crude oil

The Minister of State for Petroleum Resources, Ibe Kachikwu has said it will be difficult for Nigeria to cut down oil production.

Concise News had reported that the Organisation of Petroleum Exporting Countries (OPEC) is keen to extend to ward off oil supply glut and prop up prices.

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The global oil benchmark, Brent crude rose to a four-year high of $86.74 per barrel in October.

However, the price dropped below $60 per barrel in November and as at Thursday the price dopped to $59.96.

The minister spoke on “Bloomberg Daybreak: Europe” ahead of the OPEC meeting in Vienna.

The oil production cut deal started on January 1, 2017 with OPEC and 10 non-OPEC producers led by Russia would cut a combined 1.8 million barrels per day in supplies to tackle oversupply and prop up prices.

It was later extended till the end of 2018.

When asked whether Nigeria will join the deal, Kachikwu said, “It is very difficult to do that but where we are now, everybody must be seen to contribute.

“Obviously, the smaller it is, the more amenable we are to participate; the larger it is, the more we will struggle to participate.

“We have got exemption three times understandably. This time round, I think there is a decision that everybody should be seen to chip in.”