Nigeria, Libya to maintain production as OPEC extends cuts to 2018
Vienna, Nov. 30, 2017 (AltAfrika)-Oil prices are expected to rise further as Organisation of Petroleum Exporting Countries (OPEC) and non-OPEC extend the production cut deal to Dec. 2018.
Saudi Arabia’s Energy Minister, Mr Khalid al-Falih made this known on Thursday in Vienna, in a press conference at the end of the third OPEC and non-OPEC Ministerial meeting.
al-Falih, who is also the President of OPEC said that the ministers had also agreed that Nigeria and Libya should not produce more than their current production levels in 2018.
He said that with the cut deal, the global oil market would continue to witness reduction of about 1.8 million barrels of oil supply daily.
Non-OPEC producers would again continue to contribute a reduction of under 600,000 bpd.