Nigeria to cut oil production to boost falling prices Updated for 2021

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Updated: February 28, 2021


President Muhammadu Buhari announced on Wednesday that Nigeria will cut oil production to boost falling prices in the global market.

Mr Buhari made the announcement while speaking with Mr Ahmad Qattan, the Special Envoy of King Salman Bin Abdulaziz, Custodian of the Two Holy Mosques and Minister of State for African Affairs of the Kingdom of Saudi Arabia.

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President Buhari with R-L: Minister of Foreign Affairs Geoffrey Onyeama, Hon. Minister of State for African Affairs, Kingdom of Saudi Arabia H.E. Ahmad Qattan and Amb. of Saudi Arabia to Nigeria Amb. Adnan Mahmoud Bostaji as he receives in audience Special Envoy of King Salman Bin Abdulaziz, Custodian of the Two Holy Mosques in State House on 20th Feb 2019

“President Buhari said as a responsible member of the Organization of Petroleum Exporting Countries, OPEC, Nigeria was willing to go along with the Saudi initiative in limiting output so that prices would go up,” his spokesman Garba Shehu said in a statement to TODAY NEWS AFRICA in Washington D.C.

The President recognized that output cuts are always difficult for Nigeria considering the country’s peculiar circumstances of large population, huge expanse of land and state of under-development, adding, “I wish we can produce more.”

“I have listened carefully to the message. I will speak with the Minister of State Petroleum. I will call for the latest production figures. I know that it is in our interest to listen. We will cooperate,” he adde.

President Buhari explained that higher oil prices will make both nations stronger and their citizens more prosperous.

He commended King Salman for his leadership in global oil matters, assuring that Nigeria will continue to accord respect to the Kingdom in that regard.

Mr Qattan said the important reason for which King Salman sent him was to make a request to President Buhari to ensure Nigeria’s compliance with quotas assigned in January by exiting previous exemption from output cuts.

He said his country had reduced its own output by 1.4 million barrels per day to ensure that prices went up, stressing however, that Saudi Arabia alone cannot bring stability to the oil market and shore up prices.

The Special Envoy called for greater adherence to production cuts by Nigeria and hoped that he would take a positive message back home.

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Simon Ateba
Simon Ateba
Simon Ateba covers the White House, the U.S. government, the International Monetary Fund, the World Bank and other financial and international institutions for Today News Africa in Washington D.C. Simon can be reached on simonateba@todaynewsafrica.com

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