Saudi Arabia seeks Nigeria’s collaboration on oil price stability

Saudi Arabia is seeking collaboration with Nigeria on how to ensure oil price stability and oil output ahead of the OPEC meeting in December.

Nigeria’s Minister of State of Petroleum, Dr. Ibe Kachikwu disclosed this on Wednesday after receiving a delegation from Saudi Arabia led by the country’s Minister of Oil and Energy, Khalid Al-Falih.

He said both countries discussed on how to help be a strong voice in global oil price stability.

According to him, both ministers also discussed issues on revamping of Nigerian refineries considering Saudi’s strong and massive refineries experience.

Responding to a question on whether Nigeria would seek exemption for Crude oil production cap at the OPEC meeting, he said that it was too early to determine adding that Nigeria would continue to work with OPEC.

“We will continue to work with OPEC to keep to what we agree upon, we will make decisions that will support OPEC,’’ he said

Kachikwu noted that since the last exemption, Nigeria had come up and the production figure had been better than what it used to be.

In his Comment, Al-Falih commended the Nigerian government for its effort and said that Nigeria remained a force to reckon with in the African region.

He said that the major aim of his visit was to prepare ahead of the OPEC meeting on Dec. 6.

“Saudi Arabia and Nigeria are close culturally and socially, Nigeria is a corner stone in Africa and it’s a very important country for Africa, Middle East and the globe,’’ said.

He said that both countries apart from discussions on global market oil stability, also looked at other areas of collaboration to ensure growth of the Nigerian oil and Gas sector.

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He said that Saudi was able to build its large refineries through joint Venture approach and attract financing through Foreign Direct Investments.

“I have invited Dr Kachikwu to come and see how things are done to enable him know how to structure investment opportunities in Nigeria,’’ he added.

He further commended the country on fight against corruption adding that it had helped to bring stability in the Nigerian oil and gas sector.

He reassured that he would be at the Nigerian oil and Gas summit in January 2019 to further strengthen more areas of collaboration.