Economics

NNPC applauds Barkindo’s OPEC leadership position

The Nigerian National Petroleum Corporation (NNPC) has commended Mohammad Barkindo, Secretary-General of the Organization of Petroleum Exporting Countries (OPEC), for his role in the development of the Declaration of Cooperation (DoC) between OPEC member countries and non-OPEC oil-producing countries.

The NNPC made the remark on Thursday, when the OPEC Secretary-General hosted a working lunch in Vienna, Austria, for a team from the NNPC led by Dr Billy Okoye, Group Executive Director of Ventures and Business Development.

DoC was founded in 2016 to expedite the recovery of oil market stability following a slump in the oil industry.

“You have faced up to tremendous difficulties, Secretary-General, and you will continue to do so,” Okoye added.

Okoye also praised Barkindo for his accomplishments as OPEC’s Secretary-General for two terms.

He mentioned that Barkindo has served as an ambassador for both the business and Nigeria.

In response, Barkindo emphasized Nigeria’s critical position in the global oil business, emphasizing that given the country’s status, it should continue to set an example.

He also lauded the Petroleum Industry Act (PIA), stating that the legislative framework enacted in 2021 will aid Nigeria’s petroleum industry’s development.

Concerning oil market developments, Barkindo applauded the DoC nations’ efforts to maintain oil market stability.

He stated that the DoC was founded in 2016 to expedite the return of oil market stability following a collapse in the oil market.

He stated that the framework has remained successful after the onset of the COVID-19 pandemic in 2020.

“There was no need for these countries to recreate the wheel. They rose to the occasion and implemented the largest-in-volume and longest-induration manufacturing changes,” he added.

Chinaza Ogbachalu

My name is Chinaza Ogbachalu, and I am a writer. I have been writing news and opinion articles for five years plus and have always had a passion for storytelling. I grew up in Nigeria and graduated from the University of Port Harcourt, Nigeria, with a degree in linguistics and communication studies. I have written books that have been well-received by critics and readers alike. My work often focuses on culture and lifestyle, and I draw inspiration from my own experiences and observations of the world around me. As a news writer, I am responsible for researching and writing engaging and accurate news stories for our online audience. I have a strong passion for current events and am skilled at conducting interviews and gathering information from sources. I am grateful for the support of my readers and am constantly humbled by their enthusiasm for my work. Thank you for taking the time to learn more about me and my writing.