Nigeria to consider cut in crude oil output

President Muhammadu Buhari has said Nigeria may consider cutting her crude oil output as a way of helping to shore up prices of the commodity at the international market

The President stated this on Wednesday when he received the Special Envoy of King Salman Bin Abdulaziz, Custodian of the Two Holy Mosques and Minister of State for African Affairs of the Kingdom of Saudi Arabia, Mr Ahmad Qattan, at the State House, Abuja.

According to statement by the Senior Special Assistant to the President on Media and Publicity, Mr Garba Shehu, President Buhari said that “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 however explained that he wish Nigeria does not havd to cut output but produced more because of the nation’s huge population and the need to make more money.

“I wish we can produce more, the President said.

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He however assured the envoy of Nigeria’s support for the initiative, saying, “I have listened carefully to the message. I will speak with the Minister of State for Petroleum. I will call for the latest production figures. I know that it is in our interest to listen. We will cooperate.”

The statement reads in part: “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.

“The special envoy said he had brought special greetings from King Salman and the Crown Prince, and expressed their best wishes for Nigeria as the country goes into general elections.

“Mr Qattan said the important reason for which King Salman sent him was to make a request to President Buhari to ensure Nigeria’s compliance with quotas assigned in January by exiting previous exemption from output cuts.

“He said his country had reduced its own output by 1.4 million barrels per day to ensure that prices went up, stressing, however, that Saudi Arabia alone cannot bring stability to the oil market and shore up prices.

“The special envoy called for greater adherence to production cuts by Nigeria and hoped that he would take a positive message back home.”

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