Nigeria oil minister says prices encouraging, opec not ruling out more cuts

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    CAPE TOWN – Nigeria is targeting oil production of 1.8 million barrels per day by early next year but that will be the ceiling to comply with OPEC targets its oil minister said in Tuesday.

    Emmanuel Ibe Kachikwu also told reporters at an oil conference in Cape Town that oil prices were encouraging but OPEC, of which it is a member, was not ruling out further cuts. Nigeria currently produces 1.6 to 1.7 million barrels per day.

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    Godwin Okafor is a financial journalist, Internet Social Entrepreneur and the Founder Naija247news Media Ltd He has over 16 experiences in journalism, which cuts across traditional and digital media. He started his journalism career in Business Day, Where he was a senior editorial graphic artist, before he left to start Naija247news, An Online Financial Newspaper in 2010. He has won series of awards and he is the chairman of Emmerich Resources Limited, the publisher of Naija247news.com and also sits on the board of Students In Business Awards, (SIBA).

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