Markets
Nigeria Says There's Consensus for an OPEC+ Output Extension
- Oil at a level that works for consumers, producers: Kachikwu
- Nigeria will find it ‘a challenge’ to meet its curb obligation
Photographer: George Osodi/Bloomberg
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The OPEC+ deal to curb oil production probably will be extended, “hopefully for another six months” beyond the end of June, Nigerian oil minister Emmanuel Kachikwu said.
The agreement has stabilized the oil market and easing the curbs could bring back excess supply, he told reporters at a conference in Malabo, Equatorial Guinea. However, Nigeria, which has pumped more crude than it pledged to under the deal, will find it challenging to implement its share of the cuts because of output from a new project called Egina, Kachikwu said.