Nigeria's foremost Online Energy News Platform

Sylva to act as OPEC Special Envoy to some African Oil Producing Countries

Two weeks ago, the Organisation of Petroleum Exporting Countries (OPEC) announced the appointment of Nigeria’s Minister of State for Petroleum Resources, Chief Timipre Sylva to act as special envoy to four countries, which includes, Equatorial Guinea, Gabon, Congo Brazzaville and South Sudan within one week.

Sylva’s mission is to discuss the issues of compliance cut which the organization has been using to stabilize oil price which had at the peak of the global Covid-19 pandemic culminated to add $10 per barrel.

The sixty-year-old organization however stay together in order to put production cut among its members and also to persuade its powerful allies such as Russia to do the same as gradually prices have begun to rise to the current impressive level of $60 per barrel.

The choice of Timipre Sylva is seen by analyst as a way of rewarding Nigeria, an African giant nation for achieving full compliance with OPEC cuts despite its economic challenges.

The Minister will be back in Nigeria next week after the four-nation tour.

SOURCE: energyfocusreport.com

Social