Libya, Nigeria could be obliged to cut oil production in next OPEC meeting

Libya and Nigeria could be asked to cut oil production at the Organization of Petroleum Exporting Countries (OPEC) meeting in Vienna on the 25th.

According to a report by OilPrice, OPEC is expected to review the terms of the November agreement to cut production by 1.2 million barrels per day, according to the Iraqi oil minister.

When the nations last discussed the deal, Libyan output remained seriously curtailed due to several years of unrest, earning the country an exemption from the quotas that bound the rest of the block’s members, OilPrice added.

These developments pushed Iraqi oil minister Jabar al-Luaibi to suggest at a press conference in Baghdad that the two African nations could also be expected to cut output as part of the deal’s extension, expected to last until March 2018. With Nigeria and Libya onboard, the cuts could be raised to 1.8 million bpd, the minister added, OilPrice indicated.

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