By Abiola Olawale
Chief Timipre Sylva, Nigeria’s Minister of State for Petroleum Resources and a Special Envoy of the Organization of Petroleum Exporting Countries (OPEC) has met with top officials in Equatorial Guinea to discuss OPEC operations there.
The minister who was appointed by OPEC as its Special Envoy on 3rd of February, 2021, landed in Equatorial Guinea on Thursday, to meet with relevant authorities their on issues relating to OPEC business as the bloc seeks ways to sustain the ongoing rally that has raised global oil prices to record-high in over 11 months.
Sylva is expected to discuss with relevant authorities of Equatorial Guinea on matters pertaining to conformity levels with the voluntary production adjustments and explore how OPEC members can collectively support and assist one another in achieving full conformity with their supply adjustments.
Additionally, the minister will discuss the compensation mechanism in accommodating underperformed volumes as agreed at the June ministerial meetings, which was amended in September 2020.
Sylva’s schedule of assignment as a Special envoy involves consultation with the four nations assigned to him concerning OPEC related issues.
The appointment would see him visit oil producing nations in Africa like Equatorial Guniea, Gabon, Congo Brazzaville and South Sudan.
His appointment also involves consultation with the Declaration of Cooperation (DoC) participating countries. The DoC is made up of OPEC and non-OPEC members.