Nigeria oil minister says not opposed to eventually joining output cuts

PUBLISHED: Thu, 25 May 2017 11:55:58 GMT
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Nigerian Oil Minister Emmanuel Ibe Kachikwu said on Thursday that conceptually Nigeria was not opposed to joining OPEC production caps but would have to wait and see if production came back to acceptable levels.

“We are targeting that by the end of the extension period (9 months) we are trying to prep and finalize repairs of our infrastructure and at that time we would be able to join,” he said.

“We have to wait and see that the militancy effects are out and the infrastructure is rebuilt and we’re back to production,” he said.

OPEC and non-OPEC oil producers are gearing up to extend output cuts on Thursday, possibly by as long as 12 months, to help clear a global inventory overhang and to support crude prices.

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