The Group Managing Director of NNPC, Mallam Mele Kyari, stated this on Wednesday while speaking at the ongoing virtual Gulf Intelligence “Global” UAE Energy Forum 2021.
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Ignoring pleas by allies, Trump on Tuesday pulled the U. S. out of an international nuclear deal with Iran that was agreed in late 2015, raising the risk of conflict in the Middle East and casting uncertainty over global oil supplies amid an already tight market.
The meeting also took note of Nigeria and Libya’s incremental production and noted their special circumstances, while agreeing to maintain their exemption from the production quota
The Ministers from the Organization of the Petroleum Exporting Countries, Russia and other producers would meet in Vienna on Friday to consider extending an agreement to reduce output by about 1.8 million barrels per day.
Hans Van Cleef, senior energy economist at ABN Amro in Asterdam, said: “OPEC sentiment continues to support oil markets. Speculative short positions are still at elevated levels and as more traders unwind these positions they could trigger more support for oil prices.
International Brent crude oil futures rose as high as 49.43 dollars per barrel early on Tuesday, their highest since October 31.
U.S. West Texas Intermediate crude futures were up 44 cents, or 0.9 per cent, at 48.68 dollars a barrel