Kachikwu Agrees to Freeze Oil Output

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Kachikwu Agrees to Freeze Oil Output

By Correspondent

The Minister of State for Petroleum Resources, Dr. Ibe Kachikwu, is set to get major oil producers such as Saudi Arabia and Russia to agree to production cuts in order to shore up oil prices. Kachikwu, who is the president of the Organisation of Petroleum Exporting Countries (OPEC) is set to convene an emergency meeting before the cartel’s meeting on June 2, 2016, but he was resisted by Gulf producers led by Saudi Arabia, which insisted on retaining market share in the global oil market. He also sparred with the Chairman of the Saudi Arabian Oil Company (Saudi Aramco), Mr. Khalid Al-Falih, at the last World Economic Forum in Davos, Switzerland, over the kingdom’s reluctance to agree to an emergency meeting. Saudi Arabia had maintained that it would not reverse course, except non-OPEC nations play their part in production cuts. However, the world’s two biggest crude producers said yesterday after a meeting in Doha, Qatar, that they would not increase oil output. Along with Russia and Saudi Arabia, Qatar and Venezuela have agreed to freeze production at January levels, according to Russia’s Energy Ministry.

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