Libya, Nigeria May Be Asked to Cap Oil Output, Kuwait Says

10 Jul 2017   OPEC

Libya and Nigeria, which have both boosted oil production since they were exempt from global cuts this year, may be asked to cap their crude output soon in an effort to help re-balance the market, Kuwait Oil Minister Issam Almarzooq told Bloomberg.  OPEC and non-OPEC producers have invited the two African nations to their committee meeting in St. Petersburg, Russia, on July 24 to discuss the stability of their production, Almarzooq said on the sidelines of an energy conference in Istanbul. Almarzooq is chairman of the committee monitoring the compliance of OPEC and non-OPEC suppliers with output cuts that started in January and have been extended to March.  “We invited them to discuss the situation of their production,” Almarzooq said. “If they are able to stabilize their production at current levels, we will ask them to cap as soon as possible. We don’t need to wait until the November meeting to do that,” he said, referring to the upcoming OPEC meeting scheduled for November 30.

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