• Privacy Policy
  • Terms
  • About us
  • Contact Us
  • Staff Email
Saturday, June 28, 2025
  • Login
TheMattersPress
  • Home
  • News
  • Features
  • Thematterspress
  • Multimedia
    • Audio
    • Photo
    • Video
  • About us
  • Contact Us
No Result
View All Result
  • Home
  • News
  • Features
  • Thematterspress
  • Multimedia
    • Audio
    • Photo
    • Video
  • About us
  • Contact Us
No Result
View All Result
TheMattersPress
No Result
View All Result
Home Economy/Technology

OPEC existence saves energy market from chaos

OPEC

The Matters Press by The Matters Press
January 25, 2023
Reading Time: 2 mins read
0
Chamber wants to cut production

OPEC

The Federal Government said on Tuesday that the existence of the Organisation of Petroleum Exporting Countries (OPEC) over the past 60 years saved the global oil market from perpetual chaos.

RELATED POSTS

Tinubu’s N60b Intervention in Gombe Agro-Livestock Zone excites group

N1.5trn recapitalisation of Agric bank will herald food security – TMV

Lamido Wrong on Tinubu’s June 12 Role, haunted by his anti-democratic past- TDF

The Minister of State Petroleum Resources, Chief Timipre Sylva, made this known on in Abuja when he received Gabriel Lima, Equatorial Guinea’s Minister of Mines and Hydrocarbons.

Lima’s visit marked his first official visit to Nigeria in his capacity as the 2023 President of the OPEC and Gas Exporting Countries Forum (GECF) Council of Ministers.

Sylva said that without OPEC existence, many countries would not have been able to develop their oil industry due to stiff competition.

He said the collaboration between OPEC Member Countries enabled the participation of all players, no matter the level of production, which under-pined the importance of OPEC Membership.

He said that OPEC had been spearheading stability of the oil market for the benefit of all, since 1960 when it was established in Baghdad, Iraq, by five founding member countries – Islamic Republic of Iran, Iraq, Kuwait, Saudi Arabia and Venezuela.

“It is remarkable that the current 13 members of OPEC – accounting for about 80 per cent of global proven crude oil reserves, 38 per cent of production, and 48 per cent of exports – include seven African countries – Algeria, Angola, Congo, Equatorial Guinea, Gabon, Libya and Nigeria.

“It is remarkable that Africa is producing the fourth President of OPEC Conference in consecutive years, a demonstration of Africa’s capability to lead and direct global affairs, and to take its rightful place among the comity of nations on global issues.
“Since joining OPEC on July1971, Nigeria has produced six Presidents of the OPEC Conference who presided over 26 OPEC Ministerial Conferences held in several countries.

“Nigeria has also provided four OPEC Secretaries-General, spanning a total of 17 years of managing the affairs of the OPEC Secretariat on behalf of all its Members,” he said.

Sylva, while decrying challenges that currently threatened the oil and gas industry in Africa, especially dwindling investments, said Africa’s energy need would continue to grow in leaps and bounds over the foreseeable future.

“I implore you, Excellency, to use the opportunity of your Presidency tenure to promote the course of Africa and attract more investments into the oil and gas industry in the continent.

“I am of the opinion that local content should be at the driver’s seat for investments in Africa’s oil and gas industry, for the continent to witness a sustainable development.

“In this context, the on-going move to establish an African Energy Bank is a right move in the right direction,” he added.

Lima in his remarks said it was the first time that Equatorial Guinea was occupying important role in the oil cartel sought the support of Nigeria to be able to make the best of the responsibility.
“One of the key things that I will be championing, which I ask for your support, is to eradicate the energy poverty that the African continent is suffering.

“While the world is focusing on energy transition, Africa needs to ensure that energy poverty is reduced because there are still more than 600 million Africans without access to electricity and other products,” he said.

He identified increased energy security as the second thing he would be championing, adding that Nigeria had been championing this for a long time, especially operating and managing their own assets.

He also said that the largest number of new countries having oil and gas discoveries were Africans, thereby advised that they needed to have the guidance, advisories, and orientation on what to do and what not to do.

Tags: OPEC
ShareTweetPin
The Matters Press

The Matters Press

Related Posts

$2.5 billion JBS investment, a big economic victory for Nigeria –  TDF
Economy/Technology

Tinubu’s N60b Intervention in Gombe Agro-Livestock Zone excites group

June 27, 2025
ActionAid, SWOFON call for urgent completion of BOA recapitalisation
Agriculture

N1.5trn recapitalisation of Agric bank will herald food security – TMV

June 26, 2025
Lamido Wrong on Tinubu’s June 12 Role, haunted by his anti-democratic past- TDF
Energy

Lamido Wrong on Tinubu’s June 12 Role, haunted by his anti-democratic past- TDF

June 25, 2025
Tinubu’s Visit to Benue, Mark of True Leadership, Renewed Hope
News

Tinubu’s Visit to Benue, Mark of True Leadership, Renewed Hope

June 25, 2025
79 candidates for presidential election
News

Tinubu’s new INEC building: A consolidation of democratic institutions, legacy in Nigeria – TDF

June 23, 2025
Gombe: Troops take over to enforce peace
News

Nigerian Army kills 6,260 terrorists, rescues 5,365 civilians in 2 years

June 20, 2025
Next Post
RMRDC, varsity collaborates on cashew juice processing

Cashew gets priority as Nigeria expects $500m from export in 2023

Buhari inaugurates Lagos Blue Rail line

Buhari inaugurates Lagos Blue Rail line

Recommended Stories

Nigeria gets AfDB’s $14m as member of ATI

AfDB calls for integrated approach to address housing deficit Africa

July 25, 2023
Nigeria to close energy gap through Rural Electrification Agency

Nigeria’s electricity subsidy to curtail cost of living crisis

January 18, 2024
Trade minister assures beer producers of support

Trade minister assures beer producers of support

March 3, 2022

Popular Stories

  • Rising prices of goods cause protests in Morocco

    Rising prices of goods cause protests in Morocco

    0 shares
    Share 0 Tweet 0
  • NLNG not responsible for gas supply shortfall, price hike

    0 shares
    Share 0 Tweet 0
  • NCC sets fresh operational fees, spectrum prices for telecom operators

    0 shares
    Share 0 Tweet 0
  • Hoarding causes hike in prices of grains

    0 shares
    Share 0 Tweet 0
  • Prices of Petrol, diesel increase in November

    0 shares
    Share 0 Tweet 0
TheMattersPress

We bring you the best news update in Nigeria

LEARN MORE »

Recent Posts

  • Tinubu’s N60b Intervention in Gombe Agro-Livestock Zone excites group
  • N1.5trn recapitalisation of Agric bank will herald food security – TMV
  • Lamido Wrong on Tinubu’s June 12 Role, haunted by his anti-democratic past- TDF

Categories

  • Agriculture
  • Economy/Technology
  • Energy
  • Entertainment/sports
  • Features
  • Foreign
  • Multimedia
  • Natural Resources
  • News
  • Oil and Gas
  • Photo
  • Politics
  • Security
  • Thematterspress
  • Uncategorized
  • Video

© 2025 Domo Tech World - Powered by Thematterspress.

No Result
View All Result
  • Home
  • News
  • Features
  • Thematterspress
  • Multimedia
    • Audio
    • Photo
    • Video
  • About us
  • Contact Us

© 2025 Domo Tech World - Powered by Thematterspress.

Welcome Back!

Login to your account below

Forgotten Password?

Retrieve your password

Please enter your username or email address to reset your password.

Log In
Call Us