Happening Now: The Second Session Of The 9th Opec/Non-Opec Ministerial Meeting

The second session of the 9th Opec/non-Opec ministerial meeting has commenced. Recall that the first session took place about seventy two hours ago. Interstingly, the meetings are being held via virtual digital platform.

Nigeria, a prominent voice in the Organization is represented in the meeting by The Honourable Minister of State for Petroleum Resources, Timipre Marlin Sylva alongside Nigeria's National Representative to OPEC, Mallam Mele Kyari.

L-R: Nigeria's Minister of State for Petroleum Resources, H.E Timipre Sylva and Nigeria's National Representative to OPEC, Mallam Mele Kyari at the meeting

The Nigerian Voice reports that the ongoing meeting seek to accomplish cut of crude oil supply by up to Ten (10) Million Barrels per day between May and June 2020, Eight (8) Million Barrels per day between July and December 2020 and Six (6) Million barrels per day from January 2021 to April 2022, respectively.

L-R: Nigeria's Minister of State for Petroleum Resources, H.E Timipre Sylva and Nigeria's National Representative to OPEC, Mallam Mele Kyari at the meeting

The proposed intervention when ratified by all parties will see crude oil prices rebound by at least $15 per barrel in the short term, thereby enhancing the prospect of exceeding Nigeria's adjusted budget estimate that is currently rebased at $30 per barrel and crude oil production of 1.7 Million Barrels per day.

As the outcome of today's conversation led by the Nigerian representatives is being expected, industry watchers are optimistic that a historic aggreement will be reached.