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Nigeria minister urges OPEC to keep crude price stable

Emmanuel Ibe Kachikwu, Nigeria’s petroleum and resources minister, poses ahead of an Opec meeting.

NEW YORK–Nigerian Oil Minister Emmanuel Ibe Kachikwu on Monday urged oil producers that operate in U.S. shale fields and OPEC member nations to do more to help stabilize crude prices.

At the CERAWeek energy conference in Houston this week, Kachikwu said the Organization of the Petroleum Exporting Countries plans a “company-based workshop” with companies that operate in both areas.

Exxon Mobil Corp, Chevron Corp, and Royal Dutch Shell Plc have large U.S. shale operations and also operate in Nigeria.

“Some of the same companies that are working in shale are the same companies working in OPEC,” Kachikwu said.

“We need to begin to look at companies that are very active in these areas and begin to get them to take some responsibilities in terms of stability of oil prices.”

One environmental advocate said apart from oil prices down, the Nigerian oil minister should inform his government and the oil companies to ensure that sufficient environmental safeguards are in place.

He said various international oil companies are causing harmful environmental problems in several developing nations where regulations are weak due to corruption in government.

Several young African based in the United States are also voicing their opinions, urging international extractive industry groups to not just run to Africa and extract natural resources but that they should do more to refine and manufacture finished goods in the places where such resources are extracted from.

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Paul Stevens

Paul Stevens is a researcher, media issues analyst and senior contributor with Globe Afrique.
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