Nigeria May Slash Oil Production To Boost Crude Price

Yemisi Izuora 

The federal government has expressed its willingness to reduce oil output to help secure higher prices.

The decision came from a statement by the presidency on Wednesday, after an envoy from Saudi Arabia called on the African nation to adhere to a deal on production cuts. 

President Muhammadu Buhari was said to have told the visiting Saudi envoy that “Nigeria was willing to go along with the Saudi initiative in limiting output so that prices would go up,”.

Nigeria, a member of the Organization Petroleum Exporting Countries, is party to a deal to curb output to support prices, although OPEC data showed its output rose in January. 

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