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Nigeria’s 50-Year OPEC Journey
In less than eight weeks from now, the Organisation of Petroleum Exporting Countries (OPEC), will roll out the drums in celebration of its 60th year anniversary. In 50 years of those six decades, the story of Nigeria has been strongly intertwined with that of the oil cartel. Emmanuel Addeh writes that it has been a marriage that has seen both good and bad times, as portrayed by some key Nigerian OPEC participants, who reflected on the history of Nigeria’s involvement in the organisation
On September 14, 1960, the Organisation of Petroleum Exporting Countries (OPEC), an inter-governmental cartel of 13 countries was founded in Baghdad by its first five members, namely Iran, Iraq, Kuwait, Saudi Arabia and Venezuela.
ENERGY
In less than eight weeks from now, the Organisation of Petroleum Exporting Countries (OPEC), will roll out the drums in celebration of its 60th year anniversary. In 50 years of those six decades, the story of Nigeria has been strongly intertwined with that of the oil cartel. Emmanuel Addeh writes that it has been a marriage that has seen both good and bad times, as portrayed by some key Nigerian OPEC participants, who reflected on the history of Nigeriaâs involvement in the organisation
On September 14, 1960, the Organisation of Petroleum Exporting Countries (OPEC), an inter-governmental cartel of 13 countries was founded in Baghdad by its first five members, namely Iran, Iraq, Kuwait, Saudi Arabia and Venezuela.
Emmanuel Addeh
The federal government yesterday pledged its renewed commitment to full compliance with the countryâs crude oil production quota, which it pegged at 1.554 million barrels per day in June.
Minister of State, Petroleum Resources, Mr. Timipre Sylva, said during a briefing in Abuja to mark the countryâs 50th anniversary as a member of the Organisation of Petroleum Exporting Countries (OPEC), that rationing production was the right thing to do at the moment.
The minister stated that apportioning quotas did not hurt the countryâs production, adding that if not because of the cartelâs intervention, the price of crude oil would still fall below.