Nigeria’s Minister of State for Petroleum, Timipre Sylva, has admitted that Nigeria and its OPEC partners are uncomfortable with the high price of oil, caused by ongoing tensions between Russia and Ukraine.
While speaking in an interview with Bloomberg on Wednesday morning, Sylva stated that Nigeria would be much more comfortable if oil prices ranged between $70-$80.
Nigeria is also looking for more African sources of funding to improve its production capacity and should be able to meet its OPEC production quota fully later this year, according to him.
CLICK HERE TO Advertise For As Low As N2000 In The News Beam
He said, “We are not comfortable with very high prices. We would be comfortable with prices between $70 and $80, at this point the tensions are not being created by us that have affected prices.
“I don’t know what will get us to change our plans, but we are watching the situation. Right now, things are not really clear for us to now making major decisions because the tension in Europe can just go away tomorrow,
“And now there are discussions going on with Iran. If they have a nuclear deal with Iran, there would be more volume in the market, but for now, it’s best to sit and watch before taking any decisions.”
