Makainti Baru,the Group Managing Director of the Nigerian National Petroleum Corporation (NNPC), yesterday said Nigeria needs an oil price that does not fall below $70 due to its production constraints.

Dr Baru spoke at a Global Business Leaders Panel Session on the sidelines of the 21st Abu Dhabi International Petroleum Exhibition and Conference (ADIPEC), held in Abu Dhabi, United Arab Emirates.

He said: “We need price stability and we want to acknowledge the good gesture by Saudi Arabia.” Commending Saudi Arabia’s recent decision to announce daily crude oil production cut by one million barrels per day from December this year, the NNPC boss stated that the move would significantly stabilize the energy market.

Source: Independent