Nigeria is prepared to increase oil production if asked by the OPEC oil cartel countries, President Olusegun Obasanjo said Monday. Obasanjo said Nigeria prefers predictable oil prices, and would comply with any request by the Organization of Petroleum Exporting Countries to help stabilize prices that have soared to record levels. Asked if Nigeria would respond to an OPEC request for increased production, Obasanjo replied, "of course we will." Obasanjo spoke briefly with reporters after meeting Prime Minister Jan Peter Balkenende, as oil prices again broke through the psychologically important barrier of US$60 per barrel. Expressing concern over the continued increase, Obasanjo said prices "need to be predictable." "We do believe the prices of oil should neither be too high nor too low," he was quoted as saying by The Associated Press.
