Nigeria Plans to Boost Oil Production to 2.2Mln Barrels Per Day by Year-End

Nigeria plans to increase its oil production to 2.2 million barrels per day until the end of 2016, Oil Minister Emmanuel Kachikwu said Thursday.

VIENNA (Sputnik) — Nigeria plans to increase its oil production from the current level of 1.6 million barrels per day up to 2.2 million barrels per day until the end of 2016, Oil Minister Emmanuel Kachikwu said Thursday.

"Nigeria's current production is 1,6 million barrels per day, but our capacity is 2,2. We hope to go up to 2,2," Kachikwu told reporters ahead of 169th OPEC Session due to take place in Vienna later on Thursday.

Global oil prices plunged from $115 to less than $30 per barrel between June 2014 and January 2016, hitting their lowest levels since 2003 amid the ongoing glut in global oil supply and causing significant problems for energy companies and oil-producing countries. Prices have rebounded since January, gaining over 70 percent by May.