Nigeria To Restore Oil Output As OPEC Weighs Extending Cuts

Nigeria To Restore Oil Output As OPEC Weighs Extending Cuts

Oil Minister Emmanuel Kachikwu said that Nigeria will revive oil production this summer as it completes maintenance and repairs, and expects fellow OPEC members to continue to cut their output in the second half of the year, Bloomberg reports.

Africa’s second-biggest producer will finish repairs on the Forcados pipeline by June and complete maintenance at the Bonga oilfield the following month, Kachikwu said in a Bloomberg Television interview. The country’s output slumped to 1.27 million barrels a day last month, the lowest in decades, according to data provided by the nation. It aims to reach 2.2 million barrels a day.

With production losses due to militant attacks, Nigeria had been exempt from output cuts by the Organization of Petroleum Exporting Countries. The nation will join the OPEC measure once it has fully restored output it’s lost, which could happen as early as October or November, and meanwhile expects the counterparts to extend the cuts to keep oil prices above $50 a barrel, Kachikwu said.

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