OPEC re-elects Nigeria’s Barkindo as Sec-Gen.

Ads

OPEC re-elects Nigerias Barkindo as Sec-Gen.

The Organisation of Petroleum Exporting Countries (OPEC ) on Monday night announced the re-election of Nigeria’s Mohammed Barkindo as the Secretary-General for a three-year tenure.

Mr Barkindo, who is an accomplished oil technocrat with a wealth of experience in the oil and gas sector, was first elected as Secretary General of the bloc in 2016.

Like Our Facebook page

Addressing reporters at the end of the 176th meeting Of OPEC member nations, Salvador Fernandez, President of the conference, also announced a nine-month extension of the global oil production cut under the “Declaration of Cooperation “ among member states.

The “Declaration of Cooperation”, an outcome of the Joint OPEC-Non-OPEC Producing Countries’ Ministerial Meeting held on Dec. 10, 2016, was effective for an initial period of six months.

The declaration constitutes an unprecedented milestone in the history of the OPEC because, for the first time ever, the member countries of the organisation coordinated with 11 non-members in a concerted effort to accelerate the stabilisation of the global oil market through voluntary production adjustments, which amounted to approximately 1.8 million barrels per day.

READ ALSO  Wife of Maersk’s boss called me a “black pig” for demanding my salary - Goke suspected killer

The Second Joint OPEC-Non-OPEC Producing Countries’ Ministerial Meeting, which was held on May 25, 2017, decided to extend the voluntary production adjustments for another nine months beginning July 1, 2017.

According to the bloc, the sustainable oil market stability sought by the declaration is in the interests of producers, consumers, investors, and the global economy at large.

READ ALSO  Sharia police arrest 80 persons in Kano for eating in public during Ramadan

Similarly, at the third joint OPEC-Non-OPEC Producing Countries’ Ministerial Meeting on November 30, 2017, it was agreed to amend the Declaration of Cooperation so that it will take effect for the entirety of 2018.

The core principles of transparency, equity and fairness which have underpinned the Declaration of Cooperation infused all aspects of OPEC’s interactions with its non-OPEC oil producing partners, including cooperation at a research and technical level.

The News Agency of Nigeria (NAN) reports that the two-day conference will continue on Tuesday with the 6th OPEC and non-OPEC Ministerial meeting.

READ ALSO  Compare and Contrast: Nnamdi Kanu and Tony Nnadi as political Business

Want To Support Us By Donating Click Here

UPDATES: DON'T FORGET TO DOWNLOAD OUR APP BELOW

vote
Article Rating

ads

Stories You May find Interesting

Subscribe
Notify of
guest
0 Comments
Inline Feedbacks
View all comments