Can Nigeria And Libya Avoid A Production Cut?

30 Nov 2017   Libya, Nigeria

Beyond discussing the broader terms of the production cut deal, OPEC will crunch the numbers of exempt producers Libya and Nigeria this week to see if their oil production has recovered enough to justify asking or persuading them to join the pact with some sort of cap. However, the outlook for both countries’ future oil production is still clouded, as militant and civil strife hasn’t completely vanished, but has abated enough in recent months to allow the two African producers to boost their oil production to the highest in years. So while OPEC will likely discuss Libya and Nigeria’s production, it’s uncertain whether it will impose quotas or caps due to the still-tentative recovery and possible return of sudden outages due to militancy, sources and analysts tell Platts . At June’s end, Libya topped one million bpd of crude oil production for the first time in four years . […]

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