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Nigerian Minister highlights importance of Third OPEC Summit
Riyadh, Saudi Arabia, November 15, 2007, SPA - Nigeria's Minister
of State for Energy (Petroleum) Henry Odin Ajumogoboa has underscored the importance
of the Third OPEC Summit which opens its two-day works on Saturday.
In a press statement, he highlighted the role of the Kingdom of Saudi Arabia, which
is the biggest oil producing country in the world, noting it is one of the three
founders of the oil cartel.
"We do feel proud because all OPEC member states support the idea of convening the
summit in this great country," he said.
The Nigerian minister said OPEC is currently focusing on increasing the productive
capacity as a means for the stability of the prices, and in the medium-run it is
trying to resolve the problems of supply and demand and
the environment.
It will be possible for OPEC to enhance cooperation with the non-OPEC oil producing
countries , he said, affirming that OPEC is an important element for the stability
of the international energy markets.
He expressed optimism that it will be possible to continue cooperation between the
oil producing and consuming countries and environment from one side and the new
sources of energy and technology from the other side.
"OPEC has been maintaining its major principles despite the existing challenges
through coordination and good relations among its member states and the collective
style in taking decisions," he added. |
