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Monday, October 25, 2021

Current oil prices ‘unacceptable,’ Nigerian president tells Qatar’s Emir

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Nigerian President Muhammadu Buhari meets Qatar's Emir
Nigerian President Muhammadu Buhari meets Qatar’s Emir

Nigerian President Muhammadu Buhari wrapped up a two-day visit to Doha by signing an aviation agreement that’s expected to lead to more direct flights between Qatar and Africa’s most populous nation.

Buhari also used his meeting with Qatar’s Emir to press Sheikh Tamim bin Hamad Al Thani on the need to “stabilize” the oil market, Reuters reported.

“The current market situation in the oil industry is unsustainable and totally unacceptable,” Buhari told the Emir, the newswire said, citing a statement from the Nigerian president’s office.

Speaking yesterday, Buhari said OPEC and non-OPEC countries needed to work together:

“We must cooperate both within and outside our respective organizations to find a common ground to stabilize the market,” he said, according to Reuters.

Stabilizing output

Nigeria’s economy has been hit hard by the slump in energy prices.

According to OPEC, the oil and gas sector accounts for about 35 percent of the country’s GDP. Some 90 percent of its export revenue comes from the sale of petroleum products.

Earlier this month, Qatar – along with Russia and Saudi Arabia – agreed to freeze oil production at January levels following a meeting in Doha.

But with output at or near record highs, few analysts expected the move to immediately ease the current supply glut that’s helping keep prices low.

Also yesterday, the Emir and Buhari signed agreements to avoid double taxation and tax evasion amid hope that Qatar would increase its investments in Nigeria.

There are under 10,000 Nigerians living in Qatar and that number has been growing since the country opened a mission here in 2013.

According to the Qatar Tribune, Buhari also addressed concerns from Nigerian expats here about visas for their families, saying he would talk to the government about the issue.

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