Stable Oil Market Beneficial To All – Sylva

Stable Oil Market Beneficial To All – Sylva—-Chief Timipre Sylva, Minister of State for Petroleum Resources, says a stable oil market will benefit all consumers, producers and investors.

Sylva said this in a statement obtained by Newsmen on Sunday in Lagos.

He said Nigeria supports the call by Prince Abdulaziz Bin Salman, Minister of Energy of Saudi Arabia, to address the disconnect between paper and physical oil markets, to ensure true reflection of the existing fundamentals.

“A stable oil market benefits all – consumers, producers and investors alike. It is also a catalyst for global economic growth.

“As such, any measure required to ensure the stability of the oil market, whenever it is necessary, will always be comprehensively supported by Nigeria,” the minister said.

Sylvia said there was need for caution over current extreme volatility in the oil market.

He added that Nigeria, a world energy major, would work assiduously in ensuring a right and necessary path to stability.

NAN reports that the Organisation of Petroleum Exporting Countries (OPEC) had in May warned that the conflict between Russia and Ukraine was causing huge volatility in the global energy market.