Nigeria not ready for oil output cut – Kachikwu

Image result for OIl barrelNigeria’s Minister of State for Petroleum Resources, Ibe Kachikwu said it is very difficult for the country to reduce its crude oil production.

This is coming as OPEC countries are keen to extend efforts to ward off oil supply glut and prop up prices.

Kachikwu said there is a need for an extension of production cuts to stabilise the global oil market.

The production cuts deal, which began on January the 1st, 2017, indicated that OPEC countries 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.

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