Saudi Energy Minister Khalid al-Falih said Monday that OPEC
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 (bpd) 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 (JMMC) 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.”
He 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.
NAN
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