A group of oil producing countries know as OPEC wanted to save oil price from perpetual decline.

So, they decided that the best thing to do was to reduce the quantity of crude oil that each of them produces.

In that way, the supply of the product to the market could reduce leading to more demands and ultimately to price increase.

All the oil producing countries have agreed to cut at least 1.2 million barrels per day until March 2018.

However, Nigeria which is Africa’s top oil producing countries was permitted to continue producing as much crude as it could afford to.

This is because of the attacks on oil facilities in the Niger Delta by some militants which made oil production difficult, reducing the quantity that Nigeria produces to barely a million barrels at some point.

As well intentioned as the OPEC’s price cuts is, the plan doesn’t seem to be saving oil price and they are now saying countries like Nigeria and Libya which were exempted should also start reducing their production level.

On Wednesday, the government reacted to this move.

Its minister of state for petroleum resources, Ibe Kachikwu told newsmen in Abuja that Nigeria supports OPEC's efforts to stabilize oil prices, but it wants to wait before deciding whether to join the cartel's cuts in oil production.

"Hopefully, in the next two to three months we can see how predictable the production return has been and then can say we feel stabilized and need to make the corresponding cuts," Kachikwu told reporters.

"We (OPEC) are fairly in consensus on our position on cuts," he said, adding that OPEC hoped oil prices would stabilize later this month.