President Muhammadu Buhari on Sunday in Doha emphasised the need for member states of Organization of Petroleum Exporting Countries (OPEC) and non-OPEC members to cooperate and find a common ground to stabilize crude oil prices.
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 has seen oil prices plummet by 70 per cent since mid-2014, as ‘totally unacceptable’.
Buhari, in a statement by the Special Adviser on Media and Publicity, Femi Adesina, said: “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 stabilize the market, which will be beneficial to our nations,’’ the President said on the second day of his state visit to Qatar. ”
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