Source Pravda.Ru

Nigeria Calls For Higher OPEC Quota

Nigeria is calling for higher OPEC production limits as Western companies press to pump more crude and the government seeks to boost revenue in a country where seven of 10 people live on less than $1 a day.

The nation's oil capacity next year may rise 30 percent after investments by Royal Dutch/Shell Group, Exxon Mobil Corp. and ChevronTexaco Corp. President Olusegun Obasanjo wants a higher quota to raise oil revenue that represents 90 percent of export earnings to help him win reelection next year, analysts said.

``The country, by virtue of installed capacity and economic need, clearly needs a higher quota,'' said Paul Skinner, the head of the oil refining business at Shell, which pumps almost half of Nigeria's crude. ``There is a significant discussion I think to be had within OPEC about Nigeria's quota level.''

Nigeria, the No. 5 producer in the Organization of Petroleum Exporting Countries, is seeking a greater share of the world oil market, at the expense of Middle East countries such as Saudi Arabia. The U.S., the world's largest oil consumer, wants a broader range of foreign oil suppliers.


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