Iraq joins Nigeria, Saudi Arabia, others to freeze crude production – Today

OPEC

Succour may be closer to Nigeria front step in its quest to reap good fortunes from the oil industry, as Iraq, yesterday agreed to join Nigeria, Saudi Arabia and others to freeze crude production, which inturn would likely increase crude price at the International market.

This is coming after the Minister of States, Petroleum, Ibe Kachikwu, had expressed doubt over possible agreement from Iraq to cut production in the expected Organisation of Petroleum Exporting Countries, OPEC’s meeting slated for next month.

It will be recalled that dead end met plans to freeze output at its last OPEC meeting with Russia, as Saudi Arabia refused to concede freeze without Iran coming on board.

For Nigeria, this may impact positively on its fortunes amidst the downturn of its economy, following incessant attacks on facilities which has dropped production drastically to a lower level.

The result of this impact also affected the sponsoring of the country’s budget and other pending projects currently suffering setback due to lack of funds.

However, militant groups said they have ended attacks on the nation’s oil and gas industry that have reduced the OPEC member’s output by 700,000 barrels a day to 1.56 million bpd.

It was, however, gathered that the Prime Minister of Iraq, Haider al-Abadi, said that it will support OPEC’s decision tofreeze oil production in order to prop up the downturn of crude price at the international.

According to him, “We would freeze production at the OPEC meeting, provided Iraq will support the group’s agreement.”

Read more at https://www.today.ng/business/174975/iraq-joins-nigeria-saudi-arabia-freeze-crude-production