Nigeria backs Doha agreement on oil output ceiling freeze
Date
2/21/2016 10:07:07 PM
(MENAFN- Kuwait News Agency (KUNA)) DOHA Feb 21 (KUNA) -- Nigerian Oil Minister Emmanuel Ibe Kachiwku announced Sunday his country's support to Doha quartet agreement to keep output ceiling at January 2016 level.In a press conference Kachiwku said that contacts are going on currently to know stances of the Organization of Petroleum Exporting Countries (OPEC) and non-OPEC member states towards the idea of freezing output ceiling.An agreement on the issue is important before the upcoming OPEC meeting. If the meeting is held before reaching it the repercussions would be negative he cautioned.On February 16 four oil producers namely Qatar Saudi Arabia Venezuela and Russia agreed on Doha to freeze oil production ceiling at January levels to help stop the deterioration of oil prices since June 2014.Nigeria which is Africa's number one oil producer has been hit hard by the oil prices slump which has squeezed government revenues and severely weakened the local currency. (end) nnd.ibi
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