OPEC open-minded, Nigeria's output back up to 1.6M bpd

Pulse Staff 07:54 - 02 June 2016

Emmanuel Ibe Kachikwu

Last month, output had fallen to 1.4 million bpd due to a string of militant attacks and an accident on the ExxonMobil platform exporting Qua Iboe, the country's largest crude oil stream.

Nigerian oil minister Emmanuel Ibe Kachikwu said on Thursday he saw "open-mindedness" in the OPEC meeting, but did not know what the outcome would be.

Oil ministers from the Organization of the Petroleum Exporting Countries are meeting Thursday morning in Vienna, where Iran and Saudi Arabia were expected to clash over output targets.

Kachikwu said Nigeria's oil production had climbed to 1.6 million barrels per day (bpd).

Despite the continued attacks by militants in the restive Niger Delta region, Kachikwu said Nigeria is targeting oil production of 2.2-2.3 million bpd for this year.