Nigeria Won’t Benefit From OPEC Cut Except Oil Rises Above $54 – Kachikwu

The Minister of State for Petroleum Resources, Dr. Emmanuel Ibe Kachikwu has revealed that despite the rise in crude price due to product cut announced by the Organisation of Petroleum Exporting Countries (OPEC) Nigeria may not benefit from the deal except the commodity’s prices rises above $54 per barrel, Leadership reports.

The minister said the healthy price of crude for Nigeria would be in the mid-$50s “As for Nigeria, a healthy oil price would be mid-50s: 54, 55, 56; I mean, if we have a Santa Claus day, then 60. But frankly, looking more to mid-50s,” he said.

The minister also expressed his worries about a surge of Shale oil production. He said; “Apart from the OPEC cut, I am worried that when we make a cut and get the normal price there is the possibility of shale production limping up again. So how do we converge everyone producing oil? I believe that until we get Russia, US producers and some understanding with the consumers, we might not get a solution.”

Author: NewsAdmin

4594 stories / Browse all stories

Related Stories »

Provide your email below, and we will notify you the latest news freely.

sjdating    

calendar »

December 2016
M T W T F S S
« Nov   Jan »
 1234
567891011
12131415161718
19202122232425
262728293031