Economy
OPEC backs Nigerian oil output recovery
Saudi Energy Minister Khalid al-Falih has said that Organisation of Oil Exporting Countries OPEC 10 other major oil producers remained supportive of conflict-torn Libya and Nigeria as they attempt to recover and increase crude production.
OPEC and some non-OPEC states including Russia agreed in 2016 to cut production by 1.8 million barrels per day (bpd) in a deal that has been extended to March 2018.
Al-Falih at the opening of the fourth Joint OPEC-non-OPEC Ministerial Monitoring Committee (JMMC) in St. Petersburg said: “Libya and Nigeria, are exempt from our agreement on oil output cuts.
“Of course, we remain supportive of our brothers and partners in both nations as they work on the recovery of their oil industries and their economies.” He said the market had faced pressure in recent weeks due to weaker OPEC compliance with cuts and rising production from Libya and Nigeria, which have been exempt from the reductions.
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