Thursday, July 7, 2022

No Need For Aggressive Oil Production – OPEC To Nigeria And Iraq

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There is no need for the Organisation of Petroleum Exporting Countries (OPEC) to be more aggressive in its production of crude oil, energy ministers of Nigeria and Iraq have said. OPEC

Bloomberg reported on Tuesday that several biggest producers of OPEC and its allies want to continue to add 400,000 barrels of crude oil daily to the market on a monthly basis.
READ ALSO: Not Again! Oil Price Fall Looms As OPEC Plan To End Financial Cuts

But Nigeria’s Minister of State for Petroleum Resources, Timipre Sylva, stated that OPEC and its allies would not need to take any unplanned barrels to the market, as he explained that the current plan was still good enough for the market.

Timipre Sylva Blames Hike Fuel Price On COVID-19 VaccineOPEC and its ally member nations are meeting on March 2, 2022, to decide on the amount of crude oil that members are producing in April.
READ ALSO: “Nigeria Would Get More Crude-Cut Exemption From OPEC” – Ibe Kachikwu

According to Bloomberg, Sylva, who spoke at an event in Doha, Qatar, said, “We won’t do anything extraordinary at this time because we are expecting a lot of production from outside of OPEC+.

“There’s no need at all to bring on more barrels than the current plan. We are expecting more production if a nuclear deal with Iran works out (since) there will be production from them.”

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Timipre Sylva MinisterOn his part, the energy minister for Iran, Ihsan Jabbar, said OPEC would consider growth in crude oil production from non-member nations.

“The market will have more and more oil so we think there’s no need. We will not create any growth to the commercial storage. We will secure all the demand by making the required supply,” Jabbar reportedly stated.

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Photo Credit: Getty

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