Nigeria may or may not support OPEC hike – Kachikwu
Stephen U.C, Petroleum news, Abuja
Emmanuel Kachikwu, minister of state for petroleum resources, says Nigeria may not support OPEC hike and may once again get exempted from production cuts agreed on by the Organisation of Petroleum Exporting Countries (OPEC).
Nigeria was first exempted for six months and the second time, for nine months, in OPEC’s decision to cut crude production to reduce supply glut and increase oil prices.
Petroleum news reports that the minister made this known while speaking to journalists in Abuja on Wednesday, adding that the current hike in the price of crude may or may not be supported by the Nigerian state.
Meanwhile, OPEC meets on Friday to decide on output policy amid calls from major consumers such as the United States and China to cool down oil prices and support the global economy by producing more crude.