OPEC, Non-OPEC Bodies to Discuss Libya and Nigeria’s Oil Output

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Members of OPEC and the Non-OPEC oil nations will meet on Monday to discuss issues surrounding the oil production output of African oil producers Libya and Nigeria, both of which were exempted from the production cap agreed by oil producing countries in a bid to forestall a further decline in oil prices.

Both African oil producing nations have grappled to meet the cap on oil production set by OPEC and non-OPEC members owing to internal political and economic crisis, which led to their exemption.

Libya has been struggling with domestic political crisis since the fall of long-time ruler Muammar Gaddafi while Nigerian has grappled with social unrest and vandalism within its oil producing areas.

However, with domestic production figures of both countries improving, Russian Energy Minister Alexander Novak said it was necessary that all parties sit down to review the exemption.

Nigeria was reportedly producing around 1.8 million barrels per day as at May this year, compared to about 1.2 million averaged in 2016.

Speculations are growing that on the back of improved production figures, Nigeria and Libya may be asked to cut production of oil.

Reuters reported that about six OPEC and Non-OPEC countries will meet today to discuss the oil future of both African nations.

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