OPEC Members Unlikely to Collectively Cut Oil Production - Nigerian Oil Minister

© Flickr / Pete MarkhamSunset over the oil rig
Sunset over the oil rig - Sputnik International
Oil producers belonging to the Organization of the Petroleum Exporting Countries (OPEC) are unlikely to agree to reducing collective output to rebalance the global energy market, Nigerian Petroleum Minister Emmanuel Kachikwu said Tuesday.

MOSCOW (Sputnik) — Nigeria, which has recently suffered from oil production outages due to militant activity in the Niger Delta, has been seeking to boost output to make up for the shortfall in revenue. In June, Kachikwu announced plans to increase oil production from the current level of 1.6 million barrels per day up to 2.2 million barrels per day until the end of 2016.

"On oil production cuts by OPEC, optimism on my part is quite sparse but I believe engagement with the 70% oil producers might have impact," Kachikwu wrote on his official Twitter account on Monday.

Oil production. - Sputnik International
OPEC Expects Higher Oil Demand for Rest of 2016 – President
Earlier in August, Saudi Arabia's Minister of Energy, Industry and Mineral Resources Khalid Falih said that the country may coordinate with OPEC and non-cartel exporters to rebalance the market. Reports have also emerged that Venezuela, Ecuador and Kuwait may resume talks on setting new limits for oil production in September at the International Energy Forum (IEF) in Algeria.

In April, major oil-producing countries failed to reach an agreement in the Qatari capital of Doha to freeze output at the then-levels for the rest of the year in order to boost prices from historic lows of $30-45 per barrel they have hovered around since January amid a glut in supply. Riyadh, which had previously said that it would freeze output only if Iran followed suit, cited Tehran’s absence from the talks as reason for not supporting an output freeze.

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