The Minister of State for Petroleum Resources Mr Timipre Sylva has begun a diplomatic trip to four African nations to act as an envoy for the Organisation of Petroleum Exporting Countries (OPEC) to discuss issues relating to oil production compliance.
The Minister left Nigeria on Thursday for Equatorial Guinea on a start of his four-nation shuttle to oil producing countries that include Equatorial Guinea, Gabon, Congo Brazeville and South Sudan.
Two weeks ago OPEC announced the appointment of Nigeria’s Sylva to act as its Special Envoy to the four countries. Mr. Sylva’s mission is to discuss issues of compliance cuts which the organization has been using to stabilize oil price that had at the peak of the global Covid-19 pandemic plummeted to as low $10 per barrel.
The 60-year old organization however rallied together and undertook painful cuts among its members and also persuaded its powerful allies such as Russia to do same. The sacrifice paid off as gradually demand improved and prices began to rice untill they reached the current level of about $60 per barrel.
According to a statement by the Minister’s Special Assistant on Media, Mr. Garba Deen Muhammad, the choice of Nigeria’s Sylva is seen by analysts as a way of rewarding the West African giant nation for beating daunting odds to achieve full compliance with OPEC cuts, despite its economic challenges.
Mr. Sylva is expected to deploy Nigeria’s credentials as a full compliant member country to encourage the four nations to stay the course and abide by the cuts and general OPEC principles.