Nigeria to consider reducing oil output for higher prices – Buhari

President Muhammadu Buhari on Wednesday pledged the cooperation
of Nigeria to the effort to reduce oil output in order to attract
higher prices in the global market.

Speaking at an audience with Mr Ahmad Qattan, Minister of State
for African Affairs and Special Envoy of King Salman Bin Abdulaziz,
Custodian of the Two Holy Mosques and King of Saudi Arabia, at the
State House, Abuja, President Buhari said as a responsible member
of the Organisation of Petroleum Exporting Countries (OPEC),
Nigeria was willing to go along with the Saudi initiative in
limiting output so that prices would go up.

The President, in a statement by the Senior Special Assistant on
Media and publicity, Garba Shehu, said output cuts had always been
difficult for Nigeria considering the country’s peculiar
circumstances of large population, huge expanse of land and state
of under-development, adding, “I wish we can produce more.”

He, however, said: “I have listened carefully to the message. I
will speak with the Minister of State Petroleum. I will call for
the latest production figures. I know that it is in our interest to
listen. We will cooperate.”

President Buhari explained that higher oil prices will make both
nations stronger and their citizens more prosperous.

He commended King Salman for his leadership in global oil
matters, assuring that Nigeria will continue to accord respect to
the Kingdom in that regard.

The Special Envoy said he had brought special greetings from
King Salman and the Crown Prince, and expressed their best wishes
for Nigeria as the country goes into general elections.

Mr Qattan said the important reason for which King Salman sent
him was to make a request to President Buhari to ensure Nigeria’s
compliance with quotas assigned in January by exiting previous
exemption from output cuts.

He said his country had reduced its own output by 1.4 million
barrels per day to ensure that prices went up, stressing however,
that Saudi Arabia alone cannot bring stability to the oil market
and shore up prices.

The Special Envoy called for greater adherence to production
cuts by Nigeria and hoped that he would take a positive message
back home.