Nigeria 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.
The biggest oil producer in Africa supports a production freeze, Nigerian Energy Minister Minister of Petroleum Emmanuel Kachikwutold reporters in Doha on Sunday. Its oil production will be 2.2 million barrels a day this month, unchanged from January, he said.
“Countries like Iran and Iraq have been out of the market for a while and if they are to come back you shouldn’t freeze them out where they are, you should freeze them at a higher level,” Kachikwu said. “By June we will come very close to tightening the market.”
Saudi Arabia, Russia, Venezuela and Qatar
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