The Federal Government would be happy to see that the price of petrol stays at $60 per barrel, and not $70 per barrel, and not $70 per barrel, which the price of crude recorded at the international market earlier.
The Minister of State for Petroleum Resources, Dr Emmanuel Ibe Kachikwu, said the country is aiming to achieve oil production of 1.8 million barrels daily by March and will prefer oil prices to stay in the $60 range.
He told an oil and gas newspaper that the government would be glad to see the price moderated at $60 per barrel, to grow oil production above 1.8million barrels per day(bpd)
“Hopefully the price of oil will help us a bit to get some of the pressure off our back. If the infrastructure comes back, our potential to increase will be there. We have taken the OPEC position of staying at 1.8 million barrels per day and not allow that sort of squeeze to loosen up. I would wait till June [to see how] the numbers are looking,” said Kachikwu in Abu Dhabi.
The production is still below 1.8 million barrels per day and condensates production is 300,000 barrels, he added. When asked whether $70 oil prices are helpful to Nigeria, he said the resolve was to have a reasonable figure.
“Not $70, somewhere in the sixties. There is a collective resolve to do everything. The philosophy is not to protect the price but the business model,” he said.