OPEC members rake in $18.7 billion from OFID

•  Brent crude slips to $39.65 a barrel

Nigeria and other 134 countries have so far benefited from $18.7 billion OPEC Fund for International Development (OFID).
Meanwhile, Brent crude oil price dropped from the $40.84 it earlier recorded to $39.65 a barrel while West Texas Intermediate (WTI) declined from the $37.90 a barrel to $39.65 per barrel.

OFID’s objective is to reinforce financial cooperation between Organisation of Petroleum Exporting Countries (OPEC) member countries and other developing countries, by providing financial support to the latter for their socioeconomic development.

OPEC Secretary General, Abdalla Salem El-Badri, who made this disclosure in cartel’s Bulletin for January and February, explained that as early as 1975, OPEC was given the mandate to include sustainable development and address environmental matters in its overall work programme.

According to El-Badri, to that end, the OPEC OFID was established by OPEC member countries in 1976 as a collective channel of aid to developing countries.

He disclosed that 134 countries have benefitted from OFID’s financial assistance, totalling $18.7 billion through 3,529 operations — many of which are in Africa and address poverty alleviation, including energy poverty, through a range of actions that also support access to renewable energy sources.

El-Badri added that most OPEC member countries have established funds for international help and cooperation. “Without doubt, climate change is a multi-faceted, complex global challenge that will require the cooperation of all countries to effectively implement the Paris Agreement in a manner that is fair, far-reaching and respects human values”, he said.

He said that of paramount importance, alleviating energy poverty must take centre stage in climate policies, as many people have no access to lighting and are literally left in the dark; an estimated 1.1 billion people still do not have access to electricity.

He stated: “The COP21 outcome calls for “the need to promote universal access to sustainable energy in developing countries, in particular in Africa.

“The oil industry can contribute to this effort by increasing the diversity and continuity of energy services to the poor. While all OPEC Member Countries are developing countries and aspire to develop, they have also been supportive of other developing nations”.

He stated that, climate change is a multi-faceted, complex global challenge that will require the cooperation of all countries to effectively implement the Paris Agreement in a manner that is fair, far-reaching and respects human values.