Minister of Petroleum Resources, Mr. Ibe Kachikwu, has said that in view of growing agreement among other members of OPEC to extend deal, Nigeria will support an extension of a deal between OPEC, Russia and other non-members to cut oil supply until the end of 2018 as long as the right terms are put in place.
“There isn’t any reason to change what is a winning formula. There is a consensus to extend but the issue will be the duration,” Kachikwu said.
Previously, it was reported that OPEC, along with Russia and nine other producers agreed to cut oil output by about 1.8 million barrels per day (bpd) until March 2018 in an attempt to ease a global excess that weighed on prices.
The group will meet in Vienna later this month to discuss whether to extend that deal.
Nigeria’s output has rebounded since the exemption granted last year after militants attacks cut output to about 1 million bpd. However, Kachikwu said the recovery is ongoing, adding that the country will be looking for a number that enables it to contribute which is in the range of 1.8 to 1.9 (million bpd), preferably closer to 1.9 of the production cap.
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