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Kuwait believes OPEC's too early limit oil production in Libya and Nigeria

OPEC member Kuwait said on Friday it would be premature to limit Nigerian and Libyan oil production as the two African countries' output needed to stabilize further.

14.Jul.17 3:26 PM
By Daria Zaytseva


Kuwait believes OPEC's too early limit oil production in Libya and Nigeria

The market is on a recovery track due to rising global demand. But this year, oil prices have fell more than 15% because of the still rapidly growing supply and stubbornly high international reserves, which remain above OPEC targets, despite the agreement about the reduction.

A ministerial committee fromOPEC and non-OPEC countries, which is headed by Gulf OPEC member Kuwait, meets in Russia on July 24 to discuss compliance with the cuts, from which Nigeria and Libya are exempt due to years of unrest caused by the production.

Kuwait's OPEC governor Haitham Al-Ghais said that output had increased on average by between 300,000 and 500,000 bpd from the two countries combined with the beginning of the scheduling agreement in January 2017.

He added that representatives from Libya and Nigeria had been invited to a technical OPEC/non-OPEC committee meeting on July 22 ahead of the ministerial gathering, to give presentations on production from both countries.

The technical committee could make recommendations on Nigeria and Libya, which the ministerial committee would then review.

Al-Ghais said that despite production increases from Libya and Nigeria, there were signs of market rebalancing including U.S. government data showing a significant drop in stockpiles.

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