Abu dhabi: The Ministry of Petroleum Resources says Nigeria remains committed to the principles and objectives of the Declaration of Cooperation between the Organisation of the Petroleum Exporting Countries (OPEC) and its allies under OPEC+. The UAE on Friday, officially exited the OPEC to prioritize national interests, aiming to maximize oil production, expand its market share and escape the production quotas imposed by the cartel.
According to News Agency of Nigeria, a source from the ministry, while reacting to the development on Sunday, said the position highlighted Nigeria’s continued alignment with collective efforts aimed at ensuring stability in the global oil market. The source emphasized that national interest remained a key consideration in all decisions, ensuring that domestic economic priorities are not compromised.
‘Nigeria recognized the critical role of OPEC and OPEC+ in managing oil supply, reducing market volatility, and fostering a more predictable pricing environment. These coordinated e
fforts are considered vital to sustaining global economic stability and supporting long-term energy development across producing and consuming nations.
Nigeria will maintain adherence to agreed production frameworks while constructively engaging with fellow member countries to strengthen cooperation and market balance.