THE Organisation of Petroleum Exporting Countries, OPEC, alongside other oil-producing countries led by Russia on Thursday announced plans to review its pact to cut down on oil output with regards to instability in Venezuela and other nations to prevent an energy crisis according to a report.

In a press briefing, OPEC’s Secretary General, Mohammed Barkindo, stated the commitment of member nation’s to provide stability in the oil market.

“We are conscious of the times that we have found ourselves. But the good news is that talking to all member countries we remain committed, we remain focused on our principal objective as an organisation to ensure stability at all times in the oil market, to ensure that we avoid any energy crisis that will impact on the global economy,” he said.

OPEC and Russia led oil producing nations, formed an alliance tagged as OPEC+ which had agreed to cut down inventories and remove 1.2 million barrels per day of crude oil from global markets on January 1, in a bid to raise oil prices. While OPEC’s share was 800,000 barrels per day to be delivered by 11 members exempting Iran, Libya and Venezuela.

A  Joint Ministerial Monitoring Committee meeting is scheduled to take place on May 19 in Jeddah, Saudi Arabia to for both groups to re-evaluate its policies and review its options.

“All I can say is that the group is committed to stay united, is committed to ensure that our objective of not returning or slipping back into the chaos that we witnessed in the market following the longest cycle that we have seen from 2014 to 2016 does not repeat itself, including the volatility that we have seen in the fourth quarter of 2018,” he said.

In a related development, 15 cargoes of Nigerian crude oil from the April loading programme were unsold despite a drop in selling prices according to a Reuters report.

Major grades which include Bonny Light, Qua Iboe, Forcados and Escravos, saw a decrease of around 20 to 25 cents compared with April according to OPEC’s monthly report.

In April, OPEC members bound by the agreement achieved 132 per cent of pledged cuts, compared to 145 per cent in March, due to higher production in Nigeria and small increases in Saudi Arabia and Iraq.

Nigeria’s crude oil has not been cleared in recent weeks, as offer levels were too high to attract buying interest from European refineries.

According to the report, June-loading cargoes were being offered at relatively high prices with Qua Iboe at a $2.50 premium to dated Brent, Bonga at $3.75, Forcados at between $2.80 and $3.00, and Yoho at $2.40.

In April, OPEC members bound by the agreement achieved 132 per cent of pledged cuts, compared to 145 per cent in March, due to higher production in Nigeria and small increases in Saudi Arabia and Iraq.