Nigeria remains at comfortable zone as benchmark hits $50 barrels per day- Kachukwu

…says Budget not affected

The Minister of State for Petroleum Resources, Dr. Ibe Kachukwu, on Wednesday stated that Nigeria remains at comfortable zone.

Kachukwu, who stated this during a press briefing in Abuja added that there was no cause for alarm in view to the forthcoming OPEC meeting against dwindling oil prize.

This is at the background that the OPEC in the matter of days, has allayed the fears that Nigeria have unfavourable stance in the forthcoming meetings with the non oil producing countries in Russia, which may not go down well with America and it’s allies.

Kachukwu, stated that the Nigeria is currently producing at 1.7 million barrels a day, with oil benchmark of $35 per barrel, however, remains at a comfortable zone despite nose diving worrisome situation of international oil prize crashing from upper $60 per barrel to lower $50 per barrel.

According to Kachikwu, the meeting to take place at Saint Peter’s bough in Russia, is to dialogue with oil producing and non oil producing Nation’s on the current issues,

He remarked that there are much expectations that oil producing Nation’s and non oil producing Nation’s, would
arrive at a comfortable ground at which every stakeholder will benefit.

The Minister, who sounded comfortable of hope being restored at the production level at the troubled Niger Delta, stressed that the country is fast recovering from the devastation which occurred at the oil producing areas of that region.

He said that the NNPC and indeed the Federal Government is getting relative corporation from the Militants and other stakeholders which has contributed to the increase in oil production.

“We all know that Nigeria in the past lost four months of non-oil production and that affected the 2016 budget but with the way we are going now we are at a comfortable zone”.

Continuing on the forthcoming OPEC meeting, he reiterated the effort and role the country will be playing in the extensive dialogue, as the entire world is waiting to be informed. “Our project, is to ensure that oil prize is stable. Though the prize struggles at the international market but what we a trying to do is to internationalise it the idea and the Nigeria’s position. We will just play our role in the whole thing”.