OPEC Asks Nigeria, Libya To Maintain Current Oil Output

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The Organisation of Petroleum Exporting Countries (OPEC) on Monday asked Nigeria and Egypt to keep their current oil output levels , even as the duo remained exempted from current cut-back agreement among Organisation of Petroleum Exporting Countries and non-OPEC producers.

This was decided at an emergency meeting of oil ministers from the OPEC and non-OPEC frontline producers like Russia today in St Petersburg, Russia aimed at discussing the state of the market and compliance with existing arrangements.

The meeting disclosed that compliance among members is currently around 95 percent with the agreed 1.8 million barrels per day in a deal already extended till March 2018.

Nigeria and Libya were exempted from the December 2016 cut back, which took effect in January, because of their struggles to restore production due to internal problems of damage to oil facilities.

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