African Energy Chamber advocates extension of oil production cuts

As the Organisation of Petroleum Exporting Countries, OPEC prepares to host the 179th meeting via video conference, the African Energy Chamber has called on African producers to extend oil production cuts.

The Executive Chairman of the African Energy Chamber, Nj Ayuk said that the extention would minimize the impact of the ongoing economic crisis.

“More importantly, this is about ensuring that we preserve jobs for Africans and give our industry a chance to recover. Now is not the time to relax or rejoice too soon, and we need to maintain a strong compliance with the previously agreed deal of April 2019 and extend production cuts. African producing nations have always played a key role in ensuring that the OPEC coalition reaches beneficial agreements for producers and consumers and we call on all stakeholders to stay united around the short and long-term interests of the market,” he explained.

The historic deal reached by OPEC and OPEC+ last April, which took effect a month ago, is slowly starting to take effect.

Along with gradual reopening of global economies, production cuts are pushing prices back to $40 per barrel.

Source: Voice of Nigeria