Limiting oil output from Nigeria and Libya won’t be on the agenda when OPEC and other producers meet on Monday in St. Petersburg, Russia, with both African nations saying they’ll need to keep pumping at a higher level before they can join a global effort to stem a supply glut, Bloomberg reports.
Saudi Energy Minister Khalid Al-Falih met with delegations from Libya and Nigeria over the weekend to discuss their production recovery plans, “including the challenges they currently face,” the Organization of Petroleum Exporting Countries said Sunday in a statement on its website. The oil market will need more Libyan and Nigerian crude as it re-balances at a faster rate later in the year after a slow start, OPEC Secretary-General Mohammad Barkindo told reporters on Sunday in St. Petersburg.
Nigeria boosted its output to 1.75 million barrels a day in June from 1.5 million barrels in December, while Libya’s production climbed to 840,000 barrels a day from 630,000 barrels, according to data compiled by Bloomberg. “We will of course discuss the situation in all countries, including Libya and Nigeria,” Russia’s Energy Minister Alexander Novak told reporters. Russia has reduced output by 300,000 barrels a day since October, in line with its agreement to cut production.