Nigeria's Minister of State for Energy (Petroleum) Henry Odin Ajumogoboa has underscored the importance of the Third OPEC Summit which opens its two-day works on Saturday. In a press statement, he highlighted the role of the Kingdom of Saudi Arabia, which is the biggest oil producing country in the world, noting it is one of the three founders of the oil cartel. "We do feel proud because all OPEC member states support the idea of convening the summit in this great country," he said. The Nigerian minister said OPEC is currently focusing on increasing the productive capacity as a means for the stability of the prices, and in the medium-run it is trying to resolve the problems of supply and demand and the environment. It will be possible for OPEC to enhance cooperation with the non-OPEC oil producing countries , he said, affirming that OPEC is an important element for the stability of the international energy markets. He expressed optimism that it will be possible to continue cooperation between the oil producing and consuming countries and environment from one side and the new sources of energy and technology from the other side. "OPEC has been maintaining its major principles despite the existing challenges through coordination and good relations among its member states and the collective style in taking decisions," he added.
