Kachikwu Still Targets 2.1 Million Barrels for Nigeria

Peter robinson

Nigeria minister of state for petroleum resources Emmanuel Ibe Kachikwu said the Country hopes to boost its oil production to 2.1 million barrels per day next month.

Kachikwu also said he was expecting more production cuts from non-OPEC producers at Saturday’s meeting of oil producers in Vienna, and that he hoped to see oil prices at $60 a barrel by December 2017.

Kachikwu was speaking at a Bloomberg Markets summit in Abu Dhabi.

Nigeria’s output is at 1.9 million bpd with all three of its main fields online, the minister said on Monday.

Renewed militancy and destruction of oil installation in the Niger Delta has further cast a shadow over the government’s targets. In the coming weeks, OPEC members are going to finalise with non-OPEC members on what they can cut, Nigeria might not be benefitting from a likely upsurge in oil prices.

The government has not reached a concrete agreement with the Niger Delta and various militant groups cropping up in the region.