Nigeria plans to join the OPEC oil cut deal, Nigeria's Minister of State for Petroleum Emmanuel Ibe Kachikwu said.
“OPEC members are trying to target a figure of close to $60 a barrel. We’re not too far away from that,” Kachikwu said in an interview with Bloomberg television in Vienna. "If we get to March and find that there’s a need to do more, I think we will."
He reiterated that his country would accept an output cap once security in its oil-producing region has fully stabilized.
"Our production has gone from the all time low of about 1.1 million barrels a day up to about 1.7 million to 1.75 million," Kachikwu said. When the country achieves consistent production of 1.8 million barrels a day “we will basically place a cap on ourselves,” he said.
