Nigerian finmin worried new oil discoveries will hurt prices

Thu Nov 1, 2012 6:15am EDT

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Nov 1 (Reuters) - Africa's top oil producer Nigeria is concerned that oil and gas prices could fall as more countries uncover reserves and sees the need to make plans to adapt to this new environment, its finance minister said on Thursday.

"We are worried, we are concerned, because obviously so many countries are discovering oil and gas so the supply will be increasing over the next few years and therefore we need to plan accordingly to make sure we have the necessary buffers in our own economy," Ngozi Okonjo-Iweala told reporters.

Oil makes up around 80 percent of the revenues of Nigeria, an OPEC member whose 2012 budget is based on an oil price of $72 a barrel. (Reporting by Ingrid Melander; writing by Patrick Graham)

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