Minister of State for Petroleum Resources, Chief Timipre Sylva, has restated that contrary to insinuations by some people, crude oil was not going away soon.
He, said rather oil will continue to be needed to power global economic growth so as to eradicate poverty which is still prevalent across the world.
Sylva, was speaking in Abuja, at a media briefing to commemorate Nigeria’s golden anniversary membership of the Organisation of Petroleum Exporting Countries (OPEC), where he also launched a book, ‘Nigeria and OPEC; 50 Years of Partnership, 1971-2021’.
The Minister noted that OPEC’s role of stabilising the oil market for the benefit of all stakeholders will therefore continue to be required in the years ahead.
He said: “Nigeria as a key player in the industry will continue to lend full support to the efforts of the Organisation to balance the oil market for the benefit of all.
“Nigeria’s membership of OPEC is very important, as it helps in strengthening shared values and protecting the group interest in the light of the above narratives.
“As a part of this celebration, it’s my great pleasure to launch the book “Nigeria and OPEC: 50 years of partnership, 1971-2021”, which is an updated version of the one published in 2006 to mark the 35th anniversary. It is a way to document and honour our past so that future generations can be adequately informed and inspired.
“The book gives a great insight into our people, culture. The relationship between Nigeria and OPEC, without doubt, has been of mutual benefit to both parties.
“Exactly 50 years ago on the 12th day of July 1971, at the 24th meeting of the OPEC Conference held in Vienna, Austria, Nigeria was admitted into the Organisation as its 11th member
“This makes today, the 12th day of July 2021, the Golden Anniversary of a successful partnership between Nigeria and OPEC”.