Nigerian and Gabonese oil ministers recently met to discuss the quota system implemented by the Organization of Petroleum Exporting Countries (OPEC), which seeks to stabilize global oil markets.
During the meeting, Nigerian Minister of State for Petroleum Resources, Hon. Timipre Sylva, spoke to Gabonese Minister of Petroleum, Gas, Hydrocarbons and Mines, H.E. Vincent de Paul Massassa, about the need to adhere to the quota system and safeguard barrel prices.
Sylva added that there were “flaws with the communication of data provided by independent firms.”
The Nigerian minister also reiterated the necessity of continued joint efforts and cooperation among OPEC member states.
The two ministers met for a strategic session during Hon. Timipre’s recent tour to various African member states of OPEC, under the auspices of the Joint Ministerial Committee, to monitor compliance with the Declaration of Cooperation (DoC). The agreement was signed on April 12, 2020 during the 10th (Extraordinary) OPEC and non-OPEC ministerial meeting and aimed to stabilize the market, ensuring constant supply to consumers, and guarding the mutual interests of producing nations.
As a result of the OPEC-led production cuts, Gabon’s production declined from 227,000 barrels per day (bpd) in May 2020 to 205,000 bpd in January 2021. Meanwhile, Nigeria complied to the deal, cutting oil output by 22% to 1.4 million bpd.