The clamor to include Nigeria in the Opec Output Cuts is likely to grow louder, with the country’s oil minister, Emmanuel Kachikwu, saying that current oil production is close to full capacity, Platts reports.
Nigeria’s oil production, including crude oil and condensates, is currently at around 2.2 million to 2.3 million b/d, Kachikwu said Thursday in a podcast released by the oil ministry. “Oil production of course has risen on the back of this stability and we have moved from an all-time low of 1.2 million b/d and today it’s roughly about 2.2-2.3 million b/d, of course that includes condensate,” he said. Kachikwu however did not mention Nigeria’s prospects of joining the OPEC output cuts in the podcast, but this comes as questions linger on Nigeria’s involvement in the OPEC cuts as its output has recovered close to full capacity.
This comes weeks ahead of the OPEC/non-OPEC Joint Committee Ministerial Meeting on September 22 in Vienna, where the monitoring committee said it will be inviting representatives from Libya and Nigeria to explain their production outlooks. The figure of around 2.2 million to 2.3 million b/d includes about 300,000 to 400,000 b/d of condensates, which implies that its current Crude Oil Production is at the coveted 1.8 million b/d mark. Previously, Kachikwu has said that Nigeria would agree to join the cut agreement once its crude oil production stabilizes at 1.8 million b/d.
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