Nigeria’s Ability To Weather The Storms Of Crude Oil Price Crash Was A Miracle – OPEC
Secretary-General of the Organisation of Petroleum Exporting Countries, OPEC, Mr. Mohammed Barkindo, on Monday said Nigeria’s ability to weather the storms of the low price of crude oil was a miracle.
Mohammed Barkindo while Speaking during a courtesy visit to the Minister of State for Petroleum Resources, Dr. Ibe Kachikwu, revealed that due to the crash in the price of crude oil, Nigeria as well as other OPEC member countries lost about $1 trillion since the crash, in terms of deferred projects and outright cancellations across the supply chain, upstream, midstream, downstream.
Barkindo however said confidence was returning to the Nigerian petroleum industry, due largely to the major macro-economic decisions taken last year by OPEC and non-OPEC member countries.
He assured that the worst days for Nigeria due to the low price of crude oil were over.
He said: “We have gone through the worst energy cycle in recent memory. Some of us, who have been around for a quite a while, have witnessed all these five cycles and it is a consensus in terms of the gravity of these cycles, prices have crashed by over 80 per cent from the fall of 2014 to January 2016.
“How you survived as a government as an institution under this great industry remains a miracle. I have visited all other countries and I have seen how they are struggling. “But you have weathered the storm. I think the worst is behind us, thanks to your (Nigeria’s) leadership in the run up to the historic agreement of last year, beginning with the Algiers Accord on September 20.”
Barkindo commended the giant strides the country has made within this troubling period in the global petroleum industry. “I have been visiting many countries over this period, and I have seen firsthand how they have been struggling. However, here, I think probably we have not sold our achievements effectively, widely and efficiently,” he noted.