The Federal Government says it will re-strategise its approach to increase oil prices, after attempts by some of the world’s biggest players in the sector failed to agree on production freeze.
The Minister of State for Petroleum Resources, Dr. Ibe Kachikwu, who spoke to journalists after the meeting of Organisation of Petroleum Exporting Countries (OPEC) and non-OPEC oil producers in Doha, said the issue would be brought again to the table in the next OPEC meeting in Vienna, Austria in June.
Kachukwu said it is necessary for members of the oil producing countries to negotiate the best approach that would see member countries agree to an output freeze – to increase oil prices – after failed agreement led to a 7% slump in early trading yesterday, and then slightly stabilised.
Kachukwu who also doubles as the Group Managing Director of NNPC said: “We are just going to work at it. It is a supply and demand issue and we need to consult and bring everybody into the circle, and thank God that a committee is now in place to try and work towards getting everybody on board.”
The Doha meeting had 18 countries in attendance, namely: Qatar, Kuwait, Oman, Saudi Arabia, Nigeria, Russia, Mexico, Ecuador, Trinidad and Tobago, Iraq, Mexico, Azerbaijan, Kazakhstan, Angola, Bahrain, Indonesia, Venezuela and the United Arab Emirates.