News
Oil Prices: NNPC Promises To Stick To OPEC Agreement
The Nigerian National Petroleum Corporation (NNPC) has said it will not alter the production adjustments agreed upon between Organisation of Petroleum Exporting Countries (OPEC) and Non-OPEC countries despite recent volatility in global oil prices.
Members of OPEC and non-OPEC countries had during the last ministerial meeting of what is known as OPEC Plus, held on July 2 in Vienna, Austria committed to a Declaration of Cooperation as regards the volumes of crude to be produced by member countries.
The global prices of crude had been fluctuating in recent times, falling below and rising above $60 per barrel at various intervals, a development which, according to industry observers, might make some crude exporting countries consider adjusting their production volumes.
The NNPC, however, insists that it will stick to the agreed terms of OPEC and urged other countries to do same.
Nigeria’s Representatives on the OPEC Economic Commission Board and Group Managing Director, NNPC, Mele Kyari, made this known in a statement issued on Wednesday in Abuja.
The statement signed by the OPEC Representative said Nigeria was totally committed to full compliance with the agreement reached by the parties to the DoC.
“Right now, we are not only committed to the agreement but we have elevated our attitude towards it to the point of complete devotion to the adjustments and we urge other parties to follow suit,” he said.
Kyari expressed optimism that the momentary and artificially induced bearish trends would naturally correct itself based on the strong market fundamentals which had remained steadfast despite the price slid.
He said that with a visible steady decline in commercial stock overhang propelled by healthy demand, it was only logical for all advocates of oil price stability like the OPEC Plus allies to comply strictly with the agreed production adjustments.
The NNPC boss noted that with the increasing volatility of the oil market, it had become vital for Nigeria and all other parties to the agreement to entrench an attitude of unwavering devotion to the deal anchored on full and timely conformity to their obligations.
Former lawmaker, Senator Shehu Sani, has described the planned increase in electricity and telecom tariffs as unconscionable.
The statement comes after the telecoms regulator last week approved the increase in mobile tariffs.
The federal government also recently said that plans were ongoing to increase electricity tariffs “over the next few months.”
However, Sani, who said the government’s plan is unreasonable, insisted that it should be halted.
The ex-lawmaker also expressed his support for the Nigeria Labour Congress (NLC) over the scheduled protest against the government’s proposal, calling it a welcome development.
“The planned increase in electricity tariffs in the midst of poor power supply and the proposal to increase telecom tariffs is unconscionable and should be halted. The scheduled labour union protest is a welcome development,” he posted on X.
The United States President, Donald Trump, has revealed his decision to cut off all future funding to South Africa, citing poor treatment of “certain classes of people.”
Trump made this known on Sunday in a post on Truth Social, his social media platform.
According to Trump, South Africa was seizing land and mistreating some citizens without concern for the violations of their rights.
“South Africa is confiscating land and treating certain classes of people VERY BADLY.
“I will be cutting off all future funding to South Africa until a full investigation of this situation has been completed!” Trump wrote.
Reports suggest that the American leader may be defending White South Africans, some of whom have alleged that the South African policy is unfair to them.
There are indications that the federal government will on Monday meet with the Nigeria Labour Congress, NLC, to stop the planned Tuesday nationwide protest against the 50 percent telecommunications tariff hike.
A reliable source familiar with the matter, who preferred anonymity, disclosed this on Monday morning, noting that the meeting between the NLC leadership and the federal government is scheduled for 5 p.m. on Monday.
The source said the meeting was a “dialogue on matters of national interest as it affects Nigerian workers.”
According to the source, it will be an inter-ministerial meeting with the Secretary to the Government of the Federation (SGF), purposely to resolve issues raised by the NLC concerning the federal government’s approved upward adjustment to telecommunications tariffs, which the NLC, its allies, and others are vehemently opposing.
This comes as the NLC is already mobilizing workers for a mass protest tomorrow (February 4) against the 50 percent tariff hike approval.
On Thursday last week, in a letter to affiliate unions and state councils, NLC General Secretary Emma Ugboaja urged them to mobilize other Nigerians to send a serious message to the government.
The planned protest follows the 50 percent telecom tariff approval by the Nigerian Communications Commission (NCC) on January 20, 2025.
The approval had sparked widespread rejection among telecom subscribers.
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