Nigeria “not ruffled” by oil price drop, OPEC must focus on costs – Kachikwu


ABUJA, Feb 15 (Reuters) –

* Nigerian oil minister Emmanuel Ibe Kachikwu said he was “not ruffled” by the recent oil price decline and OPEC member nations needed to focus on their production costs.

* “OPEC needs to just focus on itself and focus on what it needs to do and forget what is happening in shale … Every OPEC producer must work hard to be a least-cost producer,” he said.

* Oil prices were trading at $64.40 per barrel on Thursday, just over 9 percent below the highs this year above $71 per barrel reached in January.

* Nigeria, Africa’s largest oil exporter, produces 2.07 million barrels per day (bpd), including 1.71 million bpd of crude and 362,000 bpd of condensates, a ministry spokesman said.

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