WED 03 FEB, 2021-theGBJournal- OPEC’s Joint Ministerial Monitoring Committee (JMMC) has appointed the Minister of State for Petroleum Resources of Nigeria, HE Timipre Sylva, to undertake a mission as Special Envoy to Congo, Equatorial Guinea, Gabon and South Sudan.
OPEC said today in a statement that the purpose of the mission is to hold consultations with the respective leaders of these countries on the ‘Declaration of Cooperation’ (DoC) market rebalancing efforts.
‘’In particular, the Special Envoy will discuss matters pertaining to conformity levels with the voluntary production adjustments and explore how Participating Countries can collectively support and assist each other in achieving full conformity with their supply adjustments.
Minister Sylva will also discuss with relevant authorities the compensation mechanism in accommodating underperformed volumes as agreed at the June ministerial meetings, and later amended in September 2020.’’
According to OPEC, ‘’this mission will solidify the dialogue channels between Participating Countries, and enhance transparency and information exchange. Given the geographic proximity of these countries, it is a rare opportunity for Ministers and leaders to safely meet in person, following months of virtual conferencing.’’
Nigeria is the largest producing country in Africa and a key member of the DoC. In 2021, Nigeria will mark the 50th Anniversary of its Membership of OPEC.
At the 26th Meeting of the Joint Ministerial Monitoring Committee (JMMC) held on 3 February 2021, the Chair of the Committee, HRH Prince Abdul Aziz bin Salman, Saudi Arabia’s Minister of Energy, and Co-chair, HE Alexander Novak, Deputy Prime Minister of the Russian Federation, commended the positive efforts of all countries participating in the DoC for the monumental strides taken toward attaining full conformity with their voluntary adjustments in output.
OPEC said, the Participating Countries have been proactive and pre-emptive in measures taken to mitigate the devastating impact of the COVID-19 pandemic on the oil market.
‘’While progress has been achieved in introducing a greater degree of stability in the oil market since the historic decisions taken in April 2020, Participating Countries will not rest on their laurels. Sustainable oil market stability necessitates a continual renewal of effort, engagement and responsiveness to factors affecting the market.’’