“Nigeria Expects Oil Production Freeze” – Kachikwu

Minister of Petroleum Resources Ibe Kachikwu, on Wednesday, March 23, said that Nigeria expects oil producers to agree a supply freeze at a meeting in Doha in April which should stabilize crude prices even if Iran does not join.

Kachikwu has been taking the lead in a global effort aimed at freezing the level of oil supply even though energy experts have cautioned that freezing oil supply may not likely lead to a rebound in the price of the commodity.

Top producers Saudi Arabia and Russia, as well as Qatar and Venezuela have embraced Kachikwu’s suggestion. Qatar has invited OPEC members and major non-OPEC producers to meet on April 17 to agree a freeze following an initial deal in February between Saudi Arabia, Qatar, Venezuela and non-OPEC member Russia to hold supply at January levels.

Kachikwu told Reuters in an interview in Abuja that, “I expect that we will reach a conclusion on stabilisation, to stabilise current production as of January.