At the Virtual 19th Nigeria Oil and Gas Conference that held on Tuesday, 8th December 2020, the Secretary-General of the Organisation of Petroleum Exporting Countries (OPEC), Mohammad Sanusi Barkindo, disclosed that Nigeria’s crude oil export earning rebounded by 116% in November against 77% in April 2020.

The conference theme was “fortifying the Nigerian Oil and Gas for Economic Stability and growth.” Barkindo said that the proactive efforts of the Nigerian government contributed to the rebounding of the export earnings.

He said the decisions were taken in response to the unforeseen drop in demand caused by the COVID-19 pandemic. According to Barkindo, Nigeria would continue to be one of the most admired and respected members of the Organisation, particularly in the area of consensus building.

He commended the President of Nigeria, Muhammadu Buhari, on the crucial role he played in the Declaration of Cooperation (DoC) process between OPEC and non-OPEC Producing countries.

On the global economy, he stated the forecast shows that it would shrink by 4.3% in 2020. All Organisation for Economic Co-operation and Development (OECD) economies are to see a contraction, and all African countries are to record a drop in GDP.

In his words: “The Nigerian Crude oil export earnings plunged by 77 per cent within three months between January and April 2020, but since then, they have gradually improved and rebounded by 116 per cent in November compared to April 2020 level.”

“The government should be applauded for quick and proactive actions.’’

“All of us in OPEC family know the enormous debt of gratitude we owe President Buhari for the pivotal role he played in the Declaration of Cooperation (DoC) process between OPEC and non- OPEC producing countries.”

“Particularly, his intervention at the highest level to secure decisions of the 10th extraordinary OPEC and non-OPEC meeting in April 2020.’’