OPEC+ Meeting: Nigeria will take positions favourable to its economic forecast, says Sylva

The Minister of State for Petroleum Resources, Chief Timipre Sylva says Nigeria will take positions that will favour its economic forecast at the up coming OPEC+meeting .

Sylva gave the assurance in a statement he signed in Abuja, on Monday.

“As Minister of State for Petroleum, I will continue to monitor the impact of COVID-19 on our and the global, economy.

“In our consultations with global industry stakeholders in the lead up to the OPEC+ meeting scheduled for April 9, the Nigerian Government will take a position that is in the best interest of our short term and long term economic forecast,” he said.

He assured Nigerians and International Communities that the county was watching developments in the oil and gas industry with keen interest.

“Specifically, Nigeria is very mindful and appreciative of the role of Saudi Arabia and other members of the OPEC family,” he added.

Sylva noted that Nigeria had always collaborated with key OPEC members such as Saudi Arabia in maintaining a balanced position that had helped to make OPEC one of the most successful global institutions in recent history.

According to him, Nigeria intends to maintain this team spirit even as it takes into account the position of OPEC strategic allies such as Russia.

“As always, the driving force of our OPEC policy is first the stability of our national economy as well as the stability of the global economy which is heavily dependent on OPEC and it’s strategic partners, popularly referred to as OPEC+.

“Nigeria, like the rest of the world has been hit by the Global Pandemic COVID-19 and is prepared to join the rest of the world in making the necessary sacrifices needed to stabilize the crude oil market; and to prevent what is likely to be a major global economic meltdown,” he said.

It was reported the virtual meeting, which was called by Saudi Arabia, comes after President Donald Trump suggested that massive production cuts could be on the way and Saudi Arabia called for an “urgent” effort to restore “balance” to the oil market.

Saudi Arabia on Thursday called for an emergency meeting of the OPEC and non-OPEC producers including Russia, saying it aimed to reach a fair agreement to stabilise oil markets that have crashed on the demand impact from the coronavirus pandemic.

Prices have also been crushed after Saudi Arabia and Russia failed to agree on output curbs in March.