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OPEC Deal Calls on Libya, Nigeria to Produce below 2.8 mil b/d Combined

Nigeria would support an output cap for itself at 1.8 million b/d and would continue to be responsible with its production.

OPEC ministers on Thursday agreed to a nine-month extension of their production cut agreement through the end of 2018, and will call on Libya and Nigeria not to exceed a combined output of 2.8 million b/d, Iranian oil minister Bijan Zanganeh told reporters.

"We decided to roll over the past decision to the end of 2018, and Nigeria and Libya accepted not to produce more than their production in 2017 for all of 2018," Zanganeh said. "We didn't set a figure [for Libya and Nigeria], but both are less than 2.8 [million b/d]."

Russian energy minister Alexander Novak, who has remained noncommittal on the nine-month extension, has yet to sign off on the deal and is currently meeting with OPEC ministers.

The current deal calls on OPEC and its 10 non-OPEC partners, led by Russia, to cut 1.8 million b/d in supplies from October 2016 levels to hasten the market's rebalancing. It is scheduled to expire in March.

Mustafa Sanalla, the chairman of Libya's state-owned National Oil Corp., attended the Vienna meeting, but refused to speak with journalists. He has outlined ambitious plans to raise Libyan production from current levels of around 1 million b/d to 1.25 million b/d by the end of 2017.

Nigerian oil minister Emmanuel Kachikwu told reporters before the meeting that his country's current crude oil production was 1.70 million to 1.75 million b/d and would not hit 1.8 million b/d until January at the earliest.

He said Nigeria would support an output cap for itself at 1.8 million b/d and would continue to be responsible with its production, as it has since the deal first came into effect from January this year.

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OPEC Deal Calls on Libya, Nigeria to Produce below 2.8 mil b/d Combined

Nigeria would support an output cap for itself at 1.8 million b/d and would continue to be responsible with its production.
Parvin Faghfouri Azar
OPEC ministers on Thursday agreed to a nine-month extension of their production cut agreement through the end of 2018, and will call on Libya and Nigeria not to exceed a combined output of 2.8 million b/d, Iranian oil minister Bijan Zanganeh told reporters. "We decided to roll over the past decision to the end of 2018, and Nigeria and Libya accepted not to produce more than their production in 2017 for all of 2018," Zanganeh said. "We didn't set a figure [for Libya and Nigeria], but both are less than 2.8 [million b/d]." Russian energy minister Alexander Novak, who has remained noncommittal on the nine-month extension, has yet to sign off on the deal and is currently meeting with OPEC ministers.The current deal calls on OPEC and its 10 non-OPEC partners, led by Russia, to cut 1.8 million b/d in supplies from October 2016 levels to hasten the market's rebalancing. It is scheduled to expire in March. Mustafa Sanalla, the chairman of Libya's state-owned National Oil Corp., attended the Vienna meeting, but refused to speak with journalists. He has outlined ambitious plans to raise Libyan production from current levels of around 1 million b/d to 1.25 million b/d by the end of 2017. Nigerian oil minister Emmanuel Kachikwu told reporters before the meeting that his country's current crude oil production was 1.70 million to 1.75 million b/d and would not hit 1.8 million b/d until January at the earliest. He said Nigeria would support an output cap for itself at 1.8 million b/d and would continue to be responsible with its production, as it has since the deal first came into effect from January this year.
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