Nigeria in talks with OPEC+ to raise its quota, petroleum minister says

To raise its oil production quota to about 2.2 million barrels per day

  
An employee works on at the Centenario deep-water oil platform in the Gulf of Mexico off the coast of Veracruz, Mexico January 17, 2014.

An employee works on at the Centenario deep-water oil platform in the Gulf of Mexico off the coast of Veracruz, Mexico January 17, 2014.

REUTERS/Henry Romero/File Photo

Nigeria is in talks with OPEC+ to raise its oil production quota to about 2.2 million barrels per day, the OPEC member's petroleum minister told reporters on Tuesday.

"What we're getting right now is 1.74 million barrels per day (bpd) we think we can do about 2.2 [million bpd]," petroleum minister Timipre Sylva told reporters on the sidelines of the Gastech conference in Dubai on Tuesday.

He added that his country can achieve that production level in six months.

Nigeria was currently producing below its 1.74 million bpd quota due to technical challenges, Sylva said, but he expected to hit that output target in the next month or two.

Sylva said that he didn't expect the Organization of the Petroleum Exporting Countries and its allies, a group known as OPEC+, to take any extraordinary measures when they meet next month.

He said that current oil prices were a very "comfortable level" adding that $70 a barrel was an optimal figure.

Brent prices were up 81 cents a barrel at $74.73 a barrel by 1220 GMT.

Sylva said that he expects peak oil demand to come in 2030.

(Reporting by Alexander Cornell in Dubai, writing by Ahmad Ghaddar in London) ((Ahmad.Ghaddar@thomsonreuters.com; +442075424435; Reuters Messaging: ahmad.ghaddar.thomsonreuters.com@reuters.net))


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