OPEC invites Nigeria, Libya for meeting on oil output

By Tonye Adikumo

The Organisation of Petroleum Exporting Countries (OPEC) and non-OPEC producers have invited Nigeria and Libya to their committee meeting in St. Petersburg, Russia.

The meeting, set to hold on July 24 is aimed at discussing the stability of their production.

Kuwait Oil Minister, who is the chairman of the committee monitoring the compliance of OPEC and non-OPEC suppliers, said both countries may be asked to cap their crude output soon in an effort to help re-balance the market.

Crude sank into a bearish territory last month amid concerns that the cutbacks by OPEC producers, Russia and other allies are being partially offset by a rebound in supply by Libya, Nigeria and the U.S. Shale output.

Libya and Nigeria were both exempted from the cuts due to their internal strife.

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nkiruhomann

I am a writer, a motivational speaker. I am a mom and a wife. I studied engineering. I am a language coach. I do charity. I am the voice for THE voiceLESS Working for a beautiful Nigeria.

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