Low prices will hamper Nigeria's bid to boost output: Allison-Madueke

 

Consistently low oil prices will hamper Nigeria's bid to boost output to 4 million barrels per day (bpd), Oil Minister Diezani Alison-Madueke was quoted as saying on Tuesday.

"Flexibility in capex and funding in general will be further constrained in the year 2015," the minister said in a speech read out by Joseph Dawha, group managing director of the Nigerian National Petroleum Corp.

"Consistently depressed oil prices will limit industry's scope to manoeuvre ... and reaching the target of 4 million bpd," she said. "The industry must challenge itself to raise funding in order to meet these targets."

Alison-Madueke is also president of the Organization of the Petroleum Exporting Countries (OPEC).

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