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OPEC will discuss the limitation of oil production in Nigeria and Libya

The participants of OPEC oil cartel will discuss the limitation of production in Nigeria and Libya.

24.Jul.17 12:46 PM
By Daria Zaytseva


OPEC will discuss the limitation of oil production in Nigeria and Libya

Both countries are the members of the club, which until now were exempted from a global pact to cut production in order to restore the balance of the global oil market, said on Monday the Minister of oil of Saudi Arabia.

OPEC states Libya and Nigeria were exempted from the limits to help their oil industries recover from years of unrest.

A ministerial committee of OPEC and non-OPEC states that monitors the global oil pact said it had agreed Nigeria would join the deal by limiting or even reducing its production capacity from 1.8 million bpd, once it stabilizes at that level from 1.7 million bpd recently.

The monitoring committee, known as JMMC and which met in the Russian city of St. Petersburg, did not give the timeframe for when this would happen, saying it would follow the Nigerian model of production in the coming weeks.

The committee did not back capping from Libyan production as it said its production was unlikely to exceed 1 million bpd in the near future compared to its capacity of 1.4 million-1.6 million bpd before unrest.

Brent oil prices rose about 1% at about $48.50, helped by news of a cap on Nigeria and by comments from Saudi Energy Minister.

JMMC's chair Kuwait said OPEC could call an extraordinary meeting to include Nigeria and could extend existing production limits beyond March 2018 if markets failed to rebalance.

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