Current Oil Market Price Is Totally Unacceptable – Buhari Declares

SAN FRANCISCO, February 28, (THEWILL) – President Muhammadu Buhari has emphasised the need for member states of Organisation of Petroleum Exporting Countries (OPEC) and non-OPEC members to cooperate and find a common ground to stabilise crude oil prices.

While speaking at a bilateral meeting with the Sheikh Tamim Bin Hammad Al-Thani, the Emir of the State of Qatar, on Sunday in Doha, Buhari described the current market situation in the industry, which has seen oil prices plummet by 70 per cent since mid-2014, as “totally unacceptable.”

“As members of OPEC and Gas Exporting Countries Forum (GECF), our relations in the areas of oil and gas, which our two nations heavily rely on, need to be enhanced and coordinated for the benefit of our people,” he said.

“The current market situation in the oil industry is unsustainable and totally unacceptable.

“We must cooperate both within and outside our respective organisations to find a common ground to stabilize the market, which will be beneficial to our nations.”

According to Femi Adesina, Special Adviser to the President on Media and Publicity, the President also commended the existing cordial bilateral relations between both countries and invited prospective Qatari investors to take advantage of the abundant opportunities in Nigeria and invest in the key areas of energy, agriculture, real estate development, banking and finance.

He assured prospective investors of government protection of their persons and investment, noting that in the course of his visit, the delegations from Nigeria and Qatar would formalise at least two bilateral agreements to boost economic cooperation between both countries.

Buhari also weighed-in on the situation in the Middle East, commending the role Qatar is playing in resolving the present Syrian crisis, the Palestinian cause and efforts in reconstructing Gaza.

“The conflicts in Yemen and Syria with their attendant humanitarian crisis need genuine international effort to solve. Nigeria as a peace loving country identifies with the State of Qatar in all her peace efforts in the world to end terrorist activities,” he said.

“I wish to reiterate that Nigeria rejects violence and extremism in all their ramifications, and assure your Highness that we are with the State of Qatar in your efforts to fight terrorism and injustice in your region and in the world at large.”

The President also called for a lasting solution to the Israeli – Palestinian conflict declaring support for a two-state solution.

“We in Nigeria, like the State of Qatar, favour a 'Two State' solution, with the State of Palestine living side by side with the State of Israel,” he said.

“I want to assure you that we will stand side by side with you, until our brothers and sisters in Palestine achieve their desired objectives.

“Our support for various Security Council resolutions restoring and respecting 1967 boundaries with Jerusalem as capital of Palestine is firm and unshaken,” he said.

Story by David Oputah