EMEA News
Nigeria Will "Make the Necessary Sacrifices" to Remain Part of OPEC
Nigeria's President, Muhammadu Buhari, says that the country will "make the necessary sacrifices" to remain part of the Organization of the Petroleum Exporting Countries (OPEC), despite the cartels high-production policy being largely responsible for chronically low oil prices.
Around 90 percent of the country's export earnings are tied to oil.
"Under my leadership, Nigeria will not withdraw from OPEC. Between 1976 and 1979, I served as petroleum minister, so I value the institution of OPEC," Buhari told Aljazeera.
He also noted that OPEC should keep the diverse economic conditions of its member countries in mind.
"In Nigeria, we were unable to diversify our economy, so we are much more disadvantaged by the lower oil prices. OPEC may try to help us, but basically it is our own fault," said Buhari.
Further, Buhari expressed concerns over OPEC insistence on keeping crude outputs high, but stressed that members need to cooperate in order to improve the situation.
"OPEC has to work together to save the situation. If you can produce less and earn more, why produce more and earn less?"
"I have never been able to understand it but the market forces are influenced by a lot of political decisions, both regional and global, and we have to live by it."
In December, Emmanuel Kachikwu, oil minister for Nigeria and former president of OPEC, said that if prices didn't recover by February, then "a very urgent meeting" would need to be called.
