×

Nigeria oil minister says prices encouraging, opec not ruling out more cuts

CAPE TOWN, Oct 24 (Reuters) - Nigeria is targeting oil production of 1.8 million barrels per day by early next year but that will be the ceiling to comply with OPEC targets its oil minister said in Tuesday.

Emmanuel Ibe Kachikwu also told reporters at an oil conference in Cape Town that oil prices were encouraging but OPEC, of which it is a member, was not ruling out further cuts. Nigeria currently produces 1.6 to 1.7 million barrels per day. (Reporting by Ed Stoddard; Editing by James Macharia)