Minister of State for Petroleum Resources, Emmanuel Kachikwu who gave this indication on Sunday in Doha while speaking with reporters after meeting his Qatari counterpart Mohammed al-Sada on Sunday, however said Nigeria will want Iran and Iraq to regain some of their lost market share due to sanctions and war.
“Countries like Iran and Iraq have been out of the market for a while and if they are to come back you shouldn’t freeze them out where they are, you should freeze them at a higher level,” Kachikwu said.
“By June we will come very close to tightening the market.” Kachikwu spoke just as the Presidency announced on Sunday that President Muhammadu Buhari will begin a week-long official visit to Saudi Arabia and Qatar on Monday.
A statement issued by his Special Adviser on Media and Publicity, Mr Femi Adesina, said the President would first fly to Riyadyh for talks on Tuesday with King Salman Bin Abdulaziz Al Saud and senior officials of the Kingdom of Saudi Arabia.
He will later hold talks in Doha on Sunday with the Emir of Qatar, Sheikh Tamim bin Hamad Al Thani.
Saudi Arabia, Russia, Venezuela and Qatar agreed last week to keep production at January levels, as long as others follow suit, in an effort to revive prices.
Iran’s production has slumped since international sanctions were imposed on its exports, and Iraq is seeking to rebuild following years of war and under-investment.
Kachikwu, who met Al Sada and Qatar Petroleum Chief Executive Officer Saad Sharida Al Kaabi, is scheduled to meet with Saudi Arabian Oil Minister Ali al-Naimi on Monday, according to Bloomberg news agency quoting a person familiar with the matter, who asked not to be identified.
The Minister said Nigeria’s oil production will be 2.2 million barrels a day this month, unchanged from January.
“Nigeria will continue to look at the possibility of increasing production, not to sell it, because we have local consumption that is essential for us,” Kachikwu said.
“Right now we are not even exporting the quantity that OPEC has given us.”
Demand from domestic refineries is at least 500,000 barrels of oil a day, he said.
There is little chance that the Organization of Petroleum Exporting Countries will hold an emergency meeting before the next regular one scheduled for June, Kachikwu said.
“Rather than focus on emergency meeting, we need to talk more. Because if you held a meeting when you haven’t agreed largely on the solution it wouldn’t be productive and would also affect the price of oil.”
Meanwhile, Buhari’s Special Adviser on Media and Publicity, Mr Femi Adesina, in his statement said the President would be accompanied by a high-powered Federal Government delegation, including Dr Ibe Kachikwu.
It noted that the ongoing efforts by the Federal Government and other members of the Organisation of Petroleum Exporting Countries (OPEC) to achieve greater stability in the price of crude oil exports were expected to be high on the agenda of discussions between the President and the Saudi Monarch.
“Crude oil prices and market stability will also be on the front burner when President Buhari goes on to Doha on Saturday for talks on Sunday with the Emir of Qatar, Sheikh Tamim bin Hamad Al Thani.
“The President is also scheduled to meet with leading Saudi and Qatari businessmen in Riyadh and Doha, and invite them to support his administration’s efforts to revamp the Nigerian economy by taking advantage of the great investment opportunities currently available in Nigeria’s mining, agriculture, power supply, infrastructure, transportation, communications and other sectors.’’
The statement said Buhari’s other engagements in Saudi Arabia included meetings with heads of international financial organisations and multilateral associations.
It stated that before going on to Doha, the President would visit Medina and Makkah to pray for greater peace, prosperity and progress in the country.
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