Oil & Gas
THE 26th Meeting of the Joint Ministerial Monitoring Committee (JMMC) held on 3 February 2021, has commended the positive efforts of all countries participating in the ‘Declaration of Cooperation’ (DoC) for the monumental strides taken toward attaining full conformity with their voluntary adjustments in output.
The report of the Meeting Chaired of the Committee, HRH Prince Abdul Aziz bin Salman, Saudi Arabia’s Minister of Energy, and Co-chair, HE Alexander Novak, Deputy Prime Minister of the Russian Federation, noted that the participating countries have been proactive and pre-emptive in measures taken to mitigate the devastating impact of the COVID-19 pandemic on the oil market.
“While progress has been achieved in introducing a greater degree of stability in the oil market since the historic decisions taken in April 2020, Participating Countries will not rest on their laurels. Sustainable oil market stability necessitates a continual renewal of effort, engagement and responsiveness to factors affecting the market.
“In line with the principles of fairness, transparency and equity that underpin the DoC, the JMMC has mandated the Minister of State for Petroleum Resources of Nigeria, HE Timipre Sylva, to undertake a mission as Special Envoy to the following Participating Countries: Congo, Equatorial Guinea, Gabon and South Sudan,” the report said.
According to the report, the purpose of this mission is to hold consultations with the respective leaders of these countries on the DoC market rebalancing efforts. In particular, the Special Envoy will discuss matters pertaining to conformity levels with the voluntary production adjustments and explore how Participating Countries can collectively support and assist each other in achieving full conformity with their supply adjustments.
The report added that the Nigerian minister will also discuss with relevant authorities the compensation mechanism in accommodating underperformed volumes as agreed at the June ministerial meetings, and later amended in September 2020.
“Furthermore, this mission will solidify the dialogue channels between Participating Countries, and enhance transparency and information exchange. Given the geographic proximity of these countries, it is a rare opportunity for Ministers and leaders to safely meet in person, following months of virtual conferencing.
“Nigeria is the largest producing country in Africa and a key member of the DoC. In 2021, Nigeria will mark the 50th Anniversary of its Membership of OPEC,” the report added.
– Feb 04, 2021 @ 14:58 GMT
Tags: Sylva named OPEC's special envoy for consultations with DoC Participating Countries
