Business OPEC Will Strive to Stabilize Flailing Oil Prices - Alison-Madueke

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LequteMan

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President of the Organisation of Petroleum Exporting Countries, OPEC, Minister of Petroleum Resources, Diezani Alison- Madueke yesterday said that the group under her watch, will try to stabilise oil prices in the global market.

Speaking to State House Correspondents yesterday, Allison-Madueke said: “This is a very challenging time as you know for OPEC and for the global crude oil wells as a whole. Quite clearly, there has been a ‎battle of wills between certain OPEC countries, the big players and certain non-OPEC countries who are big players in the world crude oil production markets at this time.

“Many countries both OPEC and non-OPEC countries are suffering immensely. Even as we speak, Venezuela has gone into austerity measures and is measuring food because they were completely dependent on oil.

“Angola, Algeria, Iran are all under duress as is Nigeria because it has affected our budgetary benchmark. And even non-OPEC countries like Russia who will not cut production are already seeing a drop in the value of their rubule

“So, it is quite impactful on OPEC prices and what OPEC does in the global oil market. And so we will be ‎watching very closely as president of OPEC at this time at what point we have to call OPEC Extra Ordinary meeting and reconvene to see whether other strategies can be put into play.”

She added that she would use her position to ensure Nigeria becomes more competitive in the oil market in order to be able to weather the storm of the current crisis.

#OPEC #Nigeria #AlisonMadueke

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