Business News

OPEC urge NNPC to boost oil output for $14 trillion global market opportunity

The Organization of the Petroleum Exporting Countries (OPEC) has advised the Nigerian National Petroleum Company Limited (NNPCL) to increase oil production in order to take part in the $14 trillion investment opportunity in the global oil market in the nearest future.

According to the Secretary General of OPEC, Haitham Al-Ghais, around $14 trillion in investments will be required by the year 2035 to fulfill global demand for energy, even in the face of increasing pushback against oil and gas across the globe.

Al-Ghais made this disclosure during a visit on Wednesday to the Group Chief Executive Officer of NNPC Ltd, Mr. Mele Kyari, at the NNPC Towers in Abuja.

The statement by the spokesperson for NNPCL, Olufemi O. Soneye, revealed that OPEC agrees with NNPCL’S view of broad-minded perspective on energy, opposing the perspective being advocated in some quarters that consider certain energy sources as adverse.

The statement reads in part,

Furthermore, the Secretary General of OPEC noted that the oil bloc is striving to ensure market stability, adding that only through a stable market climate can Nigeria attract investment.

On his part, Kyari said NNPC Ltd. was working very hard to recover lost production and provide the right fiscal environment to attract investments.

Despite achieving the highest figures of oil production at 1.6 million bpd earlier this year, Nigeria is still falling short of its 1.8 million bpd quota set by the Organization of the Petroleum Exporting Countries (OPEC).