VIENNA - JULY 3: File picture taken on July 3, 2001 showing the OPEC headquarters in Vienna, Austria. OPEC said 12 April 2002 that it is concerned by the situation in Venezuela because the country might boost its oil output in order to increase funds available to the state. (Photo by: BARBARA GINDL/AFP/Getty Images)


OPEC To Cap Oil Output From Nigeria, Libya

The Organisation of Petroleum Exporting Countries (OPEC) and non-OPEC producers have invited Nigeria and Libya to their committee meeting in St. Petersburg, Russia in a move analysts say, may cap oil output.

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.

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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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