Nigeria’s Oil Output Surge Remains Fragile — Kachikwu

Nigeria’s Oil Output Surge Remains Fragile — Kachikwu

Minister of State for Petroleum Resources, Mr. Ibe Kachikwu, has stated that it was too early to ask Nigeria to join in OPEC production output cut, stating that the current surge in Nigeria’s crude oil output remains fragile.

Addressing newsmen in Abuja, Kachikwu stated that though Nigeria’s crude oil output had risen to 1.7 million barrels per day, but was still below the 1.8 million barrels per day OPEC benchmark for Nigeria.

He explained that while Nigeria noted the recovery of its oil production in recent weeks, the upsurges remained fragile, assuring that Nigeria would continue to monitor developments.

He confirmed receiving invitation to the next Joint Ministerial Monitoring Committee Meeting of OPEC and Non-OPEC Accord Countries, scheduled to take place in St Petersburg, Moscow, July 24, 2017, but regretted his inability to attend because of a prior commitment to host Ministers of Petroleum of the African Petroleum Producers’ Organisation countries on the same day in Abuja.

He assured that Nigeria remained steadfast in its commitment to global oil market stability as it has done in the last 46 years as a member of OPEC and would always be part of the action taken by other OPEC member countries and contribute its quota once its productions status stabilises.

He affirmed the country’s commitment to continue working with other players for the stability of the global oil market.

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