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Market Digest Nigeria

Economy

OPEC commends Nigeria over ‘conformity’ with oil production

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The Organisation of Petroleum Exporting Countries (OPEC) on Thursday commended Nigeria for achieving full conformity with the oil production cut in January.

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The Organisation of Petroleum Exporting Countries (OPEC) gave the commendation in a communiqué issued at the end of its 14th virtual meeting with non-OPEC Ministers.

It read: “The meeting extends special thanks to Nigeria for achieving full conformity in January 2021, and compensating its entire overproduced volumes.

“The ministers thank the Minister of State for Petroleum Resources, Chief Timipre Sylva, for his shuttle diplomacy as Special Envoy of the Joint Ministerial Monitoring Committee (JMMC) to Congo, Equatorial Guinea, Gabon, and South Sudan to discuss matters pertaining to conformity levels with the voluntary production adjustments and compensation of over-produced volumes.”

They also agreed to the request by several countries, which are yet to complete their compensation, for an extension of the compensation period till the end of July.

OPEC urged all participants to achieve full conformity and make up for previous compensation shortfalls in order to reach the objective of market rebalancing and avoid undue delay in the process.

It recognised the recent improvement in the market sentiment by the acceptance and the rollout of COVID-19 vaccine programs and additional stimulus packages in key economies.

The next meetings of the JMMC and OPEC and non-OPEC Ministers will take place on March 31 and April 1 respectively.

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