The Minister of Petroleum of Nigeria, His Excellency Timipre Sylva and the Minister of Energy of the Kingdom of Saudi Arabia, His Royal Highness Prince Abdulaziz Bin Salman had a telephone conversation.

The discussion focused on developments in the world oil market, OPEC+’s efforts to stabilize the oil market, and Nigeria‘ s progress in fully compensating for its overproduction in the first and second months of the entry into force of the OPEC+ agreement.

Nigeria was among the other laggards who must comply with the compensation agreement. During the appeal, Nigeria reiterated its full compliance with the OPEC + agreement and will ensure reduced production.

Prince Abdulaziz Bin Salman, who is also chair of the OPEC+ Joint Ministerial Follow-up Committee, stressed the paramount importance of all OPEC countries and its allies to pump their agreed quota to help recovery of the world oil market.

Mr. Sylva also confirmed Nigeria’s commitment to the agreement. Although the country has yet to reach full compliance, even though it had promised to do so by mid-June and was currently below the level of its agreement, the minister said the country would compensate in July, August and September for its overproduction.

The two ministers stressed the importance for all its member countries to comply with the agreement, as it is the only way to rebalance the world oil markets.

Last month, the JMMC mandated failed countries (Nigeria, Angola, Gabon, Azerbaijan, Iraq and Kazakhstan) to submit their oil compensation plan to the OPEC Secretariat.

The OPEC+ deal came into effect on May 1 in response to historic low oil prices due to the COVID-19 pandemic and weak global demand for oil. OPEC + has taken this step as an important step to reflect current market realities with a positive projection in mind, for the future.