By John Ikani
The Federal Government of Nigeria has commenced discussions with the Organisation of Petroleum Exporting Countries (OPEC) with a view to securing an increase in its oil production quota to about 2.2 million barrels per day.
Minister of State for Petroleum Resources, Timipre Sylva, who is heading the talks, made this known to newsmen on the side lines of the Gastech conference in Dubai yesterday.
According to the minister: “What we’re getting right now is 1.74 million barrels per day (bpd), we think we can do about 2.2 (million bpd).”
While noting that Nigeria can achieve that production level in six months, Sylva attributed the current production quota to technical challenges, adding that he expects to hit 2.2 (million bpd) in the next month or two.
The minister went on to note that current oil prices were at a very “comfortable level” adding that $70 a barrel was an optimal figure.
Brent prices were up 81 cents a barrel at $74.73 a barrel yesterday. Sylva said that he expects peak oil demand to come in 2030.