Nigeria has reaffirmed its unwavering commitment to production adjustments agreed upon under the Declaration of Cooperation (DoC) between member countries of the Organisation of the Petroleum Exporting Countries (OPEC) and Non-OPEC Countries at the last Ministerial Meeting of OPEC Plus in Vienna, Austria.

Nigeria’s Representatives on the OPEC Economic Commission Board and Group Managing Director, Nigerian National Petroleum Corporation (NNPC), Mallam Mele Kyari, made this known in a statement issued in Abuja on Wednesday.

According to the statement signed by the OPEC Representative, Nigeria will not alter the production adjustments agreed upon between Organisation of Petroleum Exporting Countries and Non-OPEC countries despite recent volatility in global oil prices, the Nigerian National Petroleum Corporation has said.

“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,” the OPEC Rep stated.

Kyari expressed strong optimism that the momentary and artificially induced bearish trends would naturally correct itself based on the strong market fundamentals which have 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.

He however noted that with the increasing volatility of the oil market, it has become commonsensical 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.