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OPEC to Nigeria: Raise oil output to remain a reliable energy source

OPEC to Nigeria: Raise oil output to remain a reliable energy source
February 28
18:48 2024

Organisation of the Petroleum Exporting Countries (OPEC) has advised Nigeria to raise its crude production to remain a reliable energy source.

In a statement on Wednesday, by Olufemi Soneye, spokesperson for the Nigerian National Petroleum Company (NNPC) Limited, Haitham Al Ghais, secretary-general of OPEC, said this during a courtesy visit to Mele Kyari, group chief executive officer (GCEO) of NNPC.

He said OPEC is completely aligned with NNPC’s mission due to its inclusive view of energy as opposed to the view being promoted in some quarters that certain forms of energy are bad.

According to the secretary-general, despite the pushback on oil and gas, the world would require about $14 trillion in investments between now and 2035 to be able to meet global demand. 

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Al Ghais told NNPC to do everything to tap into the investment opportunity by raising its production.

“We will continue to ensure that the market is stable. The global market has to be stable in order for Nigeria to be able to attract investors,” he said. 

“If there’s volatility, if there’s no stability in the market, it will only create havoc for everybody, whether it’s a producer or consumer country. So, we will continue to do that in OPEC. We count on Nigeria’s support.”

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Also, NNPC and OPEC pledged to work together to achieve the nation’s aspirations to attract investments and grow production.

In his remarks, Kyari said NNPC is working extremely hard to recover lost output and provide the optimal fiscal environment to attract investments.

Kyari appreciated OPEC for its support to Nigeria, adding that NNPC will continue to support the organisation in whatever way it can.

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