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The meeting of the Joint Ministerial Monitoring Committee of the Organisation of Petroleum Exporting Countries (OPEC) and non-OPEC countries, which ended in Vienna, Austria, at the weekend, have agreed to sustain the current production quota for Nigeria until it stabilises its crude oil production process.
Minister of State for Petroleum Resources, Dr. Emmanuel Ibe Kachikwu, 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, the country was not yet out of the woods having been buffeted by recession since the second quarter of 2016.
OPEC at its Ordinary meeting held in May in Vienna, Austria, took a decision to allow Nigeria supply 1.8 million barrels per day to the market till the end of first quarter of 2018. But this production figures have been fluctuating since then.
He noted that though Nigeria hit 1.802 million barrels per day in August, that was not enough justification for a call by some countries for it to be brought into the fold. Kachikwu emphasised that Nigeria, as one of the older members of OPEC, will continue to work for the good of the organisation and its member countries by respecting whatever agreements and resolutions that were collectively made.
