Commentary: OPEC And Stability In The International Oil Market

Nigeria – The Secretary-General of the Organization of Petroleum Exporting Countries (OPEC), Dr. Mohammad Sanusi Barkindo, says the body will partner the Nigerian Association of Chambers of Commerce, Industry, Mines and Agriculture (NACCIMA), in developing Nigeria’s oil and gas sector. Dr. Barkindo stated this in Abuja shortly after receiving an award of exemplary public and international service career from NACCIMA.

Dr Barkindo, represented by the Organization’s Media consultant and Immediate past Group General Manager, Group Public Affairs of the Nigerian National Petroleum Corporation NNPC, Mr. Ndu Ughammadu, MFR, Ogene Nibo and Omeligbo Nri, commended NACCIMA for its contributions to the growth and rapid industrialization of Nigeria, calling for its sustenance.

No doubt, the prestigious award to the Secretary-General of OPEC by NACCIMA is a big leap for the international organization. Since its formation in September, 1960, OPEC has attached great importance to its responsibility of providing front line energy source, towards ensuring a stable, secure and well-managed oil sector.

Actually, the very first resolution of the organization aims to achieve stable oil prices with a view to eliminating harmful and unnecessary fluctuations, a steady income for producing nations, an efficient, economic and regular supply of petroleum to consuming nations, and a fair return on their capital to investors. Dr Barkindo has ensured that these principles have provided the statutory beacon for the organization’s actions in the market ever since.

As manager of men and resources, Dr. Mohammad Sanusi Barkindo has assured that OPEC remains committed to ensuring stable, secure and reasonably priced supplies of crude oil to the market at all times. It is clear, however, that with such big, costly and lengthy undertakings in mind, security of supply needs to go hand-in-hand with security of demand, and reasonable prices need to prevail. The overall goal is for all stakeholders to focus on improving international oil business, cooperation and transparency, to provide a stable setting in which investments and expansion flourish.

The Secretary-General has also ensured that the organization would foster cooperation among other oil-producing nations. This reaching out to other industry stakeholders is specifically geared towards achieving its longstanding objectives focused on market order and stability.

OPEC has also ensured that its member countries are able, at all times, to meet the world’s steadily growing demand for clean, safe petroleum in a stable, well-ordered market, founded upon transparency, equity and a readiness for constructive dialogue.

Under the Secretary-General of OPEC, policy decisions and actions have, not only rescued oil prices and restored stability to a very volatile market, but have also been instrumental in bringing about conditions that have supported the global economic recovery.

Looking back at the recent award given to the Secretary-General by NACCIMA, one will make bold to say that the cap fits him well. With something as complex and unpredictable as the international oil market and the underlying forces and pressures that affect its direction, Dr. Barkindo has continued to pursue the path of cooperation and stability in the challenging years.

Notwithstanding the challenges facing the organizing, the Secretary General has also continued with a policy aimed at creating harmony and stability in the international oil market for the benefit of the producers, the consumers, the investors and the global economy at large.

Furthermore, the Secretary-General of OPEC, Dr. Sanusi Barkindo, has helped to transform the organization to international best practices. That explained why the National President of NACCIMA, Hajia Saratu Iya Aliyu, described him, during the conferment of the award, as a humble and honest diplomat, credited with restoring market stability on a global scale.

Since his appointment on August 1, 2006 and his re-election to another three year term on July 2, 2019, Dr. Mohammad Sanusi Barkindo of Nigeria has continued to solidify the OPEC’s mission and vision. No wonder NACCIMA found him worthy for the recent award.