The Organisation of Petroleum Exporting Countries (OPEC) said the Nigerian Crude oil export earnings rebounded by 116 percent in November from 77 percent in April 2020.
The OPEC Secretary General Mohammad Barkindo revealed this in the Virtual 19th Nigeria Oil and Gas Conference on Tuesday.
The Theme of the Conference is’fortifying the Nigerian Gas and Oil for Financial Stability and expansion.”
He said the Nigerian government ought to be commended for its proactive steps which had facilitated the rebounding of the Nigerian crude oil export earnings.
“The Nigerian Crude oil export earnings dropped by 77 per cent within three months between January and April 2020, but since thenthey have slowly enhanced and rebounded by 116 per cent in November compared to April 2020 amount.
“The government Ought to Be applauded for Fast and proactive actions,” he explained
He expressed deep gratitude to president Muhammadu Buhari for being an advocate of OPEC in his philosophical dedication to promote stability.
“We all in OPEC family know that the massive debt of gratitude we owe President Buhari for the pivotal role he played at the Declaration of Cooperation (DOC) procedure between OPEC and non- OPEC producing nations.
“Particularly, his intervention in the highest level to secure decisions of this 10th extraordinary OPEC and non-OPEC meeting in April 2020,” he said.
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According to him, the conclusions were taken in reaction to the unprecedented need slump resulting from Coronavirus pandemic.
Mr Barkindo noted that the inspirational leadership, visionary courage and diplomatic ruling of president Buhari was conducive in bringing together OPEC and non-OPEC member nations and attaining consensus.
He said Nigeria would always be considered among the most admired and honored members of their OPEC family, especially in the realm of consensus building.
Commenting on the international economy, he said the prediction indicated that it would shrink by 4.3 percent in 2020; all of OECD economies are predicted to see a contraction, and all countries in Africa are anticipated to see a fall in GDP too.
” China is the only major economy expected to witness growth in 2020.
“Millions of jobs were also lost as lockdowns took hold, together with the OECD seeing unemployment over twice 10 percent in 2020 and the commodity marketplace — including oil — virtually collapsed instantly, with demand falling up to 30 percent in the lowest moments in April.
“The headwinds we’ve faced in the petroleum business, and as humankind, have at times appeared almost insurmountable,” he added.
He explained beginning from January 2021, participating countries will adapt production by 500,000 tb/d from 7.7 mb/d into 7.2 mb/d.
He noted that additionally, the meeting decided to hold monthly OPEC and non-OPEC Ministerial Meetings beginning in January 2021 to assess market conditions and ascertain further production adjustments on a month-by-month basis.
“The damages period for over-production by DoC participating countries was extended until the end of March 2021 to ensure full compensation.
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“The petroleum market reacted immediately in a favorable fashion, with statements made that the activities strengthen the conviction that the DoC is focused on maintaining its stable and steady path through 2021,” he further added.
(NAN)
