The Saudi Energy Minister, Khalid al-Falih, said on Monday that the Organisation of Petroleum Exporting Countries and 10 other major oil producers remained supportive of conflict-torn Libya and Nigeria as they attempt to recover and increase crude production.
OPEC and some non-OPEC states, including Russia, agreed in 2016 to cut production by 1.8 million barrels per day in a deal that has been extended to March 2018.
Al-Falih at the opening of the fourth Joint OPEC-non-OPEC Ministerial Monitoring Committee in St. Petersburg said: “Libya and Nigeria, are exempt from our agreement [on oil output cuts].
“Of course, we remain supportive of our brothers and partners in both nations as they work on the recovery of their oil industries and their economies.”
Al-Falih said the market had faced pressure in recent weeks due to weaker OPEC compliance with cuts and rising production from Libya and Nigeria, which have been exempt from the reductions.
Follow The Eagle Online Channel on WhatsApp
