Nigeria and Saudi Arabia have reiterated their commitment to the OPEC+ agreement and to the level of production cuts to reduce output.
Nigerian Minister of State for Petroleum Resources, Timipreye Sylva and the Saudi Minister of Energy, Prince Abdulaziz Bin Salman Al Saud, issued a joint statement after a telephone discussion.
Sylva also confirmed that Nigeria will raise its level of conformity to 100 per cent, and will compensate, during the months of July, August and September, for the over-production in May and June.
The discussion between 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.
Abdulaziz bin Salman who is the Chairman of the Joint Ministerial Monitoring Committee of OPEC+, emphasised the importance for all OPEC+ participants to meet their production cut as stated in the agreement, in order to accelerate the rebalancing of the global oil market.
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Nigeria is one of the country that is yet to meet the terms of OPEC+ agreement, and is currently below the level of agreed cuts, as reported by the secondary sources that monitor the market, a situation the Minister assured will change this month.
(Editor: Terverr Tyav)
