The Nigerian Minister of State for Petroleum Resources, Ibe Kachikwu, has announced that the Organization of Petroleum Exporting Countries (OPEC) and its other non-producers allies granted Nigeria another exemption from production cuts, This Day Live informed.
During the OPEC’s meeting in Austria, the members of the organization have decided to extend the agreement to curb global oil production for nine additional months. However, Nigeria and Libya were excluded from the decision due to the local challenges that are prohibiting the oil producing countries from achieving their production goals, Vanguard reported.
Kachikwu, however, stated that the country was not opposed to joining the agreement if its production levels rose to levels expected to make it participate.
In a statement released by the Ministry of Petroleum Resources’ Director of Press, Idang Alibi, Kachikwu explained, “Between the six to nine months’ extended window, all things being equal, Nigeria should get to an optimal oil production figures that will allow it to participate in any needed production cuts. Nigeria is not averse to production cuts as every responsible nation needs to make sacrifices to help price stability on a global basis.”