Nigeria ready to reduce oil output to boost prices

Posted On February 20th, 2019 - 6:02 pm | by Oil and gas press

President Muhammadu Buhari today pledged the cooperation of Nigeria to the effort to reduce oil output in order to attract higher prices in the global market.

Speaking at an audience with Ahmad Qattan, Minister of State for African Affairs and Special Envoy of King Salman Bin Abdulaziz of Saudi Arabia, at the State House, Abuja, President Buhari said as a responsible member of the Organisation of Petroleum Exporting Countries, OPEC, Nigeria was willing to go along with the Saudi initiative in limiting output so that prices would go up.

The President reportedly said output cuts had always been difficult for Nigeria considering the country’s peculiar circumstances of large population, huge expanse of land and state of under-development, adding, “I wish we can produce more.”

He, however, said: “I have listened carefully to the message. I will speak with the Minister of State Petroleum. I will call for the latest production figures. I know that it is in our interest to listen. We will cooperate.”

President Buhari explained that higher oil prices will make both nations stronger and their citizens more prosperous. He commended King Salman for his leadership in global oil matters, assuring that Nigeria will continue to accord respect to the Kingdom in that regard.

Source / More : Media

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