Nigeria Oil Advisor Calls On OPEC To Cut Overproduction

Nigeria’s presidential advisor for energy affairs Thursday called on the Organization Of Petroleum Exporting Countries to cut back overproduction in order to prevent oil prices from crashing.

Speaking to Dow Jones Newswires by telephone, Edmund Daukoru said, “This ( price) dip is a signal that members should cut their overproduction. I am calling for better compliance amongst all members of the Organization of Petroleum Exporting Countries.”

“We will meet in a month and then OPEC needs to look closely at stocks and what surplus there is in the market. Until then everyone should be aware of their quotas, the Nigerian official said.
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