Nigeria unsure over oil output cuts as OPEC meeting draws closer

Indications emerged Wednesday that the Nigerian government is yet to decide whether it would participate in any production cuts ahead of the Organisation of the Petroleum Exporting Countries (OPEC) meeting slated for December 6. Ibe Kachikwu, Nigeria’s oil minister, said on Wednesday that it was too early to say whether Nigeria would participate in any cuts; but there was “absolute resolve” within OPEC to stabilise the market.

The minister spoke when Saudi Energy Minister, Khalid al-Falih, visited him in Abuja for a meeting. But Mr al-Falih on his part stated that Saudi would not cut oil output on its own to stabilise the market. OPEC and its allies led by Russia will meet in Vienna next week amid concerns over a slowing global economy and rising oil supplies from the United States, which is not involved in an existing agreement to restrain output.

On Wednesday in Abuja, the Saudi minister said signals from OPEC members Iraq, Nigeria and Libya were positive ahead of the organisation’s meeting next week as all ministers wanted to restore stability to oil markets. Nigeria has been excluded from the previous round of cuts, which began in 2017, due to steep production declines caused by unrest in the Niger Delta region.

Source: Premium Times

 

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