President Muhammadu Buhari has been congratulated by the Organisation of Petroleum Exporting Countries (OPEC) on the passage of the Petroleum Industry Bill (PIB) at the National Assembly.
Delivering the commendation was the Secretary-General, OPEC, Mohammad Barkindo, at the 20th Nigeria Oil and Gas Conference (NOG).
The event is tagged, ‘Fortifying the Nigeria Oil and Gas industry For economic growth and Stability,’ and Barkindo noted that the passage of the PIB would ensure that institutions in the country are strengthened following projected reforms.
He said, “Mr. President, allow me, on behalf of OPEC, to congratulate you on the Petroleum Industry Bill (PIB), which was just passed by both chambers of the National Assembly of our great country.
“This long-awaited legislation for the oil and gas sector will help guide the necessary reforms designed to strengthen institutions, solidify regulatory and fiscal frameworks and attract the much-needed investment in a sustainable manner.
“The ninth National Assembly has engraved itself in gold in passing the Petroleum Industry Bill.
“This historic achievement has ushered in a new era in the global energy cooperation as OPEC and its non-OPEC partners continue to provide crucial support to the oil market, in the interest of producers, consumers and the global economy.”
He assured of the continued relationship between Nigeria and the organisation, noting that both entities had “sown seeds of friendship”.
“We commemorate this golden anniversary with a very special edition of the OPEC bulletin, which provides us with a splendid walk down memory lane from July 1971 when Nigeria joined OPEC to the present day.
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“This collector’s edition will be a fitting tribute for a nation that has been so instrumental in the OPEC’s rich history.
“OPEC and Nigeria have sown the seeds of friendship to build a highly fruitful and mutually beneficial relationship, forging strong ties that will last forever.
“Both the ‘Nigeria at 50’ special edition of the OPEC Bulletin and the 60th Anniversary Book chronicle will pay due tributes to this enduring partnership,” Barkindo added.
Economic Uncertainties
Barkindo noted that the organisation was keeping a close watch on a “range of uncertainties that include an elevated risk of inflation due to massive financial stimulus programmes, uneven vaccine rollouts across the world and the COVID-19 Delta variant, which is now even impacting countries with high vaccination rates.
“This challenging backdrop will require the Declaration of Cooperation (DoC) producers to remain proactive, flexible and vigilant.
“This prudent approach moving forward will enable the DoC to remain agile and responsive while avoiding unwanted market imbalance after April 2022.”
On the projected demand for oil, he said, “We forecast world oil demand to rise by 6.0 mb/d . Both the economy and oil demand are expected to see accelerated growth in the second half of this year.”
