OPEC Exempts Nigeria From Oil Quotas

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The meeting of the Joint Ministerial Monitoring Committee of OPEC and Non OPEC Countries in Vienna on Friday endorsed Nigeria’s position that the exemption granted it at last year’s conference be sustained until the country stabilises its crude oil production.

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Dr. Emmanuel Ibe Kachikwu, Nigeria’s Minister of State for Petroleum Resources, who led Nigeria’s delegation to the meeting had argued that although Nigeria’s production recovery efforts have made some appreciable progress since October last year, Nigeria is not yet out of the woods, noting that even though Nigeria hit 1.802 million barrels per day in the month of August, that was not enough justification for a call by some countries for Nigeria to be brought into the fold.

A statement signed by Idang Alibi on behalf of the Ministry of Petroleum Resources noted that Dr. Kachikwu emphasised that Nigeria, as one of the older members of OPEC will continue to work for the good of the organisation, respecting whatever agreements and resolutions are collectively made.

He stated that Nigeria will be prepared to cap its crude production when it has stabilised at 1.8 million barrels per day.

Source: Daily Times



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