Nigeria intends to join OPEC oil cut deal

Nigeria intends to join OPEC oil cut deal

Nigeria plans to join the OPEC oil cut deal, Nigeria's Minister of State for Petroleum Emmanuel Ibe Kachikwu said.

“OPEC members are trying to target a figure of close to $60 a barrel. We’re not too far away from that,” Kachikwu said in an interview with Bloomberg television in Vienna. "If we get to March and find that there’s a need to do more, I think we will."

He reiterated that his country would accept an output cap once security in its oil-producing region has fully stabilized.

"Our production has gone from the all time low of about 1.1 million barrels a day up to about 1.7 million to 1.75 million," Kachikwu said. When the country achieves consistent production of 1.8 million barrels a day “we will basically place a cap on ourselves,” he said.

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