NewsExpress advert FCMB banner Fidelity bank banner NewsExpress advert
Nigeria unlikely to join OPEC cuts before March, says Kachikwu

By News Express on 14/09/2017

Share on facebook Yahoo mail icon Gmail icon Share on Google+

Views: 573

•Petroleum Minister of State Ibe Kachikwu
•Petroleum Minister of State Ibe Kachikwu

Nigeria is very unlikely to join Organisation of Petroleum Exporting Countries' cuts in oil production before March, the Minister of State for Petroleum Resources said on Wednesday.

OPEC and other producers, including Russia, are reducing crude output by about 1.8 million barrels per day (bpd) until next March in an attempt to support prices by cutting a glut of crude oil on world markets.

Nigeria and Libya, whose output has been affected by political turmoil and attacks, are exempt from the agreement.

“It is very unlikely that I see stability that convinces me with certainty that I should exit the exemption between now and March,” Emmanuel Ibe Kachikwu told reporters in Abuja.

He also said an extension to the cartel’s cuts was possible since volumes of oil stocks were still a challenge.

“I will not be surprised if an extension to the cuts is contemplated post-March, given the sort of volumes I‘m still seeing, because as long as the volumes are still a challenge we will continue to do everything that we need to do to tighten up the market.”

Kachikwu said earlier on Wednesday that Nigeria’s oil production currently stood at 1.6 million bpd, excluding condensates. (Reuters)

 

Source News Express

Posted 14/09/2017 01:50:18 AM

 

Share on facebook Yahoo mail icon Gmail icon Share on Google+


 

CLASSIFIED ADS

REVEALED: 3 natural ways to get stronger erections, last 25minutes on bed, and increase manhood size without using drugs. Also, Natural Prostrate Enlargement Remedy.. Get In HERE...

 

You may also like...
Abuja MoU moves against substandard shipping in Africa...

2,500 IGBOS SACRIFICED FOR JONATHAN . . ....

Public officers should undergo drug test — Emir...

$9.3m arms deal: Nigeria, South Africa open diplomatic...

Nsukka Jail Break: 6 escaped inmates re-arrested

Kidnappers kill policeman, abduct German engineer in Kano...

FG launches contract monitoring website

APC protests Rivers killings

Amiesimaka accuses NFF of failing to back Odegbami’s...

Buhari to strengthen relations with US

FG approves 9 new private varsities

BREAKING NEWS: Alex Ekwueme is dead

 

Latest News BREAKING: Senator Dino Melaye arrested, moved to SARS Headquarters UBA shareholders approve N22.23bn dividend for 2017 Lawmaker loses 10 family members in road accident Drug Abuse: Over two million bottles of codeine consumed daily in Kano Protesters storm Melaye's residence as security operatives invade premises 2018 budget: MDAs have complied with FG’s directives –Akabueze …Says 2019 elections won’t affect implementation Dangote Cement appoints Makoju Managing Director/CEO Atiku to unveil agenda for Nigeria Wednesday JOHESU Strike: FG sets up committee to review unions’ demand Sex for marks: OAU asks Monica Osagie, to appear before panel Tuesday Ekiti 2018: Buhari grants Fayemi leave of absence as minister Zamfara Govt. increases corps members’ allowance ahead of 2019 elections

 

Most Read Nigerian female sex addict opens up, says ‘I like it with both men and women’ (339,684 views) NUDE PHOTO OF OMOTOLA JALADE-EKEINDE surfaces online (334,673 views) Shameless Genevieve Nnaji exposes breasts in public (267,811 views) Finally named: The full list of friends of Nigerian female sex addict who prowled Facebook (220,213 views) Igbo scholar disgraces Femi Fani-Kayode •Demolishes claims on Igbo/Yoruba history with facts and figures (202,121 views) OLUMBA OLUMBA OBU (the one who called himself God) IS DEAD (198,129 views) Breaking News: POPULAR REVEREND CONVERTS TO ISLAM in Kaduna (Nigeria) (172,855 views) OBJ’s son reported dead in Lagos plane crash •Names of more victims emerge (155,215 views) THE FINAL DISGRACE: Igbo scholar unleashes more facts about Igbo/Yoruba history, finishes off Femi Fani-Kayode with second article (147,135 views) My wasted years in Olumba Olumba Obu’s Evil Brotherhood (139,053 views) Lagos plane crash: Journalist releases victims’ names (136,913 views) Gunmen kill ASP, 2 other police officers in vain bid to kidnap Rivers PDP chieftain (129,599 views)

 

Categories Advertorials (3) African Press Organisation (81) Art & Literature (36) Business & Economy (3,069) Business Verdict (40) Columnists (836) Complaints & Requests (94) Enterprise & Opportunities (207) Entertainment (483) Features (569) Global Business Monitor (264) International (1,924) Interview (149) Live Commentary (28) Love Matters (116) News (34,705) Opinion (916) Pidgin (10) Politics (4,808) Religion (723) Sports (1,484) Stock Watch (28) AMA & Al Jazeera Global Update

 

 

NLNG Science and Literature Prize Awards

 

 

NEWS EXPRESS TV

Boko Haram commanders surrender

 

APO Group Partner

 

 

CLASSIFIED ADS

REVEALED: 3 natural ways to get stronger erections, last 25minutes on bed, and increase manhood size without using drugs. Also, Natural Prostrate Enlargement Remedy.. Get In HERE...

GOCOP Accredited Member

GOCOP Accredited member

 

 

Africa Media Agency and Al Jazeera

Advertisement