Nigerian authorities said Wednesday the country will not cut oil production even as nosediving crude prices caused by a global supply glut ravage revenue, AFP reports.
US crude oil prices tumbled to a 12-year low Tuesday, prompting Nigeria’s junior oil minister Emmanuel Ibe Kachikwu to say he expected an extraordinary meeting of the global oil cartel, OPEC, in “early March” to discuss the continued plunge in prices.
But until the meeting is formally confirmed, Nigeria can do little in response to the collapsing price of crude, said Nigerian National Petroleum Corporation (NNPC) marketing head Mele Kolo Kyari. “The easiest thing to do is to control production but Nigeria can only do that through the OPEC framework and the last OPEC meeting did not agree to cut down production”. “So influencing the price through production is now out of the question” he said.