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OPEC members must unite to stabilise oil market - Buhari

29 February 2016, 09:37

Abuja - President Muhammadu Buhari on Sunday in Doha, Qatar, stressed the need for member states of OPEC and non members to unite and find a common ground to stabilise crude oil prices.

A statement issued in Abuja by the president’s Special Adviser on Media and Publicity, Femi Adesina, said the president stated this while speaking at a bilateral meeting with the Sheikh Tamim Bin Hammad Al-Thani, the Emir of the State of Qatar.

President Buhari described the current market situation in the industry, which had seen oil prices plummet by 70 per cent since mid 2014, as "totally unacceptable."

"As members of OPEC and Gas Exporting Countries Forum (GECF), our relations in the areas of oil and gas, which our two nations heavily rely on, need to be enhanced and coordinated for the benefit of our people."

"The current market situation in the oil industry is unsustainable and totally unacceptable."

"We must cooperate both within and outside our respective organisations to find a common ground to stabilise the market, which will be beneficial to our nations," he emphasised.

Also Read: Buhari draws plan to save nation from oil crisis

The President noted with delight the existing cordial bilateral relations between Nigeria and Qatar.

He, therefore, invited prospective Qatari investors to take advantage of the abundant opportunities in Nigeria and invest in the key areas of energy, agriculture, real estate development, banking and finance.

He assured prospective investors of government protection of their persons and investment.

President Buhari said in the course of his visit, the delegations from Nigeria and Qatar would formalise at least two bilateral agreements to boost economic cooperation between both countries.

He also weighed-in on the situation in the Middle East, commending the role Qatar was playing in resolving the present Syrian crisis, the Palestinian course and efforts in reconstructing Gaza.

"The conflicts in Yemen and Syria, with their attendant humanitarian crisis, need genuine international effort to solve."

"Nigeria as a peace loving country identifies with the State of Qatar in all her peace efforts in the world to end terrorist activities."

Also Read: OIL: Stop crippling Nigeria as you fight Russia and Iran

"Nigeria is a victim of terrorism. It is with heavy heart that I stand before you and say activities of Boko Haram have led to loss of many lives and displacement of innocent people in our dear nation."

"We, however, take pride to inform you that since our coming to power, Boko Haram has been systematically decimated and are in no position to cause serious threat to our development programmes."

"I wish to reiterate that Nigeria rejects violence and extremism in all their ramifications, and assure your Highness that we are with the State of Qatar in your efforts to fight terrorism and injustice in your region and in the world at large."

President Buhari also called for a lasting solution to the Israeli – Palestinian conflict, saying "we in Nigeria, like the State of Qatar, favour a ‘Two State’ solution, with the State of Palestine living side by side with the State of Israel."

"I want to assure you that we will stand side by side with you, until our brothers and sisters in Palestine achieve their desired objectives."

"Our support for various Security Council resolutions restoring and respecting 1967 boundaries with Jerusalem as capital of Palestine is firm and unshaken."


Tags opec oil

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