OPEC member Nigeria is "at the forefront" of the
push for a global agreement to freeze the level of
oil production, Energy Minister Emmanuel Ibe
Kachikwu said Tuesday.

Discussions on freezing production levels were
ongoing ahead of an extraordinary summit of the
Organization of the Petroleum Exporting
Countries (OPEC) to be held later this month, he
told reporters in Abuja.

"I have been in the forefront of driving that
change and I'm glad that we are making
progress," Kachikwu said in response to a
question on what he thinks of the call for a
production freeze by OPEC to drive up crude
prices.

"If we do get a consensus ... I think it will be very
dramatic in terms of its impact on the price of
crude," Kachikwu said.

Crude prices, which have fallen more than 60
percent since June 2014 because of a large
supply surplus, have picked up since mid-
February over a proposal by leading producers
Saudi Arabia and Russia, as well as Qatar and
Venezuela, to agree to freeze their output at
January levels to stem falling prices.

Since then speculation has also emerged over a
meeting between OPEC and non-OPEC
producers at the end of March.

OPEC member Kuwait said Tuesday it would
freeze its crude production levels if all the big
producers, including Iran, did the same.

Kachikwu said there were ongoing moves to build
consensus on the production freeze ahead of the
OPEC meeting despite the reluctance of Iraq and
Iran to commit themselves to specific volumes.
"I wouldn't worry about that if two out of about
40 which includes non-OPEC members decides
to scale out, perhaps we can still achieve the
effect that we want," Kachikwu said.

Nigeria is suffering from the fall in oil prices,
which have taken a considerable hit on
government revenues and weakened the naira
currency.

source:

http://www.vanguardngr.com/2016/03/nigeria-at-forefront-of-push-to-freeze-oil-production-levels/

hmm

this is the same govt that said they would diversify, yet all we hear everyday is oil oil oil...

Well the price of oil in the market will push up if they create a scenario of short supply.

My own is that whether oil is below $5 or more than $100, Nigeria should forget about oil as her major revenue.

Action speaks more than words, now is the time to diversify our economy else..... hmm

Lol...diversify ko, agriculture ni...

As rain don start now, you'd be hearing "weather for two" from the same youths wey suppose engage in agriculture.
Abi we wan leave am for our papa dem wey no sabi operate machines?
Well, as for pmb, maybe he needs the oil money to buy the agric tractors...
just my thoughts though