PETAN urges Nigeria oil push amid OPEC uncertainty
The Petroleum Technology Association of Nigeria has urged Nigeria to raise oil and gas output as shifting OPEC+ dynamics threaten global price stability.
Its chairman, Wole Ogunsanya, spoke with energy correspondents at the 2026 Offshore Technology Conference in Houston, Texas, on Monday.
He reacted to developments within OPEC+, including reports of the United Arab Emirates’ exit.
Mr Ogunsanya said, “OPEC and OPEC+ have historically acted as stabilising forces. Their role is to protect consumers from excessive prices and producers from damaging declines. Any major shift by a key player could upset that balance.”
He said global oil markets often swing between scarcity, price spikes, oversupply, and sudden declines.
He said OPEC interventions have moderated volatility, except during the COVID-19 pandemic and geopolitical conflicts.
According to him, the UAE’s production plans could weaken OPEC’s quota discipline.
“Nigeria must focus firmly on its national interest. We need three million barrels daily within five years,” he said.
He said higher production would strengthen foreign exchange earnings and support expanding refinery operations.
He cited the Dangote Refinery’s exports of aviation fuel to international markets, including the United States.
“Whatever happens to prices, production must remain steady. The world will continue needing aviation fuel, petrol, and diesel,” he said.
Mr Ogunsanya warned falling prices could threaten exports without stronger planning and market preparation.
He urged Nigeria to strengthen OPEC engagement while securing independent crude buyers.
“Quota allocations mean little without dependable customers. Nigeria has premium crude, but it must be marketed consistently,” he said.
He stated that previous cargo delays caused by logistical and contractual challenges.
“If buyers doubt delivery, they will simply look elsewhere,” he explained.
Mr Ogunsanya also highlighted the influence of the United States and Russia on output.
He described current developments as a strategic wake-up call for Nigeria.
“Nigeria must boost production, secure markets, and stay competitive,” he said.
(NAN)
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