Buhari Seeks OPEC Members’ Cooperation To Stabilize Oil mMrket

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. ”He used the occasion of his address to the Emir to commend the existing cordial bilateral relations between both countries and invited prospective Qatari investors to take advantage of the abundant opportunities in Nigeria and invest in the key areas of energy, agriculture, real estate development, banking and finance.The President also assured prospective investors of government protection of their persons and investment, noting that in the course of his visit, the delegations from Nigeria and Qatar would formalize at least two bilateral agreements to boost economic cooperation between both countries.