OPEC cut extension does not give Nigeria, Libya fixed output figures – Kachikwu


The Minister of State for Petroleum Resources, Dr. Ibe Kachikwu, has said the Organisation of Petroleum Exporting Countries (OPEC) and non-OPEC allies led by Russia did not give Nigeria and Libya specific figures to cap their oil production when the decision to extend supply cut was taken on Thursday in Vienna, THISDAY reports.

Kachikwu, who spoke with journalists during the meeting in the Austrian capital, explained that Nigeria and Libya, which had enjoyed exemption from the cap were technically allowed to maintain their status quo. However, with pledges, they would watch the volumes of oil they will bring to the market in 2018 so as not to disrupt the market rebalancing efforts.

Providing details of its proceeding and outcomes vis-à-vis Nigeria’s position at the meeting to the journalists, Kachikwu said Nigeria was emphatic in placing its position before the group to get its exemption, which would expire in March to be rolled over.