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Barkindo explains why Nigeria, 2 others were exempted from production cut

The Secretary-General, Organisation of Petroleum Exporting Countries (OPEC), Mr Mohammed Barkindo, has given fresh reasons why Nigeria, Libya and Iran were specially considered by OPEC to continue their quota.

He said that OPEC was at equally at the ongoing IMF/World Bank meeting in Washington DC to brief Commonwealth ministers of finance and central bank governors on the recent short time developments.

“I briefed them on the outcome of the last OPEC meetings and the immediate prospects. Our last meeting was not only positive for Nigeria, but to the entire group.

“If you recall, Nigeria together with the Islamic Republic of Iran and Libya are being considered as countries undergoing special circumstances.

“Therefore we agreed that they should not be treated at the same level as the other countries and this is a big relief to our systems and our colleagues from the central bank.

“Also, we have been able to avert a further price slum which was widely expected by the market.

“We thank God that since April, we have seen prices rebounding at almost seven per cent,” he said.

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