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Nigeria Oil Minister: OPEC will not reduce oil production

Minister believes engagement with the 70% oil producers might have impact on market

Baku. 16 August. REPORT.AZ/ Oil producers belonging to the Organization of the Petroleum Exporting Countries (OPEC) are unlikely to agree to reducing collective output to rebalance the global energy market. Report informs citing the RIA Novosti, Nigerian Petroleum Minister Emmanuel Kachikwu said Tuesday.

"On oil production cuts by OPEC, optimism on my part is quite sparse but I believe engagement with the 70% oil producers might have impact," Kachikwu wrote on his official Twitter account on Monday

Nigeria, which has recently suffered from oil production outages due to militant activity in the Niger Delta, has been seeking to boost output to make up for the shortfall in revenue. In June, Kachikwu announced plans to increase oil production from the current level of 1.6 million barrels per day up to 2.2 million barrels per day until the end of 2016.

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