Tuesday, February 23, 2016

Video - Nigeria supports Russia and Saudi Arabia in freezing oil production

Nigeria has backed Saudi Arabia and Russia in freezing oil production while giving Iran and Iraq a way out to regain some of their lost market share due to sanctions and war. According to the Petroleum ministry, oil production will be 2.2 million barrels a day this month, unchanged from January. But production may increase in future to meet local demand. Saudi Arabia, Russia, Venezuela and Qatar agreed last week to keep production at January levels, as long as others follow suit. This is in an effort to revive prices from a 12-year low. Iran's production has however slumped since international sanctions were imposed on its exports, and Iraq is seeking to rebuild following years of war and under-investment.

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