Nige­ria ex­pects 22% jump in oil out­put end year

The Star (Kenya) - - News Business -

REUTERS/ Opec mem­ber Nige­ria ex­pects its oil pro­duc­tion rate to jump by 22 per cent by the year-end to 2.2 mil­lion bar­rels per day from cur­rent lev­els, its oil min­is­ter said yes­ter­day. He said he hopes a force ma­jeure on all its oil fields would be lifted by De­cem­ber or Jan­uary. Em­manuel Ibe Kachikwu, on a visit to New Delhi, also said Nige­ria is likely to sign a cash-raising oil deal with In­dia for $15 bil­lion by the end of this year. In­dia’s oil min­istry said Nige­ria, whose econ­omy has been hit hard by low oil prices and mil­i­tancy, had re­quested an up­front pay­ment. “Nige­ria has a bit of a cash flow prob­lem right now. Our re­serves are not as strong as we want them,” Kachikwu told re­porters yes­ter­day. “The im­pact of that is the value of the naira (cur­rency) is com­ing down.”

Newspapers in English

Newspapers from Kenya

© PressReader. All rights reserved.