Mohammad Sanusi Barkindo, Secretary-General of OPEC

OPEC to NNPC: Let Nigeria continue leading global oil industry by example

*Nigerian-born Mohammad Sanusi Barkindo, Secretary-General of the Organisation of Petroleum Exporting Countries, while receiving the NNPC delegation in Austria, commended Nigeria’s establishment of the Petroleum Industry Act (PIA) 2021, and noted the legal framework would help the country to further develop the petroleum industry

Isola Moses | ConsumerConnect

The Organisation of Petroleum Exporting Countries (OPEC) has received a delegation from the Nigerian National Petroleum Company (NNPC) Limited in audience in Vienna, Austria, Headquarters of the global oil producers’ group.

ConsumerConnect reports Nigerian-born Mohammad Sanusi Barkindo, Secretary-General of OPEC, while receiving the NNPC delegation in Vienna Thursday, February 3, 2022,  highlighted Nigeria’s key role in the global oil industry.

OPEC, in a statement, noted Barkindo stressed that in view of the West African country’s stature in the global oil and gas industry, Nigeria should continue to lead by example.

The organisation further quoted the Secretary-General, who lauded the Nigeria’s Petroleum Industry Act (PIA), noted that the legal framework adopted in 2021 would  help the country to further develop its national petroleum industry.

The meeting addressed a number of significant issues relevant to energy, including sustainable development, climate change, and the importance of investment in securing future supplies to meet energy demand.

As regards developments in the international oil market, Barkindo also lauded the efforts by the Declaration of Cooperation (DoC) countries in the interest of oil market stability.

According to him, the DoC has helped the industry to weather some of the most tempestuous periods in recent times.

The DoC, he noted, was established in 2016 to accelerate the return of oil market stability, following an oil market downturn.

The framework continued to prove effective when the COVID-19 pandemic began in 2020, stated Barkindo.

The OPEC Chief further said: “These countries did not need to reinvent the wheel.

“They stepped up to the challenge and adopted the largest-in-volume and longest-in-duration production adjustments.”

The OPEC Secretary-General noted the recent positive rebounds in the global economy and world oil demand, helping to stabilise the industry.

Referencing OPEC’s World Oil Outlook (WOO) 2021, the secretary general noted that oil and gas will be accountable for more than 50 percent of the future energy mix, highlighting that oil undoubtedly will be needed to address energy demand in the future.

Dr. Billy Okoye, Group Executive Director of Ventures and Business Development at NNPC, headed the visiting delegation to Austria, on behalf of Malam Mele Kyari, Group Managing Director and Chief Executive Officer (GMD/CEO) of NNPC and Nigeria’s National Representative to OPEC.

In response, Dr. Okoye, while extending congratulating Barkindo on his achievements, especially on being OPEC’s Secretary-General for two successful terms, commended him for the manner he has handled the affairs of the international body.

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