Nigerian Energy Minister of Petroleum Emmanuel Kachikwu said that the country’s government agreed to freeze oil production at January levels. Thus, Nigeria has backed the initiative of Russia, Saudi Arabia, Qatar and Venezuela.
The minister noted that Nigeria is currently not exporting the quantity that OPEC has given it. Its oil production is 2.2 million barrels a day this month, unchanged from January. At the same time, Nigeria will continue to look at the possibility of increasing production for local consumption, Kachikwu said.
Kachikwu also said he sees no need for the Organization of Petroleum Exporting Countries to hold an emergency meeting. “Rather than focus on emergency meeting, we need to talk more. Because if you held a meeting when you haven’t agreed largely on the solution it wouldn’t be productive and would also affect the price of oil,” the minister said.
Russia, Saudi Arabia, Qatar and Venezuela agreed on February 16 to keep production at January levels, provided that others follow suit.
