– OPEC source said a meeting that was held on Thursday, May 24, was to highlight a need for long-term cooperation with non-OPEC producers
– He said many producers rely heavily on energy revenues and have had to burn through foreign-currency reserves to plug holes in their budgets
– He disclosed that the OPEC’s cuts had helped push oil back above $50 a barrel this year, giving a fiscal boost to producers.
Emmanuel Kachikwu, the minister of state and petroleum said on Thursday, May 24, that Nigeria was not opposed to joining Organization of Petroleum Exporting Countries (OPEC) production.
”We are targeting that by the end of the extension period (nine months) we are trying to prep and finalise repairs of our infrastructure and at that time we would be able to join.
”We have to wait and see that the militancy effects are out and the infrastructure is rebuilt and we’re back to production.
Emmanuel Kachikwu says Nigeria is not opposed to joining Organization of Petroleum Exporting Countries (OPEC) production.
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”OPEC is discussing in Vienna whether to prolong an accord reached in December in which it and 11 non-members agreed to cut oil output by about 1.8 million barrels per day in the first half of 2017,” Kachikuwu said
OPEC sources said the Thursday meeting would highlight a need for long-term cooperation with non-OPEC producers.
News Agency of Nigeria reports that the group could also send a message to the market that it will seek to curtail its oil
The source said OPEC’s cuts had helped push oil back above $50 a barrel this year, giving a fiscal boost to producers.
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He said many producers rely heavily on energy revenues and have had to burn through foreign-currency reserves to plug holes in their budgets.
According to him, Oil’s earlier price decline, which started in 2014, forced Russia and Saudi Arabia to tighten their belts and led to unrest in some producing countries including Venezuela and Nigeria.
ZENITHBLOG.com recalls that the Organisation of the Petroleum Exporting Countries (OPEC) reduced its oil output for a second month in February, a media survey found, showing the exporter group had boosted already strong compliance to around 94 per cent.
Heftier cuts by Saudi Arabia and Angola helped offset weaker compliance by other members that agreed to limit their output May Brent crude futures were last up 27 cents at 56.78 dollars a barrel by 1030 GMT, while US West Texas Intermediat (WTI) futures for April were up 18 cents at 54.19 dollars.
Watch this ZENITHBLOG.com TV Video of former NNPC group managing director Andrew Yakubu in court over fraud allegations:
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