Kachikwu prefers oil prices to say in $60 range not $70 and above

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Nigeria oil minister Emmanuel Ibe Kachikwu said on Saturday his country is aiming to achieve oil production of 1.8 million barrels per day by March and would also prefer oil prices to stay in the $60 range, Gulf News reports.

“Hopefully the price of oil will help us a bit to get some of the pressure off our back. If the infrastructure comes back, our potential to increase will be there. We have taken the Opec position of staying at 1.8 million barrels per day and not allow that sort of squeeze to loosen up. I would wait till June [to see how] the numbers are looking,” said Kachikwu speaking in Abu Dhabi.

The current production is still below 1.8 million barrels per day and condensates production is 300,000 barrels, he added. When asked whether $70 oil prices are helpful to Nigeria, he said the resolve is to have a reasonable figure. “Not $70, somewhere in the sixties. There is a collective resolve to do everything. The philosophy is not to protect the price but the business model,” he said.