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In the face of a dilapidating situation, Nigeria, along with other countries who will be present at the OPEC+ meeting is hoping to keep its economy up and oil prices reasonably stable.
Oil prices which have now crashed up $30 per barrel will likely persist without a quick solution. The OPEC+ meeting which was rescheduled 9 April will take a look at the driving it upwards. Hopefully, the meeting will be more successful than the failed one in March.
The output cut proposed by OPEC which now feeds the ongoing Saudi Arabia/Russia price war led Saudi Arabia to announce a lower oil price and increased production.
Nigeria has shown a preparedness to help stabilize the oil price and end the price war, imparted by how the oil prices affect the nation.
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Honourable Minister of State for Petroleum Resources, Timipre Sylva noted in a statement, “Nigeria has always collaborated with key OPEC members such as Saudi Arabia in maintaining a balanced position that has helped to make OPEC one of the most successful global institutions in recent history”.
Aim of the OPEC+ Virtual Meeting – 9 April
The pandemic has cut close to half the demand for crude oil and the price war has left crude oil prices sinking. There is also excess in supply and now low storage due to the impact of new coronavirus. The aim of the OPEC+ meeting is simple – to discuss demand, output and storage ability. A deal that will strengthen crude oil prices worldwide is also dependent on the meeting.
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