Sylva affirms oil, OPEC’s place in future energy mix

Timipre Sylva, Minister of State for Petroleum Resources, has said oil will not lose its place in the future energy mix, adding that OPEC itself would continue to be a force to be reckoned with in the sector.

He made the statement while announcing the launch of a book, “Nigeria and OPEC : 50 years of Partnership” by the federal government in celebration of the country’s golden jubilee anniversary as member of the Organisation of Petroleum Exporting Countries.

“Oil will continue to be important component of the energy mix into the foreseeable future. It will continue to be needed to power the global economic growth in order to eradicate poverty, which is still prevalent worldwide.

“OPEC’s role of stabilising the oil market for the benefits of all stakeholders will continue to be required in the years ahead,” Syvla added. Nigeria was admitted into OPEC as its 11th member country on July 12, 1971, at the 24th meeting of the OPEC held in Vienna, Austria.

“OPEC at the time was in its 11th year of existence having being established on Sept. 14 1960, in Baghdad, Iraq, by five founding member countries Islamic Republic of Iran, Iraq, Kuwait, Saudi Arabia and Venezuela. “This makes today July 12, 2021, the golden anniversary of a successful partnership between Nigeria and OPEC.

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Source: SweetCrudeReports

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