Nigeria supports OPEC cut extension until end of 2018 under “the right terms”

Emmanuel Ibe Kachikwu, Nigeria’s oil minister said the country supports an extension of a deal between OPEC, Russia and other non-members to cut oil supply until the end of 2018 “as long as the right terms are on the table” regarding its own participation.

The minister said there is growing agreement among other members of the Organization of the Petroleum Exporting Countries to extend the deal.

“There isn’t any reason to change what is a winning formula,” Kachikwu told Reuters, adding that “there is a consensus to extend, and the issue will be the duration.”

Nigeria itself, however, is exempt from the deal.

OPEC, along with Russia and nine other producers agreed to cut oil output by about 1.8 million barrels per day (bpd) until March 2018, in an attempt to ease a global excess that weighed on prices.

The group will meet in Vienna later this month to discuss whether to extend that deal.