Nigeria is seeking to increase oil production to boost local consumption and not to sell it in the international market, this were the words of the Minister Of State For Petroleum Resources and Group Managing Director of the Nigerian National Petroleum Corporation (NNPC), Dr. Ibe Kachikwu.
Nigeria is also backing Saudi Arabia and Russia in Freezing oil production in a bid to give Iran and Iraq a way to regain some of their lost market shares lost due to war and sanctions.
Dr. Ibe yesterday Supported the production freeze in an interview in Doha ,Qatar, he stated that the Nation’s oil output will be 2.2 million per barrel this month, same from January.
He said demand from local refineries is at least 500,000 barrels of crude oil a day and that Nigeria have not exported the quantity OPEC gave to us, he further buttressed that local consumption is essential for us.
On freezing oil production in support of Iraq and Iran, the Minister said the two countries have been out of the market for a while and for them to come back they shouldn’t be freezed out.
Source: The Punch