Nigeria ready to play OPEC ball, Russia says

23 Sep 2017   Nigeria

Nigeria may be ready to give up its status as an OPEC member exempt from the effort to balance the market with production cuts, Russia’s oil minister said. Members of a committee monitoring an agreement to cut the equivalent of about 2 percent of world’s oil demand out of the market met Friday in Vienna to discuss the impact. The measure is aimed at draining global stockpiles closer to a five-year average. Most OPEC members are in full compliance with the agreement, though exemptions for OPEC members Libya and Nigeria have complicated the effort. Both countries were sidelined from the effort so they could steer oil revenue toward national […]

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