Minister of State for Petroleum Resources, Dr. Emmanuel Kachikwu, said on Wednesday that Nigeria will not cut oil production even as nosediving crude prices caused by a global supply glut ravage revenue, The Guardian reports.
US crude oil prices tumbled to a 12-year low Tuesday, prompting OPEC member Nigeria to call for an emergency meeting to address collapsing prices that have drained the coffers of Africa’s largest economy.
According to the Group Managing Director of NNPC, “Nigeria cannot stop the prices of crude from going down,” he told AFP in Abuja.
“The easiest thing to do is to control production but Nigeria can only do that through the OPEC framework and the last OPEC meeting did not agree to cut down production.
“So influencing the price through production is now out of the question.”
The Organization of Petroleum Exporting Countries (OPEC) have so far refused to cut production to curb sliding prices, seeking to protect their market share despite a heavy blow to their revenues.
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