Nigeria to put off deciding whether to join OPEC cuts, minister says

13 Jul 2017   Nigeria, OPEC

Nigeria supports OPEC’s efforts to stabilize oil prices, but it wants to wait before deciding whether join the cartel’s cuts in oil production, its oil minister said on Wednesday. “Hopefully, in the next two to three months we can see how predictable the production return has been and then can say we feel stabilized and need to make the corresponding cuts,” Emmanuel Ibe Kachikwu told reporters. Nigeria and Libya, whose output has been hit by political turmoil and attacks, are exempt from an the Organization of Petroleum Exporting Countries agreement, which is an effort to reduce a glut of crude oil on world markets. Nigeria’s benchmark level to join the OPEC cuts is production of 1.8 million barrels of crude a day. Its current output is around 1.7 million barrels a day, excluding condensates, Kachikwu said. Nigeria’s output had improved in recent months, after the government […]

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