Wednesday, October 19, 2016
Video - Nigerian government expects oil production to rise by 22% by end of the year
Nigeria expects its oil production rate to jump by 22% by the end of the year to 2.2 M barrels per day. Apart from the impact of low oil prices, whose sales account for 70% of the Nigerian government's revenue, the country's energy facilities have been crippled by attacks from militants calling for a greater share of the oil wealth. Qua Iboe, Nigeria's largest export stream, and Forcados remain under force majeure. Nigeria's petroleum minister Ibe Kachikwu anticipates that oil prices will rise from current levels by December. He is meeting his Indian counterpart Dharmendra Pradhan to discuss expanding energy ties between the two countries.