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Nigeria favors no change in OPEC crude output, keen to see shale review

Highlights

Nigerian oil minister Diezani Alison-Madueke said Wednesday her country supported a rollover of OPEC's current 30 million b/d crude output ceiling, at least for the next few months until the oil producer group's next meeting.

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Alison-Madueke also said she was keen to see how OPEC saw the impact of the US shale oil and gas boom on OPEC.

"We would like to see that we continue with volumes we have held for the last year or so at least between now and the next meeting. I think that would be a good thing," she said.

"We would like to see a review of the situation referencing the shale oil and gas to see where we are at this stage as OPEC among other things," she added.


Nigeria has been particularly affected by the dramatic increase in US production of shale oil, which is also known as light, tight oil and with which exporters of light sweet crude are now having to compete in the US market.

In its annual World Oil Outlook last month, OPEC said it expected demand for crude produced by its 12 member countries to fall by 1.1 million b/d over the next five years and to remain below 30 million b/d through 2020 alongside steadily rising non-OPEC supply driven by the shale revolution.

It expects US shale oil to account for half of the 4 million b/d projected cumulative increase in non-OPEC output over the next few years to 2018.

Several ministers have said they expect an agreement later Wednesday to maintain OPEC's current 30 million b/d ceiling into 2014.

--Staff reports, newsdesk@platts.com