Nigerian Petroleum and Energy Presidential Adviser Edmund Daukoru said Thursday that OPEC was about to cut supply of crude oil.
"If we have to cut any supply, it has to be a modest amount, an adjustment cannot be more than 500,000 barrels," he said.
According to Daukoru, the OPEC is comfortable with the current level of 27 million barrels supply to the world and unless something extraordinary happens there would not be a major change.
Daukoru said future capacity of the OPEC has to be secured now by way of putting more investment into crude exploration and production.
"OPEC has the capacity for additional oil but huge investment is required to be able to expand the capacity of the organization," he said.
