Shell Energy Entrepreneurs banner Yudala banner
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

Views: 434

•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


 

CLASSIFIED ADS

Let us build the most comprehensive online database of worthy and credible Nigerians from all walks of life. It is worth doing!

Loss Off Your Belly Fats, Upper Arm Fat and Body Fats In 2weeks Time.. Click HERE To Start Now!

 

You may also like...
2 reported killed as 'Free El-Zakzaky' protest breaks...

Rainfall activities are likely today over Jos, Kaduna,...

Nigerian women now sell private parts, wombs, ovaries...

Biafra youths seek release of author detained over...

Etisalat chairman Hakeem Belo-Osagie throws in the towel...

2014 World Cup: BRAZIL HERE WE COME! •Super...

Ile-Ife Crisis: Rights group condemns Buhari, Aregbesola, Police...

Reps postpone deliberations on PIB

Black Soot: Wike orders arrest of 15 mechanics...

Saraki to open Constituency Offices in 52 Kwara...

Edo gets $1.5m federal fund

Kogi APC group alleges intra-party plot to stop...

 

Latest News Remember the poor and give back to the society, Akpabio charges politicians •Promises more constituency projects PAMO University begins admission of students, activates website Killer herdsmen unmasked Police, Army launch manhunt for Niger Delta militants who kidnapped 5 oil workers 2019: Ministers, Nnamani, Kalu launch Buhari’s South West campaign office Federal Polytechnic Kauran Namoda issuing fake results, says Senior Staff Association Phone thieves burn 12-year-old boy Fulani killings: Group berates APC governors, says visit to Benue belated Presidency defends appointment of NIA DG, says he’s qualified for the job NBA seeks justice for victims of herdsmen attacks Ukah chides Oshiomhole over threat to install APC governor in Delta State Talks to end US government shutdown end in deadlock

 

Most Read Nigerian female sex addict opens up, says ‘I like it with both men and women’ (316,093 views) NUDE PHOTO OF OMOTOLA JALADE-EKEINDE surfaces online (306,466 views) Shameless Genevieve Nnaji exposes breasts in public (245,461 views) Finally named: The full list of friends of Nigerian female sex addict who prowled Facebook (201,734 views) Igbo scholar disgraces Femi Fani-Kayode •Demolishes claims on Igbo/Yoruba history with facts and figures (190,341 views) OLUMBA OLUMBA OBU (the one who called himself God) IS DEAD (179,743 views) Breaking News: POPULAR REVEREND CONVERTS TO ISLAM in Kaduna (Nigeria) (155,833 views) OBJ’s son reported dead in Lagos plane crash •Names of more victims emerge (140,213 views) THE FINAL DISGRACE: Igbo scholar unleashes more facts about Igbo/Yoruba history, finishes off Femi Fani-Kayode with second article (136,246 views) Lagos plane crash: Journalist releases victims’ names (124,726 views) My wasted years in Olumba Olumba Obu’s Evil Brotherhood (122,042 views) Gunmen kill ASP, 2 other police officers in vain bid to kidnap Rivers PDP chieftain (119,103 views)

 

Categories Advertorials (3) African Press Organisation (81) Art & Literature (33) Business (2,854) Business Verdict (32) Columnists (792) Complaints & Requests (94) Enterprise & Opportunities (200) Entertainment (431) Features (541) Global Business Monitor (222) International (1,751) Interviews (139) Live Commentary (28) Love Matters (100) News (32,054) Opinion (868) Pidgin (10) Politics (4,363) Religion (667) Sports (1,408) Stock Watch (26) AMA & Al Jazeera Global Update

 

CBN Banner advert

CBN Words on marble

 

 

Football president George Weah puts Liberian army to the test

 

APO Group Partner

 

CLASSIFIED ADS

Loss Off Your Belly Fats, Upper Arm Fat and Body Fats In 2weeks Time.. Click HERE To Start Now!

Let us build the most comprehensive online database of worthy and credible Nigerians from all walks of life. It is worth doing!

GOCOP Accredited Member

GOCOP Accredited member

 

 

Africa Media Agency and Al Jazeera

Advertisement



 

 

CLASSIFIED ADS

Let us build the most comprehensive online database of worthy and credible Nigerians from all walks of life. It is worth doing!

Loss Off Your Belly Fats, Upper Arm Fat and Body Fats In 2weeks Time.. Click HERE To Start Now!