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The Joint OPEC-Non-OPEC Ministerial Monitoring Committee (JMMC) will discuss the situation with oil production in all countries, including Libya and Nigeria, at the meeting on Monday, Russian Energy Minister Alexander Novak said Sunday.
ST. PETERSBURG (Sputnik) — When asked whether the situation with oil production in Libya and Nigeria would be discussed at the JMMC's July 24 meeting, Novak told reporters, "we will discuss all countries, including Libya and Nigeria."
Nigeria and Libya have been exempt from quotas under the Vienna deal between OPEC and 10 other major oil producers on limiting oil production agreed in November 2016. The two countries have been actively recovering their production levels ever since, increasing their production by 127,000 and 96,700 barrels per day, respectively, in June, which amounted to 57 percent of OPEC’s total increase in crude oil output for that month.
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.
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