Current Oil Prices Are Totally Unacceptable – Buhari

muhammadu-buhari-and-Sheikh-Tamim-Bin-Hammad-Al-Thani on Oil PricesPresident Muhammadu Buhari has decried the current situation in the crude oil market, which has seen oil prices plummet by 70 per cent since mid-2014, saying it is “totally unacceptable.”

He emphasised the need for cooperation among Organisation of Petroleum Exporting Countries (OPEC) and non-OPEC member states to stabilise crude oil prices.

The Nigerian leader made the statement on Sunday in Doha at a bilateral meeting with the Emir of the State of Qatar, Sheikh Tamim Bin Hammad Al-Thani.

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“As members of OPEC and Gas Exporting Countries Forum (GECF), our relations in the areas of oil and gas, which our two nations heavily rely on, need to be enhanced and coordinated for the benefit of our people.

“The current market situation in the oil industry is unsustainable and totally unacceptable.

“We must cooperate both within and outside our respective organisations to find a common ground to stabilise the market, which will be beneficial to our nations,” the President said on the second day of his state visit to Qatar.

The President also commended the existing cordial bilateral relations between Nigeria and Qatar.

He invited prospective Qatari investors to take advantage of the abundant opportunities in Nigeria and invest in the key areas of energy, agriculture, real estate development, banking and finance.

He assured prospective investors of the government’s protection of their persons and investment, noting that in the course of his visit, the delegations from Nigeria and Qatar would formalise at least two bilateral agreements to boost economic cooperation between both countries.

President Buhari also weighed-in on the situation in the Middle East, commending the role Qatar was playing in resolving the Syrian crisis, the Palestinian cause and efforts in reconstructing Gaza.

“The conflicts in Yemen and Syria, with their attendant humanitarian crisis, need genuine international effort to solve. Nigeria, as a peace loving country, identifies with the State of Qatar in all her peace efforts in the world to end terrorist activities.

“Nigeria is a victim of terrorism. It is with heavy heart that I stand before you and say activities of Boko Haram have led to loss of many lives and displacement of innocent people in our dear nation.

“We, however, take pride to inform you that since our coming to power, Boko Haram has been systematically decimated and are in no position to cause serious threat to our development programs.

“I wish to reiterate that Nigeria rejects violence and extremism in all their ramifications, and assure your Highness that we are with the State of Qatar in your efforts to fight terrorism and injustice in your region and in the world at large,” President Buhari stressed.

He also called for a lasting solution to the Israeli–Palestinian conflict , saying; “we in Nigeria, like the State of Qatar, favour a ‘Two State’ solution, with the State of Palestine living side by side with the State of Israel.

“I want to assure you that we will stand side by side with you, until our brothers and sisters in Palestine achieve their desired objectives.

“Our support for various Security Council resolutions restoring and respecting 1967 boundaries with Jerusalem as capital of Palestine is firm and unshaken”.

Buhari To Lead Nigeria’s Delegation To Forum Of Gas Exporting Countries

BuhariPresident Muhammadu Buhari will depart Abuja on Sunday for Tehran where he will participate in the 3rd Gas Exporting Countries’ Forum (GECF) opening in the Iranian capital on Monday, November 23, 2015.

President Buhari and the leaders of Iran, Russia, Qatar, the Netherlands, Venezuela, Oman, Algeria, the United Arab Emirates, Bolivia and other member-countries of the GECF are expected to  review the current market outlook on gas and discuss strategies for boosting gas production during their meeting in Tehran.

Nigeria and other GECF members currently account for 42 percent of global gas production‎, 70 percent of global gas reserves, 40 percent of pipeline transmission of gas and 65 percent of the global trade in Liquefied Natural Gas.

President Buhari, who is scheduled to hold bilateral talks with other participating Heads of State and Government on the side-lines of the GECF summit, will also meet with Nigerians resident in Iran.

The President will be accompanied on the trip by the Minister of Foreign Affairs, Mr  Geoffrey Onyeama, the Minister of Power, Works & Housing, Mr Babatunde Fashola, the Minister of State for Petroleum Resources, Mr Ibe Kachikwu and the National Security Adviser, Maj.-Gen. Babagana Monguno (Rtd.).

He is due back in Abuja on Tuesday, November 24, 2015.