Nigeria will support cap on production but no timeframe to join OPEC cuts yet – Kachikwu

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Nigeria’s oil minister Emmanuel Kachikwu told reporters in Abuja that the country will support a cap on its oil production, Bloomberg reports.

The production cap would however come into play when Nigeria can stably pump 1.8 million barrels a day, Kachikwu said. That’s 100,000 barrels more than it’s currently producing. According to him, the country’s current level is around 1.7 million barrels of crude per day, excluding condensates.

According to a Reuters report, he also said Nigeria has no set timeframe to join OPEC oil production cuts. “Hopefully in the next two to three months we can see how predictable the production return has been and then can say we feel stabilized and need to make the corresponding cuts,” he said.

Libya and Nigeria may be asked to cap their output soon in an effort to help re-balance the market, Kuwaiti Oil Minister Issam Almarzooq said Monday at a conference in Istanbul.