Nigeria Defies Calls To Curb Crude Oil Output

13 Sep 2017   Nigeria

Although it faces mounting pressure to join OPEC’s production cuts, exempt producer Nigeria will resist any attempt to cut its oil output because it needs time at least until March next year to make sure its production gains are sustainable, Oil Minister Emmanuel Kachikwu told the Financial Times in an interview published on Tuesday. “We have a nine-month exemption period within which to come back to the table,” Kachikwu told FT. “You need that timeframe to see if any recovery is sustainable,” the minister added, putting further pressure on fellow OPEC members in trying to persuade Nigeria to join the cuts. “They should let us exhaust those nine months and see whether we have been able to establish stability,” Kachikwu told FT, commenting on his country’s plans regarding joining the cuts. The Joint OPEC-Non-OPEC Ministerial Monitoring Committee (JMMC)—the panel tasked to supervise compliance with the cuts—is meeting in Vienna […]

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