Nigeria advices OPEC against flooding the market with oil – Kachikwu
Stephen U.C, Petroleum news, Port-harcourt
OPEC’s decision to add more oil into the market is to squeeze oil production which will allow the price of Crude oil to drop due to market surplus. This move may affect producers negatively and drive Nigeria out of business, Petroleum newspaper noted. Yesterday, the Minister of State for Petroleum Resources, Dr Emmanuel Ibe Kachikwu, said Nigeria would work against additional oil supply to the global market by OPEC and non-OPEC members.
Kachikwu restated his position during an interview with journalists on Thursday ahead of the 174th Meetings of the OPEC Conference and the OPEC and non-OPEC Ministerial meeting scheduled for Friday and Saturday in Vienna, Austria.
He explained that Nigeria was against the move being pushed by some members of the organisations to increase oil production because “the market is not yet ripe for such decisions.”