President Buhari has pledged the cooperation of Nigeria to the effort
to reduce oil output in order to attract higher prices in the global
market.
Speaking at an audience with Ahmad Qattan, Minister of State for
African Affairs and Special Envoy of King Salman Bin Abdulaziz,
Custodian of the Two Holy Mosques and King of Saudi Arabia, at the State
House, Abuja, President Buhari said as a responsible member of the
Organisation of Petroleum Exporting Countries, OPEC, Nigeria was willing
to go along with the Saudi initiative in limiting output so that prices
would go up.
The President said output cuts had always been difficult for Nigeria
considering the country’s peculiar circumstances of large population,
huge expanse of land and state of under-development, adding, “I wish we
can produce more.”
He, however, said: “I have listened carefully to the message. I will
speak with the Minister of State Petroleum. I will call for the latest
production figures. I know that it is in our interest to listen. We will
cooperate.”
President Buhari explained that higher oil prices will make both
nations stronger and their citizens more prosperous. He commended King
Salman for his leadership in global oil matters, assuring that Nigeria
will continue to accord respect to the Kingdom in that regard.
The Special Envoy said he had brought special greetings from King
Salman and the Crown Prince, and expressed their best wishes for Nigeria
as the country goes into general elections. Qattan said the important
reason for which King Salman sent him was to make a request to President
Buhari to ensure Nigeria’s compliance with quotas assigned in January
by exiting previous exemption from output cuts.
He said his country had reduced its own output by 1.4 million barrels
per day to ensure that prices went up, stressing however, that Saudi
Arabia alone cannot bring stability to the oil market and shore up
prices. The Special Envoy called for greater adherence to production
cuts by Nigeria and hoped that he would take a positive message back
home.
