Minister of State Petroleum Resources, Mr Timipre Sylva, on Monday, reiterated that crude oil was not going away soon as it will continue to be an important component of the global energy mix into the foreseeable future.
He stated this in Abuja at a media briefing to commemorate Nigeria’s Golden Anniversary of Organisation of the Petroleum Exporting Countries (OPEC) membership.
He also used the occasion to launch a book, ‘Nigeria and OPEC; 50 Years of Partnership, 1971-2021’. According to Sylva, oil will continue to be needed to power global economic growth in order to eradicate poverty which is still prevalent worldwide.
He noted that OPEC’s role in stabilising the oil market for the benefit of all stakeholders will therefore continue to be required in the years ahead. Sylva added that the decision by Nigeria to become a member of OPEC has enhanced the development of the oil industry in the country, as it enabled the country to influence the growth and contribute to the survival of the industry globally.
“It placed the country among the comity of nations, engaged in the noble duty of stabilising the oil market for the benefit of all producers, consumers and investors alike.
