06:04 GMT +314 October 2019
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    OPEC Mulls Imposing Limits on Oil Production for Libya, Nigeria

    © AFP 2019 / Ryad Kramdi
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    The Organization of the Petroleum Exporting Countries (OPEC) is considering the possibility of introducing limitations on the oil output of Libya and Nigeria, to support the deal between the cartel and non-OPEC producers, US media reported Friday.

    MOSCOW (Sputnik) The Wall Street Journal reported that, citing the estimates of the Vienna-based JBC Energy research institution, that Libya increased its daily oil production to more than a million barrels from 400,000 barrels in October, while Nigeria's output reached 1.6 million barrels from 1.4 million barrels during the same period.

    The growing output of the two nations has caused concerns of the parties to the deal between OPEC and non-cartel states, and the representatives of Libya and Nigeria have been invited to participate in the ministerial meeting of the monitoring committee on the oil production cuts agreement, the newspaper noted.

    The media outlet added, citing its own sources, that OPEC and Russia would ask the two African nations to provide information about the level of oil production they could sustain that could become the first step toward limitations on their output levels.

    In November 2016, the OPEC member states signed an agreement in the Austrian capital limiting oil production by 1.2 million barrels per day. On December 10, 11 non-OPEC countries decided to jointly cut oil output by 558,000 barrels per day for six months from January 2017. The agreement was due to expire in June, but was prolonged for an additional nine months on May 25. At the same time, such OPEC member states as Libya and Nigeria were allowed not to cut their oil production, due to their domestic issues.


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