OPEC commends Buhari, NASS on PIB

The Organisation of Petroleum Exporting Countries (OPEC) has commended President Muhammadu Buhari and the National Assembly on the passage of the Petroleum Industry Bill by the National Assembly.

OPEC Secretary-General, Dr Mohammad Barkindo, gave the commendation at the ongoing 20th Nigeria Oil and Gas Conference (NOG) in Abuja, on Tuesday.

The theme of the conference is: “Fortifying the Nigeria Oil and Gas industry For economic growth and Stability.”

“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,” Barkindo
said.

He noted that OPEC was deeply indebted to President Buhari for the leading role he has played and continues to play in support of the OPEC-non-OPEC Declaration of Cooperation process.

“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 said.

He also commended the Minister of State for Petroleum Resources, Chief Timipre Sylva, for his leadership and active participation to ensure a lasting stability in the oil market.

“On the domestic front, your ongoing contributions and leadership in guiding Nigeria’s energy industry into the future are both impressive and commendable,” he said.

On the 50th anniversary of Nigeria membership of OPEC, Barkindo said it would be celebrated with a special OPEC bulletin.

“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.

“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,” he said.

On the global economy, he predicted a growth of 5.5 per cent this year with recovering recorded so far.

“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.

“There is, however, a range of uncertainties that we are monitoring closely.

“These 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,” he said.

He commended the organisers of the NOG and urged partcipants to effectively participate and make contributions that would help drive the needed economic growth and stability of the sector.