Nigeria Backs High Oil Price

The Minister of State for Petroleum Resources, Dr. Edmund Daukoru, said yesterday that Nigeria would prefer that crude oil prices stabilise within the range of $40 to $60 per barrel, which would be reasonable enough to enable producers meet up with equally soaring cost of production.

Daukoru who spoke at the handing-over ceremony of the prototype Production Sharing Contract (PSC) agreement for the 2005 oil blocs licensing rounds to Nigerian National Petroleum Corporation (NNPC), said that the country’s future development plan as well as its quest for expansion of production capacity would benefit from a sustained reasonable price level.

AllAfrica