The Organisation of Petroleum Exporting Countries (OPEC) will in August decide whether to continue its current measured oil supply. Which is to the global market or set a new quota for its members as the ration agreed upon last year expires.
In addition, OPEC and its non-OPEC partners, known as OPEC+ after its 30th ministerial meeting, stayed the course with its production policy for the month. OPEC further announced that they set to hold its next meeting on August 3, which will determine September production plans. A statement after the meeting stated that in view of current oil market fundamentals and the consensus on its outlook. The OPEC and taking part non-OPEC oil-producing countries agreed to stick with the plan it agreed upon in April 2020 and which reaffirmed in July 2021.
Similarly, the Nigerian Upstream Petroleum Regulatory Commission (NUPRC) has for the umpteenth time,. They lamented the huge oil losses being witnessed in the country and its attendant negative impact on the nation’s economy. Therafter, describing it as unprecedented and worrisome.
The duo of the President of LCCI, Dr. Michael Olawale-Cole and the Chief Executive Officer of NUPRC, Mr. Gbenga Komolafe made the assertions yesterday in Lagos at the LCCI’s Public-Private Dialogue on Oil Theft and Artisanal Modular Refineries. Here with the theme, “Creating an Enabling Environment for Local Refining: Artisanal Modular Refineries and Private Refineries.”
Presenting his welcome address at the session, Olawale-Cole stated Nigeria had in recent years had to battle with dwindling revenue. And also security challenges, weak infrastructure, rising inflation, high cost of production, and a burdening and unsustainable fuel subsidy. In his presentation, Komolafe lamented the impact of skyrocketing oil losses on the economy. He says the rate of losses has reached an unprecedented and worrisome level.