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We will increase oil production for domestic use — Kachikwu - Nigeria Business News

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Nigeria will keep striving to increase crude oil production to meet local demand and not to essentially sell it in the international market, the Minister of State for Petroleum Resources and Group Managing Director of the Nigerian National Petroleum Corporation, Dr. Ibe Kachikwu, has said.

Kachikwu also announced Nigeria’s backing of Saudi Arabia and Russia in freezing oil production, while giving Iran and Iraq a way out to regain some of their lost market shares due to sanctions and war.

The minister said he supported a production freeze in an interview with reporters in Doha, Qatar on Sunday, according to a report by Bloomberg.

Kachikwu stated that Nigeria’s oil production would be 2.2 million barrels a day this month, unchanged from January, he said.

“Nigeria will continue to look at the possibility of increasing production, not to sell it, because we have local consumption that is essential for us. Right now, we are not even exporting the quantity that OPEC has given us,” he said, adding that demand from domestic refineries was at least 500,000 barrels of crude oil a day.


Article publié le mardi 23 février 2016
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