UAE Exit: Nigeria Reaffirms Commitment to OPEC Cooperation
The Ministry of Petroleum Resources says Nigeria remains committed to the principles and objectives of the Declaration of Cooperation between the Organisation of the Petroleum Exporting Countries (OPEC) and its allies under OPEC+.
The UAE, on Friday, officially exited OPEC to prioritise national interests, aiming to maximise oil production, expand its market share and escape the production quotas imposed by the cartel.
A source from the ministry, while reacting to the development on Sunday, said the position highlighted Nigeria’s continued alignment with collective efforts aimed at ensuring stability in the global oil market.
The source emphasised that national interest remained a key consideration in all decisions, ensuring that domestic economic priorities are not compromised.
“Nigeria recognised the critical role of OPEC and OPEC+ in managing oil supply, reducing market volatility, and fostering a more predictable pricing environment.
“These coordinated efforts are considered vital to sustaining global economic stability and supporting long-term energy development across producing and consuming nations.
“Nigeria will maintain adherence to agreed production frameworks while constructively engaging with fellow member countries to strengthen cooperation and market balance.
“Overall, Nigeria’s position reflects a balanced approach, demonstrating strong support for multilateral energy cooperation while safeguarding its economic interests within the evolving global energy landscape,” the source said Fitch Affirms Ireland at ‘AA’ with Stable Outlook
