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G7 tackle Nigeria, others over oil production output

EFFECT
The war in Ukraine has precipitated an increase in prices for oil, gas and coal

 

Energy and Environment ministers of G7 countries have urged Nigeria and other members of the Organisation of Petroleum Exporting Countries (OPEC) to increase their crude oil output to the international market so as to address the energy challenges precipitated by Russia’s war against Ukraine.

The war has aggravated crude oil prices to their highest levels in about a decade.
Oil prices have almost doubled in the past year to trade close to $120 a barrel, the highest level since 2014.

The G7 is an informal membership of seven of the world’s advanced economies or an inter-governmental political forum of the wealthiest liberal democracies, which comprise the United Kingdom, the United States, France, Germany, Canada, Italy, and Japan. Also, the European Union is a ‘non-enumerated member.’

The ministers, in a communique of the group’s meeting in Germany, which holds the rotating presidency of the group of advanced industrial economies, also canvassed ‘responsible’ action to deal with the war in Ukraine, which has  escalated crude prices.

They noted that the war had precipitated an increase in prices for oil, gas and coal and had led to a surge in inflation that had been suffocating low-income households, businesses and industry.

They called on oil and gas-producing countries to act in a responsible manner and to respond to tightening international markets, adding that OPEC has a key role to play.

The ministers also said it was a matter of “special urgency” for the European Union to decrease its dependency on Russian natural gas.

According to them, there is an important role increased supplies of liquefied natural gas (LNG) could play to mitigate potential supply disruptions of pipeline gas, especially to European markets.

 

The G7 leaders had earlier in May expressed the commitment of their countries to phasing out their dependency on Russian energy and also banned imports of oil from Russia.

OPEC members include Saudi Arabia, United Arab Emirates, Venezuela, Nigeria, Algeria, Angola, Congo, Equatorial Guinea, Gabon, Islamic Republic of Iran, Iraq, Kuwait and Libya.

OPEC had increased Nigeria’s production quota by 19,000 bpd, amounting to 1.773 million bpd in June 2022, as part of measures targeted at achieving market stability.

The cartel increased Nigeria’s quota from 2.753 million bpd in May to 1.772 million bpd in June. This is an increase of 1.8 per cent.

In Africa, Nigeria got the approval for the production of the highest volume of crude oil in the month.

OPEC disclosed this in a statement at its 28th OPEC and non-OPEC ministerial meeting.

OPEC, in a communique on May 5, 2022, after the meeting, held via videoconference on May 5, decided to adjust upward the monthly overall production by 0.432 mb/d for the month of June 2022.

It further noted the continuing effects of geopolitical factors and issues related to the ongoing pandemic.

The communique said: “The OPEC and participating non-OPEC oil-producing countries, therefore, decided to: Reaffirm the decision of the 10th OPEC and non-OPEC Ministerial Meeting on 12th April 2020 and further endorsed in subsequent meetings, including the 19th OPEC and non-OPEC Ministerial Meeting on July 18, 2021.

 

G7 tackle Nigeria, others over oil production output
“Reconfirm the production adjustment plan and the monthly production adjustment mechanism approved at the 19th OPEC and non-OPEC Ministerial Meeting and the decision to adjust upward the monthly overall production by 0.432 mb/d for the month of June 2022, as per the attached schedule.

“Reiterate the critical importance of adhering to full conformity and to the compensation mechanism, taking advantage of the extension of the compensation period until the end of June 2022. Compensation plans should be submitted in accordance with the statement of the 15th OPEC and non-OPEC Ministerial Meeting.

 

“Hold the 29th OPEC and non-OPEC Ministerial Meeting on June 2, 2022.”

 

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