Nigeria plans to raise its oil production to boost the supply on world's markets, the country's oil minister said Tuesday.
Nigeria, which now exports 2.5 million barrels per day, will increase its production by 200,000 barrels per day, said Edmund Daukoru, Nigeria's Minister of State for Petroleum Resources.
But Daukoru predicted the increase would have little impact on oil prices, with the market in disarray in the wake of Hurricane Katrina.
Daukoru said that Nigeria, as a member of the Organization for Petroleum Exporting Countries, hoped to work with developed nations to increase private investment in refining capacity. He said Nigeria had already issued 18 licenses for private companies to build refineries in his country.
He also said his country would sign a deal with Brazil to import ethanol to supplement Nigeria's gasoline supply. He said his country wanted to blend its gasoline to contain 10 percent ethanol.
Daukoru and Nigerian President Olusegun Obasanjo were in Brazil on Tuesday to discuss trade between the two nations, AP reported.