Would you like to receive notifications on latest updates of the following headlines?

OPEC reaffirm commitment to oil market stability

POSTED ON December 6, 2024 •   Business      BY Abiodun Saheed Omodara
OPEC

NIGERIA- The 38th session of the Joint Ministerial Monitoring Committee (JMMC) of the Organization of the Petroleum Exporting Countries (OPEC) has reiterated their dedication to maintaining stability in the global oil market.

The meeting which was held virtually in Thursday, brought together Ministers and Heads of Delegations to deliberate on critical strategies aimed at moving the global market forward.

A statement signed by Special Adviser, Media and Communications to the Minister of Petroleum Resources (Oil) Nneamaka Okafor, notes that the discussions underscored the unwavering commitment of OPEC and non-OPEC member countries to the principles of the Declaration of Cooperation (DoC), first established in 2016 and reinforced through subsequent extensions, including adopting the Charter of Cooperation in 2019. This framework remains a cornerstone of OPEC’s strategic approach to balancing global supply and demand dynamics.

Among the key outcomes of the meeting was reaffirming the crude oil production adjustments agreed during the 35th OPEC Ministerial Meeting, which will remain in effect until December 31, 2026. Ministers emphasized the critical importance of full conformity with production levels and the implementation of a robust compensation mechanism to enhance transparency and preserve market equilibrium.

For Nigeria, these resolutions provide a strategic pathway to achieving the nation’s 2025 production target of 2.06 million barrels per day (inclusive of condensates), as outlined in the draft 2025 Appropriation Bill, positioning the country to leverage its resources effectively while aligning with global market trends.

Speaking on the outcomes of the meeting, Minister of Petroleum Resources (Oil), Sen. Heineken Lokpobiri who doubles as Head of the Nigerian Delegation, reiterated Nigeria’s commitment to the DoC and emphasized the critical role of collaborative efforts in ensuring a balanced and sustainable oil market.

“This meeting reflects the unity and resolve of OPEC and its partners to maintain stability and ensure a balanced market. Nigeria remains steadfast in supporting these efforts while pursuing our national objectives within the global energy landscape.”

The Federal Government of Nigeria remains dedicated to fostering partnerships within OPEC and beyond, contributing to global energy security while ensuring the sustainable development of its resources.

 

READ ALSO
FG urges IMF, World Bank to bolster economic reforms in sub-saharan Africa
BY Abiodun Saheed Omodara April 24, 2025 0

Finance Minister Wale Edun has emphasized the need for increased global assistance to reform economi...

READ ALSO
Nigeria's Economic Reforms Boost Sovereign Credit Profile - IMF
BY Abiodun Saheed Omodara April 23, 2025 0

The Assistant Director for Global Markets at the International Monetary Fund (IMF), Jason Wu,  ...

READ ALSO
Trade Wars Take Center Stage at IM ,World Bank Spring Meetings
BY Abiodun Saheed Omodara April 22, 2025 0

Global finance leaders are convening in Washington this week for the semi-annual meetings of the Int...

READ ALSO
Kano secures $10bn investment for renewable energy, minerals in partnership with Morocco
BY Abiodun Saheed Omodara April 21, 2025 0

KANO, Nigeria (NAN) - The government of Kano state has announced that it will secure more than $10 b...

READ ALSO
RMAFC, ALGON collaborate to strengthen LG financial autonomy
BY Abiodun Saheed Omodara April 18, 2025 0

The Chairman of the Revenue Mobilisation Allocation and Fiscal Commission (RMAFC), Dr. Mohammed Bell...

READ ALSO
LCCI, NIXIN call for government support to revitalize Nigeria's paper manufacturing industry
BY Abiodun Saheed Omodara April 18, 2025 0

The Lagos Chamber of Commerce and Industry (LCCI), in collaboration with NIXIN Paper Mill Nigeria Li...

READ ALSO
Cross River to rejuvenate rubber estates after out-of-court settlement with Enghaut industries
BY Abiodun Saheed Omodara April 18, 2025 0

CROSS RIVERS, Nigeria - The Cross River State Government, along with Enghaut Industries, has reached...

READ ALSO
Nigeria, China forge strategic partnership to boost sugar production
BY Abiodun Saheed Omodara April 17, 2025 0

ABUJA, Nigeria - The National Sugar Development Council (NSDC) has entered into a memorandum of unde...

OUR CHANNELS:

2face get appointment as technical adviser to Benue Govt.
BY Abiodun Saheed Omodara April 24, 2025 0

The Governor of Benue State, Hyacinth Alia    has appointed music legend, Innocent Idibia...


Nigeria's Economic Reforms Boost Sovereign Credit Profile - IMF
BY Abiodun Saheed Omodara April 23, 2025 0

The Assistant Director for Global Markets at the International Monetary Fund (IMF), Jason Wu,  ...


Six dead in Okene Accident: Akpoti-Uduaghan Urges Immediate Road Safety Reforms
BY Abiodun Saheed Omodara April 23, 2025 0

KOGI, Nigeria - Following a tragic auto accident in Okene, Kogi State, which resulted in the loss of...


Plateau NBA expresses outrage over violence, urges FG to protect citizens
BY Abiodun Saheed Omodara April 23, 2025 0

PLATEAU, Nigeria - Due to the assaults and homicides occurring in Plateau State by alleged Fulani mi...


LASG reports over 517,000 traffic violations amid enhanced road safety measures
BY Abiodun Saheed Omodara April 24, 2025 0

LAGOS, Nigeria - The Lagos State Government on Tuesday revealed that from May 2024 to March 2025, mo...


Police Inspector Dies by Suicide in Port Harcourt
BY Abiodun Saheed Omodara April 24, 2025 0

RIVERS, Nigeria - A Police Inspector identified as Maxwell Zabu, who was attached to a former Chairm...


Tinubu lauds ECOWAS for regional integration, economic progress at golden jubilee
BY Abiodun Saheed Omodara April 23, 2025 0

President Bola Tinubu has praised the Economic Community of West African States (ECOWAS) for promoti...


LASG celebrates two million passengers on blue rail, highlights transportation achievements
BY Abiodun Saheed Omodara April 23, 2025 0

LAGOS, Nigeria (NAN) - The Lagos State Government has announced that over two million passengers hav...


FG aims to upgrade 2,701 PHC to enhance healthcare access across Nigeria
BY Abiodun Saheed Omodara April 24, 2025 0

The Federal Government, via the National Primary Health Care Development Agency (NPHCDA), has reveal...


Education minister urges colleges to embrace dual degree system
BY Abiodun Saheed Omodara April 24, 2025 0

ABUJA, Nigeria (NAN) - The Minister of Education, Dr. Tunji Alausa, has called on stakeholders in Co...


More Articles

Load more...

Menu