The Nigerian National Petroleum Company Limited (NNPC Ltd) and the Organization of the Oil Exporting Countries (OPEC) have pledged to work closely together to achieve the nation’s aspirations to attract investments and grow production, reports ITREALMS.
The two organizations came to this accord when the Secretary General of OPEC, Haitham al-Ghais, paid a courtesy visit to the Group Chief Executive Officer of NNPC Ltd, Mr. Mele Kyari, at the NNPC Towers on Wednesday.
The Vienna-based OPEC Fund for International Development (OPEC Fund) has signed an agreement with the International Renewable Energy Agency (IRENA) to join the Energy Transition Accelerator Financing (ETAF) platform, reports ITREALMS.
The ETAF platform is a global initiative that seeks to mobilise funds for renewable energy investments. The OPEC Fund plans to support the platform with up to USD 250 million financing until 2030 to finance renewable energy solutions in its partner countries.
Following an increase in Iraq’s crude exports, oil prices fell to $49 per
barrel on Monday, ahead of the meeting of the Organisation of the Petroleum
Exporting Countries (OPEC), scheduled for Thursday, June 2, ITRealms reports.
Oil prices are expected to edge further downward as Canadian production is
set to start after huge wild fires. Attention is therefore turned to the OPEC
meeting in Vienna on Thursday, which is aimed at reaching an agreement over
production freeze in an effort to prop up oil prices, though most analysts do
not expect any changes in the group’s production.
According to Commerzbank analysts, “We do not expect any (OPEC) agreement on
a specific production target to be achieved. Iraq plans to discuss freezing oil
production, but Iran and Saudi Arabia are unlikely to be ready to take any such
step.” ITRealms gathered that a spike in tensions between rivals Saudi Arabia and
Iran had ruined prospects of reaching a production freeze agreement at the last
meeting of OPEC and non-OPEC which held in Doha, Qatar.About 18 OPEC and
non-OPEC oil producers, including Russia, met in the Qatari capital of Doha to
rubber-stamp a deal to freeze output at January levels until October 2016, but
the meeting was postponed to June 2, after OPEC’s de facto leader, Saudi
Arabia, told participants it wanted all OPEC members, including Iran, to take
part in the freeze, but Iran had refused this offer, seeking to regain market
share after the lifting of US sanctions against it in January this year. Okoli Vincent/GEE
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