Nigeria to put off deciding whether to join OPEC cuts, minister says

Nigeria to put off deciding whether to join OPEC cuts, minister says: Nigeria supports OPEC’s efforts to stabilise oil prices, but it wants to wait before deciding whether to join the cartel’s cuts in oil production, the oil minister, Emmanuel Ibe Kachikwu, said on Wednesday.

“Hopefully, in the next two to three months we can see how predictable the production return has been and then can say we feel stabilised and need to make the corresponding cuts,” Kachikwu told reporters.

Nigeria’s benchmark level to join the OPEC cuts is production of 1.8 million barrels of crude a day. Its current output is around 1.7 million barrels a day, excluding condensates, Kachikwu said.

Nigeria plans issue of 10-year note of US$8.9bn to offset debts: Nigeria plans to issue a 10-year promissory note to offset N2.7trn (US$8.85bn) owed to government contractors and employees, the finance minister, Kemi Adeosun, said on Wednesday. Money is owed to state governments, contractors and oil marketers, she said, as well as power generation and distribution companies. Adeosun said the programme required final approval from parliament. 

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