FG to reduce oil output to boost prices

The Federal Government of Nigeria has expressed willingness to reduce oil output to help secure higher prices, the spokesman for President Muhammadu Buhari said in a statement on Wednesday.

The pointer to this effect was given after an envoy from Saudi Arabia called on Nigeria to adhere to a deal on production cuts.

The president told the visiting Saudi envoy that “Nigeria was willing to go along with the Saudi initiative in limiting output so that prices would go up,” the presidential spokesman said. Buhari added: “We will cooperate.”

Nigeria, a member of the Organization of the Petroleum Exporting Countries (OPEC), is party to a deal to curb output to support prices, although OPEC data showed its output rose in January.