In the wake of the failure of Oil Producers to reach an agreement on Output Freeze, Nigeria’s Minister of State for Petroleum Resources and Group Managing Director of the Nigerian National Petroleum Corporation, Dr. Ibe Kachikwu has assured all that the Organisation of the Petroleum Exporting Countries, OPEC, will continue to work to achieve consensus for output freeze among oil producers.
He stated this while addressing newsmen after the protracted meeting of OPEC and non-OPEC oil producers held under the aegis of Oil-Producing Countries Ministerial Meeting in Doha, Qatar.
Dr. Kachikwu said that OPEC Member countries must work to achieve a practicable consensus on the issue by bringing everybody on the negotiating table.
“We are just going to work at it. It is a supply and demand issue and we need to consult and bring everybody into the circle and thank God that a committee is now in place to try and work towards getting everybody on board,’’ the petroleum minister explained.
The Minister believed that once every member country of OPEC is brought on board, it would become easier to convince other major oil producers to sign-up to the freeze policy which is designed to remedy lingering decline in the price of crude oil in the international market.
The meeting had 18 countries of Qatar,Kuwait, Oman, Saudi Arabia, Nigeria, Russia, Mexico, Ecuador, Trinidad andTobago, Iraq, Mexico, Azerbaijan, Kazakhstan, Angola, Bahrain, Indonesia,Venezuela and United Arab Emirates in attendance.
It is hoped by some that the consensus issue being canvassed by Dr. Kachikwu will be pursued in the next OPEC Ministerial Meeting slated for June, 2016 in Vienna, Austria.