NNPC committed to OPEC+ agreement to stabilise global oil market ─Kyari

*The Nigerian National Petroleum Corporation says it is focusing more on gas, condensate, and other revenue streams to tackle the revenue challenge arising from the OPEC+ production cut arrangement

Isola Moses | ConsumerConnect

The Nigerian National Petroleum Corporation (NNPC) has reiterated its commitment to abiding by the output cut agreement of the Organisation of the Petroleum Exporting Countries (OPEC) and its allies aimed at stabilising the global oil market.

Malam Mele Kyari, Group Managing Director (GMD) of NNPC, stated this Wednesday, January 13, 2021, while speaking at the ongoing virtual Gulf Intelligence “Global” UAE Energy Forum 2021.

Dr. Kennie Obateru, Group General Manager, Group Public Affairs Division of the NNPC, in a statement in Abuja, FCT, disclosed Malam Kyari noted that despite the negative effects of the production cut on government revenue, it was the best step towards redeeming the value of hydrocarbon resources at the global market in the interest of all.

The NNPC GMD, who spoke on the topic, “Outlook for Africa/Nigeria’s Oil & Gas Sector in Post-COVID Era”, stated the Corporation is hopeful that by the end of this year, demand for crude oil will have picked up, and there would be a marginal increase in output.

According to him, the state oil firm is focusing more on gas, condensate and other revenue streams to tackle the revenue challenge arising from the OPEC+ production cut arrangement.

Gas proved to be a steady and reliable revenue stream during the height of the COVID-19 pandemic in 2020, said Kyari.

He added that gas production and utilisation would remain a key priority for the Corporation in 2021.

Earlier, H.E. Eng. Suhail Mohamed Al Mazrouei, Minister of Energy and Agriculture, United Arab Emirates (UAE), in his presentation appealed to all oil-producing countries not to flood the market with crude oil.

Al Mazrouei said the UAE was at the moment more concerned about balancing the market forces of demand and supply in the global market than growing market share.