Shell Energy Entrepreneurs banner Yudala banner
Production cut looms for Nigeria, Libya as OPEC, other oil stakeholders meet in Russia

By News Express on 24/07/2017

Share on facebook Yahoo mail icon Gmail icon

Views: 533

•OPEC Secretary General Mohammad Barkindo.
•OPEC Secretary General Mohammad Barkindo.

A joint Organization of the Petroleum Exporting Countries (OPEC) and non-OPEC meeting scheduled to hold later on Monday may address rising output in Nigeria and Libya, a Reuters report said.

Ministers from OPEC and other non-OPEC producers will meet in the Russian city of St Petersburg to review market conditions and examine any proposals related to their pact to cut output.

Sources familiar with the talks said the meeting may recommend a conditional cap on production from Nigeria and Libya – two OPEC members so far exempt from output cuts – although some analysts were deeply skeptical the group would make such a move.

“Output cuts by Libya and Nigeria would be next to impossible considering Libya was just re-emerging from the civil war, for example,” Kaname Gokon, strategist for commodities brokerage Okato Shoji in Tokyo, told Reuters.

OPEC and some non-OPEC states including Russia agreed last year to cut production by 1.8 million barrels per day (bpd) in a deal that has been extended to March 2018.

Russian Energy Minister Alexander Novak said Libya and Nigeria should cap output when their output stabilises, the Financial Times reported.

Kuwait's oil minister, Essam al-Marzouq, said on Saturday that compliance was good with oil production cuts by OPEC and non-OPEC countries and that deeper curbs were possible.

Meanwhile, OPEC Secretary General Mohammad Barkindo said on Sunday that a rebalancing of the oil market is progressing more slowly than expected, but will speed up in the second half of 2017.

“Oil looks likely to remain stuck in a tight range, as investors await any signs that OPEC will intensify its effort to rebalance the market,” ANZ bank said.

The United States is considering financial sanctions on Venezuela that would halt dollar payments for the country's oil, sources told Reuters, which could severely restrict the OPEC nation's crude exports.

The International Monetary Fund on Monday kept its growth forecasts for the world economy unchanged for this year and next, although it slightly revised up growth expectations for the eurozone and China.

 

Source News Express

Posted 24/07/2017 12:17:36 PM

 

Share on facebook Yahoo mail icon Gmail icon


 

CLASSIFIED ADS

Loss Off Your Belly Fats, Upper Arm Fat and Body Fats In 2weeks Time.. Click HERE To Start Now!

Let us build the most comprehensive online database of worthy and credible Nigerians from all walks of life. It is worth doing!

 

You may also like...
Female Muslim students can wear hijab in all...

Obasanjo, Jonathan hold peace talks •Adeboye, Oyedepo serve...

Udom Emmanuel bids farewell to DSS chiefs

Adamawa to pay civil servants outstanding emoluments

EFCC docks Dasuki, Yuguda, others on fresh charges...

8 free Apps that can break your smartphone...

Ijaw leaders declare war on Niger Delta Avengers...

Gaidam inspects upgraded Damagum Hospital

French forces to assist Nigerian armed forces

Last 3 standing: Enyeama, 2 others battle for...

Delta commissioner advises electorate on voters’ registration

Ex-world boxing heavyweight champion Vitali Klitschko knocks out...

 

Latest News Man divorces wife after 44 years of marriage based on information received in his dream Rice farm: Bayelsa community disowns ex-militant leader, demands his arrest Gowon, others shun book launch in memory of Tafawa Balewa Restructuring: Urhobo seek return to Midwest Region Expert links bush burning to asthma, cancer, premature death 2019: Fani-Kayode lashes 7 Northern governors for mobilisng for Buhari’s re-election •Dismisses them as parasites, vampires Benue Killings: I never ignored Ortom’s warning — Osinbajo My 10-year ban from holding public office in Ekiti a big joke — Fayemi Kidnapped lawmaker found dead Kano commissioner, sons in police net over ‘stone devil Kwankwaso’ remark OBJ sets record as Open University graduates 14,769 Okah, other Kuje Maximum Prisons inmates in safe custody — Prisons Service

 

Most Read Nigerian female sex addict opens up, says ‘I like it with both men and women’ (314,130 views) NUDE PHOTO OF OMOTOLA JALADE-EKEINDE surfaces online (303,143 views) Shameless Genevieve Nnaji exposes breasts in public (243,430 views) Finally named: The full list of friends of Nigerian female sex addict who prowled Facebook (200,773 views) Igbo scholar disgraces Femi Fani-Kayode •Demolishes claims on Igbo/Yoruba history with facts and figures (189,534 views) OLUMBA OLUMBA OBU (the one who called himself God) IS DEAD (178,781 views) Breaking News: POPULAR REVEREND CONVERTS TO ISLAM in Kaduna (Nigeria) (155,029 views) OBJ’s son reported dead in Lagos plane crash •Names of more victims emerge (138,966 views) THE FINAL DISGRACE: Igbo scholar unleashes more facts about Igbo/Yoruba history, finishes off Femi Fani-Kayode with second article (135,749 views) Lagos plane crash: Journalist releases victims’ names (124,044 views) My wasted years in Olumba Olumba Obu’s Evil Brotherhood (121,058 views) Gunmen kill ASP, 2 other police officers in vain bid to kidnap Rivers PDP chieftain (118,561 views)

 

Categories Advertorials (3) African Press Organisation (81) Art & Literature (33) Business (2,848) Business Verdict (32) Columnists (790) Complaints & Requests (94) Enterprise & Opportunities (200) Entertainment (431) Features (541) Global Business Monitor (222) International (1,738) Interviews (139) Live Commentary (28) Love Matters (100) News (31,928) Opinion (864) Pidgin (10) Politics (4,349) Religion (666) Sports (1,405) Stock Watch (25) AMA & Al Jazeera Global Update

 

CBN Banner advert

CBN Words on marble

 

 

Thierry Henry in Lagos Nigeria

 

APO Group Partner

 

CLASSIFIED ADS

Let us build the most comprehensive online database of worthy and credible Nigerians from all walks of life. It is worth doing!

Loss Off Your Belly Fats, Upper Arm Fat and Body Fats In 2weeks Time.. Click HERE To Start Now!

GOCOP Accredited Member

GOCOP Accredited member

 

 

Africa Media Agency and Al Jazeera

Advertisement



 

 

CLASSIFIED ADS

Loss Off Your Belly Fats, Upper Arm Fat and Body Fats In 2weeks Time.. Click HERE To Start Now!

Let us build the most comprehensive online database of worthy and credible Nigerians from all walks of life. It is worth doing!