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OPEC: Turbulent Times
Life at the centre of the world’s biggest oil cartel
Nigeria’s membership of that influential and exclusive club, the Organization of Petroleum Exporting Countries (Opec), has not been without its ups and downs for Nigeria, which joined in 1971. Opec members supply more than a third of the world's oil. But issues over quotas have dogged the fragile relationship between successive Nigerian energy ministry bosses and Opec policy gurus, often bringing tensions to the surface at top level discussions.
On more than one occasion, Nigeria has suggested it may go it alone after being denied the quota it believes it deserves. But more pressing of late have been the security issues arising from unrest in the Niger Delta region, which have prevented Nigeria meeting its allocation. Such issues pale into insignificance in the current energy climate, as a global financial crisis continues to tighten its grip, devastating industrial activity all over the world and threatening to send oil prices to lows not seen for many a year. In response, Nigeria’s President Umaru Yar'Adua saw fit to set a crude oil benchmark price of USD45 a barrel in his draft budget in late 2008, down from USD59 previously.
On more than one occasion, Nigeria has suggested it may go it alone after being denied the quota it believes it deserves. But more pressing of late have been the security issues arising from unrest in the Niger Delta region, which have prevented Nigeria meeting its allocation. Such issues pale into insignificance in the current energy climate, as a global financial crisis continues to tighten its grip, devastating industrial activity all over the world and threatening to send oil prices to lows not seen for many a year. In response, Nigeria’s President Umaru Yar'Adua saw fit to set a crude oil benchmark price of USD45 a barrel in his draft budget in late 2008, down from USD59 previously.
