Energy Headlines

25 september 2017

Two more countries are ready to join OPEC+

Libya and Nigeria have confirmed their readiness to join the OPEC agreement, according to Essam al-Mazruk, Kuwaiti oil minister.

He also noted that within 8 months since the beginning of the OPEC + agreement, the level of its execution has reached 99%. E. Mazruk added that there is still a reserve due to the possibility of reaching the 100% of agreement implementation and the monitoring committee urged OPEC countries to increase the performance of their commitments. E. Mazruk expressed confidence that the joint efforts of all the countries will lead to the achievement of the OPEC + agreement objective - market rebalancing.

Although Libya and Nigeria are the members of OPEC, they are allowed not to comply with the oil production restrictions because of damages caused by the war in recent years. But since January Libya and Nigeria began to increase oil production dramatically.

During the previous meeting of the Monitoring Committee in Saint-Petersburg in July, OPEC and non-OPEC members of oil production reduction agreement stated that in case Libya and Nigeria continue to increase their production, they will be included in the OPEC reduction quota.

On Friday, ministers of countries participating in oil production reduction agreement for OPEC and non-OPEC countries took part in a regular meeting of the Monitor Committee in Vienna.


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