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Nigeria says OPEC to achieve consensus on freezing of crude oil supply

Xinhua, April 20, 2016 Adjust font size:

The Nigerian government on Tuesday expressed hope that Organization of the Petroleum Exporting Countries (OPEC) will achieve consensus on crude oil production freeze.

Minister of Petroleum Resources Ibe Kachikwu disclosed this in a statement reaching Xinhua in Lagos, Nigeria's economic hub, saying that in spite of the stalemate on crude oil production freeze at oil producers meeting in Doha, OPEC would chat a way forward.

He added that OPEC must work at achieving a workable consensus on the issue by bringing everybody on the negotiating table.

"We are just going to work at it and it is a supply and demand issue and we need to consult and bring everybody into the circle," the Nigerian minister added.

The minister said once every member country of OPEC was brought on board, it would become easier to convince other major oil producers to sign-up to the freeze policy.

The policy, he said, was designed to remedy lingering decline in the price of crude oil in the international market.

It is expected that the consensus issue being canvassed by the Nigerian minister will be pursued vigorously in the next OPEC Ministerial Meeting slated for June in Vienna, Austria. Endit