Expect Cut In Oil Production Quota
 — Daukoru
By Luka Binniyat
 11th DEC 2006

THE president of the Organization of Oil Exporting Countries (OPEC), and minister of state for petroleum resources, Dr. Edmund Daukoru, has announced that the 143rd extra ordinary meeting of OPEC will be hosted by Nigeria for the first time, in Abuja, between December 14 and 15.

Ministers of petroleum of the 11 OPEC member countries, their official delegations totaling one hundred and the ministers of petroleum of some of the invited  observer countries of Angola, Egypt, Mexico, Oman, Russia, Sudan, Syria and their official delegations of 25 are also expected in Abuja. The meeting is also expected to attract a strong media presence of 150 foreign news media and same number within Nigeria.

The delegates, according to Daukoru, will also have time to visit Obudu Cattle ranch, Cross River State, as well as some tourist attractions within and around the capital city, Abuja. The meeting would likely adopt further cut in production quota to keep the international price of crude within the $60-something dollar range.

Speaking at a news briefing in Abuja, Daukoru said the OPEC meeting will coincide with 50 years of oil exploration and production in Nigeria and also 30 years of Abuja as the new Federal Capital of Nigeria, adding "it will be a huge event that will showcase Nigeria to the rest of the world."

On the benefit of Nigeria’s membership of the oil cartel, Daukoru said that OPEC's existence has been crucial in monitoring market fundamentals of the industry such as production level and production capacity.

“If OPEC was not there”, he maintained, “something must be invented to monitor all these factors that inter-play”, he said, “we are quite lucky that OPEC exists and that Nigeria is a member of the organization that produces a quarter of world oil out put".
“If you are a producer and you do not monitor the market”, he argued, “you would soon flood the market and you only have yourself to blame”.

Back to Top
Post Your Feedback