Kuwait says premature for OPEC to cap Libya, Nigeria oil output

15 Jul 2017   OPEC

OPEC member Kuwait said on Friday it would be premature to cap Nigerian and Libyan oil production as the two African countries’ output needed to stabilize further. The market is on a recovery track due to rising global demand, Kuwait’s OPEC governor Haitham Al-Ghais told Reuters. In an effort to eradicate a supply glut, the Organization of the Petroleum Exporting Countries is curbing output by 1.2 million barrels per day (bpd) until March 2018, while Russia and other non-OPEC producers are cutting half as much. But oil prices have fallen more than 15 percent this year due to still-booming supplies and stubbornly high global stocks, which remain way above OPEC targets despite the cut agreement. A ministerial committee from OPEC and non-OPEC countries, which is headed by Gulf OPEC member Kuwait, meets in Russia on July 24 to discuss compliance with the cuts, from which Nigeria […]

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