Nigeria agreed to freeze oil exports to the January level

In an interview with Bloomberg, the oil Minister of Nigeria Emmanuel Cacique said that his country supports the idea of freezing the level of oil production. According to him, Nigeria now produces about 2.2 million barrels per day, which corresponds to the January figures.

The Minister noted that Nigeria would explore the possibility of increasing production, but we’ll be talking not about selling oil abroad, and on domestic consumption. According to him, the country does not supply the foreign market even the quantity of oil, which corresponds to the OPEC quota because of the high demand in the Nigeria.

Cacique supported Iran and Iraq, who were subsequently excommunicated from the world market. According to him, in the case of these countries, the freezing of the production level should be set at a higher level.

Cacique also were skeptical that OPEC will hold an emergency summit in connection with the situation. He suggested that an early meeting of representatives of the cartel required numerous negotiations. “If we held a summit, agreeing in advance on its likely outcome, it would be unproductive,” he said.

16 February in Doha hosted a meeting of Minister of energy of Russia Alexander Novak with representatives of the three countries of OPEC — Minister of petroleum and mineral resources Saudi Arabia Ali al-Naimi, the oil Minister of Qatar Mohammed al-Garden, and the Minister of petroleum and mines of Venezuela, Eulogio del Pino. Following the meeting, four countries reported readiness to freeze oil production in 2016 at the level of “January 2016”, if other manufacturers will join this initiative. Freeze is planned for 11 January. After a few days, talks were held, the results of which Iran refused to accede to the agreement on the freezing of oil production.