Lagos - Minister of Nigerian oil Emmanuel Ibe Kachikwu said on Thursday that while a cut in production of the Organization of Petroleum Exporting Countries (OPEC) is unlikely, there is hope that a meeting of producers in Algeria next month help support oil prices.
Kachikwu also said during a speech in Lagos, the oil production of their country had fallen to 1.56 million barrels per day, as persistent attacks by militants led to a fall of 700,000 barrels per day.
But he left no doubt about any OPEC member plans to voluntarily reduce their production at the meeting in Algeria.
"We are cutting volumes? I do not see it happening," Kachikwu told reporters, but added that all options are on the table and that other action could have an impact.
"If there is a handshake with individuals on the other hand, would be a start," he said when asked if OPEC members should make a new attempt to agreement on a freeze.
The Russian production currently floats near to an absolute maximum of 10.85 million barrels per day. The country signaled that it is no longer willing to a freeze on dialogue and would continue to increase production.
US producers should also add more barrels.
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