Ibe Kachikwu, minister of state for petroleum resources, says it may be too soon to know if Nigeria will support an output hike by the Organisation of Petroleum Exporting Countries (OPEC).
The minister made this statement while responding to questions about possible changes to OPEC’s output cut agreement at its next meeting on Friday.
At present, there are speculations that OPEC will increase crude oil supply to the global market thus amending the December 2016 agreement reached by members and non-members.
“We need to discuss with our colleagues first before we make those decisions. All options are on the table,” he said.
OPEC had reached an agreement with Russia and other nonmembers to reduce a supply glut by capping output at 1.8 million barrels of oil per day.
While top producers like Saudi Arabia and non-OPEC member Russia are lobbying for output cuts to be relaxed, other less producing countries— including Iran, Iraq and Venezuela — want the output cap maintained.
With the divide between member and non-member nations, Bijan Zanganeh, Iranian oil minister, on Tuesday said the OPEC meeting would end in stalemate.
“Every decision in OPEC needs unanimity, and I don’t believe in this meeting we can reach an agreement,” he said.
Speaking with CNBC, Mohammed Barkindo, OPEC secretary general said he is “very hopeful” the cartel will reach an agreement during the meeting on Friday.