The Minister of State for Petroleum Resources (Oil), Heineken Lokpobiri, has disclosed that Nigeria remains steadfast in upholding its obligations under the DoC.
This he said is in recognition of the importance of collaboration in ensuring market balance and long-term sustainability in the global market.
Speaking on Monday during the 58th Meeting of the OPEC Joint Ministerial Monitoring Committee (JMMC), he stated their commitment aligns with the broader objective of transforming the oil sector to maximize production while maintaining compliance with agreed frameworks.
He said that they used the opportunity of the meeting the review the crude oil production data for November and December 2024.
The committee he disclosed noted the high overall conformity among OPEC and non-OPEC countries under the Declaration of Cooperation (DoC), reaffirming their collective commitment to stability and cohesion in the global oil market.
He said:" Nigeria remains steadfast in upholding its obligations under the DoC, recognizing the importance of collaboration in ensuring market balance and long-term sustainability.
"Our commitment aligns with our broader objective of transforming the oil sector to maximize production while maintaining compliance with agreed frameworks.
"As we continue on this path, we remain dedicated to optimizing our resources and enhancing efficiency within the sector as we contribute meaningfully to global energy stability while advancing national economic growth."
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