Minister of State for Petroleum, Ibe Kachikwu, has vowed to stop Iran from carrying out its threat to inject 15 million barrels of oil into the market which may further cause a slide in global oil price.
Speaking on Tuesday while touring the products depots in Apapa area of Lagos, he said he would also get Saudi Arabia to make a statement of commitment.
This is as the next Organisation of Petroleum Exporting Countries, OPEC meeting, draws near.
Kachikwu, by virtue as his position as Minister, is now OPEC president, a position previoulsy held by former Minister of Petroleum, Diezani Alison-Madueke.
He said: “My first target as the OPEC President is to have talk with Iran’s Oil Minister to delay the country’s injection of over 1.5 million barrels till next quarter of 2016, so as to stabilise the price. I will also try to get Saudi Arabia to issue a statement that we are now going to take issues seriously. Their statement will affect stability in the market”.