Petroleum Africa
Find us on: 
Thursday, July 23, 2020
HE Timipre Sylva, Nigerian Minister of State for Petroleum Resources had a phone discussion with HRH Prince Abdulaziz Bin Salman Al Saud, the Saudi Minister for Energy during which 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.
At the end of the call the two ministers issued the following joint statement:
Saudi Arabia and Nigeria reiterate their firm commitment to the OPEC+ agreement and to the level of production cuts to reduce output.
HRH 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.
HE Minister Sylva confirmed the commitment of Nigeria to the OPEC+ agreement. He clarified that his country has not yet met 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.
HE Minister Sylva also confirmed Nigeria will raise its level of conformity to 100 percent, and will compensate, during the months of July, August and September, for the over-production in May and June.
At the end of the call, the two Ministers stressed that efforts by OPEC+ countries towards meeting production cuts as stated in the agreement will enhance oil market stability and help accelerate the rebalancing of global oil markets.
" alt="Sintana to Expand Asset Base in Namibia with Acquisition">
" alt="Luanda Gives Afentra Nod for Azule Acquisition">
" alt="TotalEnergies Increases Stake in ROC’s Giant Moho Field and Sells Mature Assets">
" alt="Africa’s $824 Billion Debt Burden and Opaque Resource-Backed Loans Hinder its Potential">
" alt="African Refiners Ponder Threats to Energy Security for Africa as Transition Takes Center Stage">
" alt="Invictus Inks Gas Sales MOU to Deliver Power to Eureka Gold Mine">
" alt="Globeleq Acquires the 25 MWp Winnergy Solar PV Plant in Egypt">
" alt="Sintana Completes Well Testing at Mopane 1-X in Namibia">
