Buhari’s visit to Saudi, Qatar targets global oil production cut

By Gbenga KOSOKO

LAGOS-THE ongoing official visit of President Muhammadu Buhari is strategically focused on ensuring a production cut from the main OPEC countries, a move which is expected to help falling oil prices rebound if obliged.

Buhari travelsThe Nigerian President who commenced a week-long official visit to Saudi Arabia and Qatar today, Monday, February 22, 2016 is being accompanied by a high-powered Federal Government delegation, including the Minister of State (Petroleum) and Group Managing Director of the Nigerian National Petroleum Corporation, (NNPC), Dr. Ibe Kachikwu who has already announced a production cut in Nigeria to about 2.2 million barrels a day.

The President’s delegation will first fly to Riyadyh for talks on Tuesday with King Salman Bin Abdulaziz Al Saud and senior officials of the Kingdom of Saudi Arabia.
Ongoing efforts by Nigeria and other members of the Organisation of Petroleum Exporting Countries (OPEC) to achieve greater stability in the price of crude oil exports are expected to be high on the agenda of discussions between President Buhari and the Saudi Monarch.
Crude oil prices and market stability will also be on the front burner when President Buhari goes on to Doha on Saturday for talks on Sunday with the Emir of Qatar, Sheikh Tamim bin Hamad Al Thani.
The President is also scheduled to meet with leading Saudi and Qatari businessmen in Riyadh and Doha, and invite them to support his administration’s efforts to revamp the Nigerian economy by taking advantage of the great investment opportunities currently available in Nigeria’s mining, agriculture, power supply, infrastructure, transportation, communications and other sectors.
President Buhari’s other engagements in Saudi Arabia include meetings with heads of international financial organisations and multilateral associations.
Before going on to Doha, the President will also visit Medina and Mecca to pray for greater peace, prosperity and progress in Nigeria.

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