Nigeria, Libya Should Join OPEC Oil Production Cut Deal - Novak

Russian Energy Minister Alexander Novak said in an interview with the Financial Times newspaper that Libya and Nigeria should join the oil output curtailment agreement after their oil production stabilizes.

MOSCOW (Sputnik) — "I think that these countries should join other responsible oil producers and contribute to the market stabilisation initiative as they reach a stable level of output… We believe that once oil output in Libya and Nigeria stabilises, there will be less uncertainty on the market as to their future moves," Novak told the newspaper ahead of the the Joint OPEC-Non-OPEC Ministerial Monitoring Committee's (JMMC) meeting slated for July 24.

Earlier in the day, Novak told reporters that the situation with oil production in all countries, including Libya and Nigeria, would be discussed at Monday's meeting.

When asked about cooperation with Saudi Arabia, Novak told the newspaper that Moscow and Riyadh are interested in enhancing bilateral partnership in the energy sphere.

"Russian and Saudi companies are exploring opportunities in both oil and gas sectors… We also remain proactive in our dialogue with our Saudi partners on technology co-operation between our countries," Novak said, as quoted by the newspaper.

In late 2016, OPEC and a number of non-OPEC countries agreed in Vienna to reduce their oil production by a total of 1.8 million barrels per day from the October level, with Russia's cut of 300,000 barrels per day. The agreement was concluded for the first half of 2017 with the possibility of an extension. In May, the deal was extended by nine months and is now valid until the end of March 2018. Libya and Nigeria are exempted from the obligation to cut production within the deal.