Nigeria Backs Iran's Oil Plans

Nigeria Backs Iran's Oil PlansNigeria Backs Iran's Oil Plans

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, Nigeria's Energy Minister Emmanuel Kachikwu told reporters in Qatar on Sunday, Bloomberg reported. Nigeria's oil production will be 2.2 million barrels a day this month, unchanged from January. “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 agreed last week to keep production at January levels, as long as others follow suit, in an effort to revive prices from a 12-year low. Iran’s production has slumped since international sanctions were imposed on its exports and Iraq is seeking to rebuild following years of war and underinvestment.