Oil & Gas
THE 38th meeting of the Joint Ministerial Monitoring Committee (JMMC) of the Organisation of the Petroleum Exporting Countries (OPEC) has reaffirmed commitment on critical strategies to ensure stability in the global oil market.
The virtual meeting which held on Thursday brought together Ministers and Heads of Delegations, to deliberate on critical strategies aimed at ensuring sustained stability in the oil market.
The discussions underscored the unwavering commitment of OPEC and non-OPEC member countries to the principles of the Declaration of Cooperation (DoC).
It also reaffirmed framework of the DoC signed on Dec. 10, 2016, and further endorsed in subsequent meetings, as well as the Charter of Cooperation signed in 2019.
According to the meeting, this framework remains a cornerstone of OPEC’s strategic approach to balancing global supply and demand dynamics.
The meeting reaffirmed the crude oil production adjustments agreed during the 35th OPEC Ministerial Meeting, which will remain in effect until Dec. 31, 2026.
It emphasised 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.
This positioned the country to leverage its resources effectively while aligning with global market trends.
Speaking on the outcomes of the meeting, Sen. Heineken Lokpobiri, Head of the Nigerian Delegation, reiterated Nigeria’s commitment to the DoC.
Lokpobiri underscorrd 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,” Lokpobiri said.
He expressed the Federal Government resolve to remain dedicated to fostering partnerships within OPEC and beyond, contributing to global energy security while ensuring the sustainable development of its resources. (NAN)
A.I
Dec. 6, 2024
Tags: OPEC Sen. Heineken Lokpobiri
