Nigeria Urged to Secure New Crude Oil Buyers Amid UAE Exit

Mr. Wole Ogunsanya, the chairman of the Petroleum Technology Association of Nigeria (PETAN), called on the Nigerian National Petroleum Company (NNPC) to limit oil production and urgently develop markets for Nigerian crude oil outside the OPEC quota system.

This appeal comes in response to the potential instability in the oil market due to the United Arab Emirates' (UAE) exit from OPEC. Ogunsanya emphasized the need for Nigeria to cushion the impact of this departure by securing reliable buyers for its crude oil.

He stated that while Nigeria produces some of the best crude oil in the world, it is essential to ensure that the product is marketed effectively to retain buyers. He noted that the UAE's exit could disrupt the supply-demand balance within OPEC, which has maintained stability in oil prices for years.

Ogunsanya made these remarks during a press conference following the Offshore Technology Conference (OTC) 2026 in Houston, Texas.