The Minister of Petroleum Resources Ibe Kachikwu, has said The crash in crude oil price to about $42.5 per barrel and the likely cut in production by Nigeria should the Organisation of Petroleum Exporting Countries ask the country to do so will definitely affect the 2017 national budget.

He also stated that Nigeria would support all measures put in place by OPEC to ensure crude price stability globally, not minding if the cartel asks the country to cut down its oil production volume.

Kachikwu stated this at a press conference held at the headquarters of the Federal Ministry of Petroleum Resources in Abuja on Wednesday.

The minister stated that Nigeria was currently producing 1.7 million barrels of crude oil per day, outside the volume of condensates produced by the country.

Kachikwu expressed hope that oil prices might stabilise later this month or in August, adding that conversations with other OPEC members would determine to what extent Nigeria would have to support in stabilising crude prices globally.

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