Key Decisions from OPEC’s 38th Meeting

The Organisation of the Petroleum Exporting Countries (OPEC) convened its 38th Joint Ministerial Monitoring Committee (JMMC) meeting on Thursday to deliberate on measures to stabilise the global oil market. The meeting, attended by ministers and delegates from member countries, focused on ensuring balance and transparency in global oil supply and demand.

Commitment to Cooperation Frameworks

According to a statement by Nneamaka Okafor, the Special Adviser on Media and Communications to Nigeria’s Minister of State for Petroleum Resources (Oil), Senator Heineken Lokpobiri, discussions reaffirmed OPEC’s commitment to the Declaration of Cooperation (DoC) established in 2016. This framework, strengthened by the Charter of Cooperation adopted in 2019, underpins OPEC’s strategy to manage market dynamics effectively.

Production Adjustments and Transparency Measures

The committee highlighted the continued enforcement of production adjustments agreed during the 35th OPEC Ministerial Meeting. These adjustments, effective until December 31, 2026, aim to maintain market equilibrium. Additionally, ministers underscored the importance of full compliance with production quotas and a robust compensation mechanism to enhance transparency.

Nigeria’s Strategic Pathway

Senator Lokpobiri, who led Nigeria’s delegation, expressed optimism about the resolutions, stating they align with Nigeria’s production target of 2.06 million barrels per day by 2025. This target, included in Nigeria’s draft 2025 Appropriation Bill, positions the country to maximise its resources while adapting to global energy trends.

Nigeria’s Role in Global Energy Stability

Senator Lokpobiri reiterated Nigeria’s dedication to the principles of the DoC and collaborative efforts within OPEC to ensure a stable and sustainable oil market. “This meeting reflects OPEC’s unity and commitment to a balanced market. Nigeria remains steadfast in supporting these efforts while pursuing our national objectives,” he stated.

Global Energy Security and Sustainability

The Federal Government affirmed its commitment to fostering partnerships within OPEC and globally. These efforts aim to contribute to global energy security while advancing sustainable resource development. The resolutions from the meeting highlight the collective resolve of OPEC and non-OPEC members to address challenges in the energy sector.

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