Russia-Nigeria collaboration essential to oil market steadiness
(MENAFN) The collaboration between Russia and Nigeria within the OPEC+ alliance plays a crucial role in ensuring stability in the global oil market, according to Russian Deputy Prime Minister Alexander Novak. His comments followed a meeting with Nigeria’s Minister of Finance and Economy, Wale Edun.
“Our joint efforts within OPEC+ make a significant contribution to maintaining stability and predictability in the world oil market,” Novak said, as quoted by the Russian government’s press service on Tuesday. He emphasized that decisions within the alliance are driven by real market data and trends, aimed at balancing supply and demand amid ongoing economic challenges.
Novak highlighted that coordinated actions within OPEC and OPEC+ align with the long-term interests of member nations and help bolster their economies.
The two officials also discussed expanding cooperation across the oil and gas industry, covering the full production cycle from geological exploration to field development.
Russia, the world’s second-largest oil exporter after Saudi Arabia, is a major player in OPEC+. Nigeria, likewise, is a significant oil producer and exporter and a member of both OPEC and OPEC+.
Last month, Russian Deputy Energy Minister Roman Marshavin held talks with Nigeria’s chargé d’affaires, Garba Satomi Grema, to explore joint opportunities in geological exploration, petroleum product supplies, hydropower engineering, and potential collaboration between Nigeria’s National Petroleum Corporation and Russia’s Institute of Oil and Gas Technological Initiatives (IOGTI).
Russia’s energy cooperation with Africa continues to expand. In March, Dmitry Poduyev from the Russian Energy Ministry reaffirmed Moscow’s readiness to support African nations through technology transfers, capacity building, and reliable energy supplies. Foreign Minister Sergey Lavrov also noted that Russia had doubled its oil product exports to Africa during 2023–2024.
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