with the resolutions of a meeting by OPEC+ Member States on 12th April, 2020 by cutting its daily production supply by well over a million barrel. It was agreed at the meeting to cut up to about 10mb/d as a measure of preventing a further drop in the global price of crude which at the time was sliding towards an all-time low of ten dollars per barrel.
According to Chief Timipre Sylva, it by such difficult sacrifices made by the Saudi Government and a few other OPEC members that the global economy can recover faster than envisaged, he added that the gradual revamp of crude oil prices is not unconnected with the timely sacrifices by the Saudi Arabian government and other OPEC and non-OPEC Members.
The Minister restated Nigeria’s commitment to the 12th April, 2020 OPEC+ resolutions regardless of mounting challenges.
Mrs. Enefaa Bob-Manuel
Ministry of Petroleum Resources.