{"id":1946,"date":"2017-11-08T05:11:00","date_gmt":"2017-11-08T05:11:00","guid":{"rendered":"http:\/\/nigerianews.ca\/?p=1946"},"modified":"2017-11-08T05:11:32","modified_gmt":"2017-11-08T05:11:32","slug":"nigeria-supports-extension-of-ouput-cut-deal-between-opec","status":"publish","type":"post","link":"https:\/\/nigerianews.ca\/nigeria-supports-extension-of-ouput-cut-deal-between-opec\/","title":{"rendered":"Nigeria supports extension of ouput cut deal between OPEC"},"content":{"rendered":"
He said there is growing agreement among other members of the Organization of the Petroleum Exporting Countries to extend the deal.<\/p>\n
Nigeria itself, however, is exempt from the deal.<\/p>\n
OPEC, along with Russia and nine other producers agreed to cut oil output by about 1.8 million barrels per day (bpd) until March 2018 in an attempt to ease a global excess that weighed on prices.<\/p>\n
The group will meet in Vienna later this month to discuss whether to extend that deal.<\/p>\n
Nigeria\u2019s output has rebounded since its exemption, granted last year after militant attacks that cut its output to close to 1 million bpd, but Kachikwu said the recovery is ongoing.<\/p>\n
\u201cWe\u2019ll be looking for a number that enables us to contribute … it\u2019s in the range of 1.8 to 1.9 (million bpd), preferably closer to 1.9,\u201d he said of the production cap.<\/p>\n
While there have not been any significant attacks on the nation\u2019s oil infrastructure since January, the peace is on shaky ground.<\/p>\n
On Friday, the Niger Delta Avengers, the group that led the bulk of the 2016 attacks, said it had ended its ceasefire.<\/p>\n
Kachikwu described the 1.8-1.9 million bpd figure as \u201cthe sort of number where we can tolerate the cuts, and yet be able to survive as a nation.\u201d<\/p>\n
Kachikwu said the nation is producing around 300,000-350,000 bpd of condensates, and that OPEC is now tracking that figure.<\/p>\n
\u201cHistorically, Nigeria hasn\u2019t been serious in terms of identifying its condensate volumes. But that\u2019s one of the things that we\u2019re getting more efficient at doing,\u201d Kachikwu said.<\/p>\n