The Nigerian National Petroleum Corporation (NNPC) says it is optimistic the global oil market would achieve full recovery by third quarter of 2021.
says it is optimistic the global oil market would achieve full recovery by third quarter of 2021.
In May, OPEC and its allies under the OPEC+ agreed to cut supply by up to 10 million barrels per day between May and June 2020 in an attempt to strengthen the price and stabilise the crude oil market. “We have started seeing signs that the output cut initiative is working and achieving its target objective by pulling down the supply and creating a situation that will bring up price to a level we can recover our cost and make some marginal profit to continue in our business,” he said.
To sustain the price rally in the market, Mr Kyari said the expectation was for all OPEC member-countries to continue to cooperate to bring some normalcy before the end of the year, and see a flat out price at $42-$45 per barrel at the end of the year. “Nigeria’s decision to comply with the OPEC output cut deal was a decision we made as a country, and not influenced by any other country’s decision on the matter,” he said.On cost of production, Mr Kyari said with some NNPC assets producing oil at less than $30 per barrel, “selling at an average of $40 and $42 per barrel leaves Nigeria in a comfort place.”
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